SNAPSHOT

Eczema drugs stand up under examination with stellar Phase 2 data

Evommune and Nektar Therapeutics both have a positive outlook after examining the phase 2 data on their new atopic dermatitis drugs. Evommune´s stock even jumped 75% premarket after the news that its IL-18 fusion protein EVO301 reported positive phase 2a data. Nektar´s phase 2b data showed that its immune modulator rezpegaldesleukin (rezpeg) delivered sustained and deepening efficacy in atopic dermatitis with no new safety concerns.

Why it matters: The results suggest that there is a rise in potential competitors to blockbuster biologics like Sanofi/Regeneron’s Dupixent. These results boost confidence in IL-18 inhibition as a therapeutic strategy, as well as Evommune as a company. Nektar’s results strengthen rezpeg’s competitive profile in a crowded eczema market and give the company confidence to advance quickly into phase 3.

Backstory: Both companies have been investigating interleukins as an approach for treating atopic dermatitis. Evommune is developing EVO301, a long-acting IL-18 fusion protein designed to treat chronic inflammatory diseases and Nektar’s rezpeg is binding to IL-2 receptors on regulatory T cells, boosting their ability to dampen inflammation. Prior anti–IL-18 antibodies have disappointed, which prompted Evommune to pursue a fusion protein approach that may better neutralize the pathway.

Big picture: Atopic dermatitis remains an area of high unmet need, with existing drugs failing to reach psoriasis-like efficacy levels for many patients and where dosing convenience and safety are a concern. A new mechanism with comparable efficacy could reshape the competitive landscape and open doors to multiple inflammatory indications.

Zoom in: In the phase 2a trial, patients receiving intravenous EVO301 achieved a 55% reduction in Eczema Area and Severity Index (EASI) scores at Week 12, versus 22% with placebo. The 33% placebo-adjusted EASI reduction compares favorably with Dupixent’s 35%–36% reduction at Week 16 in phase 3 studies. On the Investigator’s Global Assessment scale (another standard measuring overall severity of skin diseases), 23% of EVO301 patients achieved scores of 0 or 1 with at least a two-point improvement, results seen as broadly in line with Dupixent and Lilly’s Ebglyss.

Yes, but: In the case of rezpeg and its 393-patient phase 2b trial, the treatment maintained its 16-week benefits through 52 weeks and deepened responses in some patients. While it didn’t surpass Dupixent in short-term comparisons, analysts say its overall profile remains competitive and the drug has potential to become a preferred second-line therapy in atopic dermatitis.

What’s next: Evommune plans a phase 2b trial testing a subcutaneous formulation of EVO301, potentially using higher doses, more frequent dosing, or both. The company is also weighing expansion into ulcerative colitis, as IL-18 is implicated across multiple chronic inflammatory diseases. A phase 2 study could come as early as 2026. While this is happening, Nektar plans to initiate a phase 3 trial in atopic dermatitis as soon as possible and aims to file for regulatory approval in 2029. Much like EVO301, rezpeg is also being tested in autoimmune conditions besides eczema, alopecia areata and Type 1 diabetes.

SNIPPETS

What’s happening in biotech today?

🚧 Gene roadblock: The FDA rejected Regenxbio’s gene therapy RGX-121 for the rare disease Hunter syndrome, issuing a complete response letter on Feb. 9, 2026, after previously halting testing over safety concerns. While the agency agreed in principle with the trial design, it raised unresolved issues about the surrogate endpoint used to demonstrate efficacy and reliance on historical comparisons rather than robust controls. The FDA outlined possible paths forward, such as new trials or longer follow-up, but Regenxbio said these would be difficult given the disease’s rarity. The decision follows broader regulatory scrutiny of gene therapies, recent clinical holds, and similar setbacks faced by other developers, highlighting continued uncertainty in the approval pathway for rare-disease genetic medicines.

⚖️ Obesity contender: Hengrui Pharma and Kailera Therapeutics reported positive Phase 2 results for an oral, dual-acting obesity drug version of their injectable ribupatide therapy, supporting plans for further development. In a 166-patient study in China, the pill produced up to roughly 12% average weight loss over 26 weeks, compared with about 2% for placebo, with more than half of patients on the highest dose losing at least 10% of body weight. Side effects were mostly mild to moderate gastrointestinal events. Hengrui plans to quickly begin Phase 3 trials in China, while Kailera intends to launch a global mid-stage study, positioning the drug within a rapidly expanding market for oral obesity treatments.

💊 Oral GLP-1, part 2: AstraZeneca also said its oral GLP-1 drug elecoglipron achieved positive Phase 2 results in two midstage trials and will advance into Phase 3 development, but the company declined to disclose specific weight loss data. The Vista study met its primary endpoint for weight loss in people with obesity or overweight, while the Solstice trial succeeded on blood sugar control in patients with Type 2 diabetes, comparing elecoglipron with placebo and semaglutide. CEO Pascal Soriot described the drug as having a “very competitive profile,” saying AstraZeneca would not commit to costly late-stage trials without confidence in its performance. Detailed results are expected at the American Diabetes Association meeting in June.

⏳ Data pending: OrsoBio said its experimental oral drug TLC-2716 met the primary efficacy endpoint in a Phase 2a proof-of-concept study by lowering fasting triglyceride levels after four weeks of treatment, but the company did not disclose detailed data. The study enrolled 30 overweight adults with severe hypertriglyceridemia and evidence of metabolic dysfunction–associated steatotic liver disease, testing two dose levels of the liver X receptor inverse agonist. OrsoBio reported additional improvements in remnant cholesterol and liver fat, and said the drug was generally well tolerated with no severe adverse events. Full results will be presented at a scientific meeting, while the company explores financing or partnership options to advance TLC-2716 into a Phase 2b trial.

 🦠 Pertussis push: ILiAD Biotechnologies raised an oversubscribed $115 million Series B to advance its live attenuated intranasal whooping cough vaccine BPZE1, amid a resurgence of pertussis cases. The funding will support development of the vaccine, which targets adults and adolescents and is designed to provide more durable protection and reduce transmission. Originally developed at the Institut Pasteur de Lille in France, BPZE1 has shown positive results across multiple clinical studies, including a successful Phase 2b pediatric trial. With pertussis cases rising sharply in the U.S., ILiAD plans to expand development to children and infants.

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