Lilly to acquire Scorpion Therapeutics’ mutant-selective PI3Kα inhibitor program

On January 13, 2025 Eli Lilly and Company (NYSE: LLY) and Scorpion Therapeutics, Inc. ("Scorpion"), a private biotechnology company developing small molecule precision oncology therapies, reported a definitive agreement for Lilly to acquire Scorpion’s PI3Kα inhibitor program STX-478 (Press release, Eli Lilly, JAN 13, 2025, View Source [SID1234649652]). STX-478 is a once-daily oral, mutant-selective PI3Kα inhibitor currently being evaluated in a Phase 1/2 clinical trial for breast cancer and other advanced solid tumors.

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STX-478 could represent the next generation of PI3Kα targeting agents by selectively targeting the pathway in cancerous but not healthy cells, thus overcoming a key limitation of currently available medicines that target the PI3Kα pathway. This approach could potentially offer better disease control through deeper pathway inhibition, as well as improved tolerability.

"PI3Kα mutations occur in a meaningful proportion of hormone-positive breast cancers, and there is significant unmet need for new treatment options that effectively and safely target this pathway," said Jacob Van Naarden, executive vice president and president of Lilly Oncology. "The selectivity profile of STX-478 has led to a differentiated clinical profile, enabling use in combinations with standard-of-care therapies to potentially deliver meaningful impact in earlier treatment settings when there is the best opportunity to improve outcomes for patients. We look forward to leveraging the great work of the Scorpion team to date, along with Lilly’s deep expertise in breast cancer, to further advance STX-478 with speed and focus."

Under the terms of the agreement, Lilly will acquire Scorpion and Scorpion shareholders could receive up to $2.5 billion in cash, inclusive of an upfront payment and subsequent payments upon achievement of certain regulatory and sales milestones. Additionally, as part of the transaction, Scorpion will spin out a new entity to hold its employees and non-PI3Kα pipeline assets. The new, independent company would be owned by Scorpion’s current shareholders with Lilly holding a minority equity interest. The new company will be led by Dr. Friedman and members of the current Scorpion management team and will focus on discovering and delivering a portfolio of precision medicines to patients, accelerated by Scorpion’s discovery capabilities and non-PI3Kα pipeline of medicines.

"Lilly has advanced scientific breakthroughs for some of the most difficult-to-treat cancers," said Adam Friedman, M.D., Ph.D., president and chief executive officer of Scorpion. "We believe Lilly’s global capabilities and strategic commitment to patients with breast cancer will accelerate our goal of developing STX-478 to improve outcomes for the many patients with solid tumors driven by PI3Kα mutations. This acquisition is a testament to the expertise of the Scorpion team and our drug discovery capabilities, which will become the foundation of our new company."

The transaction is subject to customary closing conditions. Lilly will determine the accounting treatment of this transaction in accordance with Generally Accepted Accounting Principles (GAAP) upon closing. This transaction will thereafter be reflected in Lilly’s financial results and financial guidance.

For Lilly, Citi is acting as exclusive financial advisor and Ropes & Gray LLP is acting as legal counsel. For Scorpion, Centerview Partners LLC is acting as lead financial advisor with additional financial advisory from Morgan Stanley, and Kirkland & Ellis LLP is acting as legal counsel.

Elevation Oncology Provides Updates on Differentiated ADC Programs and Upcoming Milestones

On January 13, 2025 Elevation Oncology, Inc. (Nasdaq: ELEV), an innovative oncology company focused on the discovery and development of selective cancer therapies to treat patients across a range of solid tumors with significant unmet medical needs, reported program updates and upcoming milestones (Press release, Elevation Oncology, JAN 13, 2025, View Source;utm_medium=rss&utm_campaign=elevation-oncology-provides-updates-on-differentiated-adc-programs-and-upcoming-milestones [SID1234649651]).

