2025年欧洲过敏和临床免疫学会（EAACI）会议要点

EAACI 2025 Takeaways First Look Updates at EAACI were largely incremental for BCRX andIONS. NTLA-2002 Ph1 longer-term follow-up maintained 98%mean reduction in monthly HAE attacks and showed amedian 23mon (range of 15-30 mon) of attack and treatmentfree, supporting potential functional cure for all pts. U.S. Small & Mid Cap BiotechnologyPOSITIVE U.S. Small & Mid Cap BiotechnologyGena Wang, PhD, CFA+1 212 526 4252gena.wang@barclays.comBCI, US Extel matters to me and Barclays. The Wang team has worked tirelessly to providedifferentiated,high-quality research. We appreciate your5-star supportin the2025 Extel All-America ResearchSurveyin theSMid Cap Biotech category.View our analysts » Vote 5 Stars for Barclays » Hang Hu, PhD+1 212 526 6364hang.hu@barclays.comBCI, US Key takeaways.EAACI presentations provided largely incremental clinical updates inHereditary Angioedema (HAE) for BCRX and IONS, incrementally positive forNTLA.NTLA:Additional 1-yr data from NTLA-2002 Ph1 trial continued to show durable kallikreinknockdown (KD). At a median follow-up of 24.3 mons (vs. 20.1 mons prior), all 10 pts maintained98% reduction in monthly HAE attack rate, 8/10 pts continued to be completely attack-free andlong-term prophylaxis-free post infusion, and all pts were attack-/treatment-free for a median of23 mon (range: 15-30 mon), supporting potential functional cure for all pts. Tony Deng, MD+1 212 526 0350tony.deng@barclays.comBCI, US Justin Kong, MD+1 212 526 1961justin.kong@barclays.comBCI, US NTLA-2002 continued to show durable plasma kallikrein knockdown and monthly attachrate reduction, with a median 23 mon of attack and treatment free (LINK).Oral presentation highlighted up to 3-yrefficacyand safety data from Ph1 trial with additional 1-yrfollow-up compared to EAACI 2024 update (datacutoffof Feb 12, 2025 vs. Feb 12, 2024, LINK).Efficacy:Dose-dependent and sustained mean plasma kallikrein reductions were achieved at72% at mon 30 (vs. 60% at mon 22 prior) in 25mg cohort (n=3), maintained at 88% at mon 24 inthe 50mg cohort (n=4), and maintained at 95% at mon 24 in 75mg cohort (n=3) (Figure 1). At amedian follow-up of 24.3 mon (range: 24.0-35.9 mon) vs. 20.1 mons prior, a 98% mean reductionin monthly HAE attack rate was maintained in all 10 pts. In addition, 8/10 pts continued to becompletely attack-free and long-term prophylaxis-free post infusion and all pts were attack-/treatment-free for a median of 23 mon (range: 15-30 mon) with follow-up ongoing, supporting apotential functional cure for all pts (Figure 2). Safety: Consistent with prior update, NTLA-2002was well tolerated with the most frequent AEs were previously reported infusion-relatedreactions (mostly Gr1). No late-onset TEAE or risk were identified in longer follow-up. FIGURE 1. Dose-dependent and sustained mean plasma kallikrein KD up to 30 mon Analyst(s) Certification(s): I, Gena Wang, PhD, CFA, hereby certify (1) that the views expressed in this research report accurately reflect my personal views about any or all of thesubject securities or issuers referred to in this research report and (2) no part of my compensation was, is or will be directly or indirectly related to thespecific recommendations or views expressed in this research report. Important Disclosures: Barclays Research is produced by the Investment Bank of Barclays Bank PLC and itsaffiliates(collectively and each individually, "Barclays"). Allauthors contributing to this research report are Research Analysts unless otherwise indicated. The publication date at the top of the report reflects thelocal time where the report was produced and maydifferfrom the release date provided in GMT. Availability of Disclosures: Where any companies are the subject of this research report, for current important disclosures regarding those companies please refer to https://publicresearch.barclays.com or alternatively send a written request to: Barclays Research Compliance, 745 Seventh Avenue, 13th Floor, New York, NY10019 or call +1-212-526-1072. The analysts responsible for preparing this research report have received compensation based upon various factors including the firm's total revenues,a portion of which is generated by investment banking activities, the profitability and revenues of the Markets business and the potential interest of thefirm's investing clients in research with respect to the asset class covered by the analyst. Analysts regularly conduct site visits to view the material operations of covered companies, but Barclays policy prohibits them from accepting paymentor reimbursement by any covered company of their travel expenses for such visits. Barclays Research Department produces various types of research including, but not limited to, fundamental analysis, equity-linked analysis,quantitative analysis, and trade ideas. Recommendations contained in one type of Barclays Research maydifferfrom those contained in other types ofBarclays Research, whether as a result ofdiffering