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"We are rapidly advancing EO-3021 to address significant unmet needs in treating earlier lines of advanced gastric/GEJ cancer, where we believe we have a unique ability to improve on the standard of care," said Joseph Ferra, President and Chief Executive Officer of Elevation Oncology. "As we enter 2025, we are honing our focus, leveraging the competitive anti-tumor activity and differentiated safety profile of EO-3021 to explore combination approaches in the first- and second-line settings. With our Phase 1 clinical trial ongoing and now enrolling both monotherapy and combination cohorts, we are in a leading position to explore the compelling potential of EO-3021, our differentiated Claudin 18.2 ADC, to improve outcomes for people living with advanced gastric/GEJ cancer."

Mr. Ferra continued, "We look forward to sharing additional data from our Phase 1 dose escalation and expansion study of EO-3021 in the first half of 2025. With this readout, we aim to build on the promising initial data reported in August 2024, reinforcing EO-3021’s robust anti-tumor activity and potential better combinability, while garnering additional insights to inform our go-forward clinical development efforts. We are enthusiastic about the potential of EO-3021 in addressing meaningful market opportunities and look forward to a transformative 2025."

Program Updates and Upcoming Milestones

EO-3021: Elevation Oncology is developing EO-3021, a differentiated, potentially best-in-class antibody drug conjugate (ADC) for the treatment of patients with advanced, unresectable or metastatic solid tumors likely to express Claudin 18.2, including gastric/GEJ cancer.

In August 2024, Elevation Oncology reported promising initial monotherapy data from the dose escalation portion of its ongoing Phase 1 clinical trial of EO-3021, demonstrating competitive efficacy, with a 42.8% confirmed overall response rate (ORR) in a biomarker-enriched population, and a differentiated safety profile, including minimal hematological toxicity and hepatotoxicity, and no peripheral neuropathy/hypoesthesia.

Based on these data, Elevation Oncology is focusing the clinical development of EO-3021 on the first- and second-line treatment of advanced gastric/GEJ cancer, where EO-3021’s key attributes can potentially provide differentiated benefits and address unmet needs in both patient outcomes and safety.

Monotherapy:

The dose expansion portion of Elevation Oncology’s Phase 1 clinical trial of monotherapy EO-3021 is ongoing. As of January 2025, Elevation Oncology has implemented prospective Claudin 18.2 expression testing as part of the patient screening process, focusing enrollment on patients with ≥25% of tumor cells at IHC 1+/2+/3+. Elevation Oncology expects to report additional safety and efficacy data from the dose escalation and expansion portions of the study in the first half of 2025.

Combination:

Patient dosing is ongoing in the combination portion of Elevation Oncology’s Phase 1 clinical trial of EO-3021. The combination cohorts are evaluating EO-3021 in combination with dostarlimab, a PD-1 inhibitor, in the first line setting and with ramucirumab, a VEGFR2 inhibitor, in the second line setting.

By combining EO-3021 and dostarlimab, an immune checkpoint inhibitor, Elevation Oncology aims to deliver synergistic benefit, potentially offering patients improved outcomes beyond those seen with the existing combination of immunotherapy and chemotherapy. The combination of an immunotherapy and chemotherapy agent is the standard of care for the treatment of gastric/GEJ cancer in the front-line setting.

With the EO-3021 and ramucirumab combination, Elevation Oncology aims to deliver improved tolerability and synergistic anti-tumor activity compared to the approved combination of ramucirumab and paclitaxel. The combination of ramucirumab and paclitaxel is the standard of care for the treatment of second-line gastric/GEJ cancer.

Elevation Oncology expects to report initial data from the combination cohorts in the fourth quarter of 2025 or the first quarter of 2026.

EO-1022: Elevation Oncology is developing EO-1022, a differentiated HER3 ADC for the treatment of patients with HER3-expressing solid tumors, including breast cancer, EGFR-mutant non-small cell lung cancer, and pancreatic cancer. EO-1022 combines seribantumab, a fully human anti-HER3 monoclonal antibody, and a monomethyl auristatin E (MMAE) payload with site-specific conjugation to glycan. It is designed to leverage seribantumab’s desirable internalization capability and the latest site-specific ADC technology to deliver a safe, effective option for patients living with solid tumors that express HER3.

Elevation Oncology expects to present preclinical data for EO-1022 in the first half of 2025 and to file an IND application in 2026.

Financial Guidance

Elevation Oncology expects that its cash, cash equivalents and marketable securities as of September 30, 2024, will be sufficient to fund its current operations into 2026.

Delcath Systems Announces Preliminary Fourth Quarter and Full Year 2024 Financial Results

On January 13, 2025 Delcath Systems, Inc. (Nasdaq: DCTH) ("Delcath" or the "Company"), an interventional oncology company focused on the treatment of primary and metastatic cancers of the liver, reported preliminary financial results for the fourth quarter and year-ended December 31, 2024 (Press release, Delcath Systems, JAN 13, 2025, View Source [SID1234649650]).

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Preliminary Fourth Quarter and Full-Year 2024 Financial Results (unaudited)

Total fourth quarter and full year revenue expected to be approximately $15.1 million and $37.2 million, respectively
HEPZATO KIT fourth quarter and full year revenue expected to be approximately $13.7 million and $32.3 million, respectively
CHEMOSAT fourth quarter and full year revenue expected to be approximately $1.4 million and $4.9 million, respectively
Gross margins expected to be in the 80%-85% range
As of December 31, 2024, the Company had approximately $53.2 million of cash, cash equivalents and short-term investments and no debt
Final financial results for the fourth quarter and full year 2024 and a detailed business update will be provided during Delcath’s annual financial results release and investor call scheduled for March 6, 2025.

CRISPR Therapeutics Highlights Strategic Priorities and Anticipated 2025 Milestones

On January 13, 2025 CRISPR Therapeutics (Nasdaq: CRSP), a biopharmaceutical company focused on creating transformative gene-based medicines for serious diseases, reported its strategic priorities and anticipated 2025 milestones (Press release, CRISPR Therapeutics, JAN 13, 2025, View Source [SID1234649648]).

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"As we look ahead to 2025, we are in a privileged position with an approved commercial product, a rich pipeline, a strong balance sheet and an organizational foundation to drive our pipeline forward," said Samarth Kulkarni, Ph.D., Chairman and Chief Executive Officer of CRISPR Therapeutics. "Building on the success of CASGEVY’s launch, we continue to broaden our portfolio across oncology, autoimmune and cardiometabolic indications. 2025 promises to be a milestone-rich year, with clinical data updates across several programs spanning a range of indications. In parallel, we are continuously innovating on our platform with next-generation gene editing and delivery technologies, which have the potential to broaden our ability to address additional diseases with curative treatments."

Strategic Priorities and Recent Advancements
2025 is an important inflection year for CRISPR Therapeutics as we establish CASGEVY and advance our pipeline candidates to human proof-of-concept and beyond.

Key Priorities:

Ongoing launch of CASGEVY, driven by strong patient demand and robust payer and system support.
Continue advancing our pipeline candidates, with several key updates in 2025, including CTX112 in oncology and autoimmune diseases, as well as CTX310 and CTX320 in cardiovascular indications, alongside the potential for further updates across our pipeline.
Continue advancing our next-generation gene editing and lipid nanoparticle (LNP) delivery platform for the liver, hematopoietic stem cells (HSCs), and other target organs.
Hemoglobinopathies and CASGEVY (exagamglogene autotemcel [exa-cel]):
2024 served as a foundational year for the launch of CASGEVY. In its first year, CASGEVY has seen strong global patient demand, and our partner, Vertex, has made significant progress in activating authorized treatment centers (ATCs) and securing payer access.

Rapid pace of global approvals underscores high unmet need and transformative potential of CASGEVY. On December 31, 2024, CASGEVY received regulatory approval in the United Arab Emirates (UAE) for the treatment of both sickle cell disease (SCD) and transfusion-dependent beta thalassemia (TDT).
Progress in cell collections has been strong, with high demand across all regions and indications. As of the end of 2024, more than 50 patients have initiated cell collection.
Significant progress has been made in activating ATCs, with more than 50 ATCs globally.
Strong payer support has been established in regions where CASGEVY is approved, through major payer contracts and early access programs. In the U.S., Vertex recently negotiated a first-of-its-kind, voluntary agreement with the Centers for Medicare & Medicaid Services (CMS), which will provide a single outcomes-based arrangement for CASGEVY, available to all state Medicaid programs to ensure broad and equitable access for patients.
Additionally, CRISPR Therapeutics continues to advance its internally developed targeted conditioning program as well as in vivo approaches utilizing LNP-mediated delivery through preclinical studies. Both initiatives could significantly expand the addressable patient populations for SCD and TDT.
Immuno-Oncology and Autoimmune Disease (AID):
CRISPR Therapeutics is developing CTX112 for both hematologic malignancies and autoimmune indications, with an emerging best-in-class profile.

CRISPR presented positive data from its ongoing Phase 1/2 trial of CTX112 in relapsed or refractory CD19+ B-cell malignancies at the 2024 American Society of Hematology (ASH) (Free ASH Whitepaper) Annual meeting, demonstrating strong efficacy comparable to autologous therapies, a tolerable safety profile and robust cell expansion.
CTX112 was awarded regenerative medicine advanced therapy (RMAT) designation by the FDA based on these strong preliminary data.
The most recent data with CTX112 demonstrate responses in patients who have received prior T-cell engager-based therapies (TCEs), with responses observed in all 6 patients, including 3 large B-cell lymphoma (LBCL) patients, who either relapsed post-TCE treatment or were refractory to TCEs.
CRISPR Therapeutics plans to engage with regulatory authorities to align on the path forward for CTX112 in B-cell malignancies, with an update expected in mid-2025.
Preliminary safety, pharmacokinetic, and pharmacodynamic data in oncology highlight the potential of CTX112 in autoimmune indications. Based on favorable oncology data, CRISPR Therapeutics is expanding the trial for CTX112 in system lupus erythematosus to include patients with systemic sclerosis and inflammatory myositis patients in a basket study, with updates expected in mid-2025.
Clinical trials are on-going for CTX131 in both solid tumors and hematologic malignancies, with updates expected in 2025. Additionally, we are advancing an autologous, gene-edited CAR T therapy targeting glypican-3 (GPC3) for the potential treatment of solid tumors and expect to initiate a clinical trial in the first half of 2025.
In Vivo Cardiovascular:
CRISPR Therapeutics continues to make significant progress in advancing its proprietary LNP delivery technologies for gene editing in the liver, with ongoing development in both clinical and preclinical stages.

Dose escalation for CTX310, directed towards angiopoietin-related protein 3 (ANGPTL3), and CTX320, directed towards LPA, the gene encoding apolipoprotein(a) (apo(a)), a major component of lipoprotein(a) [Lp(a)]), is ongoing, with updates expected in the first half of 2025.
CTX310 is being developed for patients with homozygous or heterozygous familial hypercholesterolemia, severe hypertriglyceridemia, or mixed dyslipidemias, and has the potential for approval based on validated biomarkers, pending regulatory discussions.
CTX320 is being developed for patients with high Lp(a), a genetically determined cardiovascular risk factor affecting millions worldwide.
Rapid preclinical progress is being made with CTX340, targeting angiotensinogen (AGT) for refractory hypertension, as well as CTX450, targeting 5’-aminolevulinate synthase 1 (ALAS1) for acute hepatic porphyria.
Regenerative Medicine:
Progress continues in regenerative medicine, with ongoing efforts to develop innovative therapies, including the clinical trial for CTX211 in Type 1 diabetes (T1D) and subsequent next generation programs.

These programs focus on allogeneic, gene-edited, stem cell-derived beta islet cell precursors for the treatment of T1D, which have the potential to render patients insulin-independent without the need for chronic immunosuppression. The Company anticipates providing an update in 2025.
Anticipated Key Milestones
CRISPR Therapeutics anticipates several key milestones in 2025 across its development portfolio.

Quarterly updates on CASGEVY launch progress.
Updates for CTX310 and CTX320 in the first half of 2025.
A broad update with CTX112 in oncology and autoimmune disease in mid-2025.
Update for CTX131 in 2025.
Update in regenerative medicine in 2025.
About CASGEVY (exagamglogene autotemcel [exa-cel])
CASGEVY is a non-viral, ex vivo CRISPR/Cas9 gene-edited cell therapy for eligible patients with SCD or TDT, in which a patient’s own hematopoietic stem and progenitor cells are edited at the erythroid specific enhancer region of the BCL11A gene. This edit results in the production of high levels of fetal hemoglobin (HbF; hemoglobin F) in red blood cells. HbF is the form of the oxygen-carrying hemoglobin that is naturally present during fetal development, which then switches to the adult form of hemoglobin after birth. CASGEVY has been shown to reduce or eliminate recurrent vaso-occlusive crises (VOCs) for patients with SCD and transfusion requirements for patients with TDT. CASGEVY is approved for certain indications in multiple jurisdictions for eligible patients.

About the CRISPR Collaboration and Vertex
CRISPR Therapeutics and Vertex entered into a strategic research collaboration in 2015 focused on the use of CRISPR/Cas9 to discover and develop potential new treatments aimed at the underlying genetic causes of human disease. CASGEVY represents the first potential treatment to emerge from the joint research program. Under an amended collaboration agreement, Vertex now leads global development, manufacturing, and commercialization of CASGEVY and splits program costs and profits worldwide 60/40 with CRISPR Therapeutics. Vertex is the manufacturer and exclusive license holder of CASGEVY.

About CTX112
CTX112 is being developed for both oncology and autoimmune indications. CTX112 is a next-generation, wholly-owned, allogeneic CAR T product candidate targeting Cluster of Differentiation 19, or CD19, which incorporates edits designed to evade the immune system, enhance CAR T potency, and reduce CAR T exhaustion. CTX112 is being investigated in an ongoing clinical trial designed to assess safety and efficacy of the product candidate in adult patients with relapsed or refractory CD19-positive B-cell malignancies who have received at least two prior lines of therapy. In addition, CTX112 is being investigated in an ongoing clinical trial designed to assess the safety and efficacy of the product candidate in adult patients with systemic lupus erythematosus, systemic sclerosis, and inflammatory myositis.

About CTX131
CTX131 is being developed for both solid tumors and hematologic malignancies, including T cell lymphomas (TCL). CTX131 is a next-generation, wholly-owned, allogeneic CAR T product candidate targeting Cluster of Differentiation 70, or CD70, an antigen expressed on various solid tumors and hematologic malignancies. CTX131 incorporates edits designed to evade the immune system, prevent fratricide, enhance CAR T potency, and reduce CAR T exhaustion. CTX131 is being investigated in ongoing clinical trials designed to assess the safety and efficacy of the product candidate in adult patients with relapsed or refractory solid tumors and hematologic malignancies, including TCL.

About In Vivo Programs
CRISPR Therapeutics has established a proprietary lipid nanoparticle (LNP) platform for the delivery of CRISPR/Cas9 to the liver. The Company’s in vivo portfolio includes its lead investigational programs, CTX310 (directed towards angiopoietin-related protein 3 (ANGPTL3)) and CTX320 (directed towards LPA, the gene encoding apolipoprotein(a) (apo(a)), a major component of lipoprotein(a) [Lp(a)]). Both are validated therapeutic targets for cardiovascular disease. CTX310 and CTX320 are in ongoing clinical trials in patients with heterozygous familial hypercholesterolemia, homozygous familial hypercholesterolemia, mixed dyslipidemias, or severe hypertriglyceridemia, and in patients with elevated lipoprotein(a), respectively. In addition, the Company’s research and preclinical development candidates include CTX340 and CTX450, targeting angiotensinogen (AGT) for refractory hypertension and 5’-aminolevulinate synthase 1 (ALAS1) for acute hepatic porphyria (AHP), respectively.

About CTX211
CTX211 is an allogeneic, gene-edited, stem cell-derived investigational therapy for the treatment of type 1 diabetes (T1D), which incorporates gene edits that aim to make cells hypoimmune and enhance cell fitness. This immune-evasive cell replacement therapy is designed to enable patients to produce their own insulin in response to glucose. A Phase 1 clinical trial for CTX211 for the treatment of T1D is ongoing.

Crescent Biopharma overview

On January 13, 2025 Crescent Biopharma presented its corporate presentation (Press release, Crescent Biopharma, JAN 13, 2025, View Source [SID1234649647]).

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