On October 31, 2023 Kintara Therapeutics, Inc. (Nasdaq: KTRA) ("Kintara" or the "Company"), a biopharmaceutical company focused on the development of new solid tumor cancer therapies, reported that preliminary topline results from the Glioblastoma Adaptive Global Innovative Learning Environment (GBM AGILE) study showed that VAL-083 did not perform better than the current standards of care in glioblastoma (Press release, Kintara Therapeutics, OCT 31, 2023, View Source [SID1234636533]). These topline results included preliminary safety data for VAL-083 that was similar to that of the current standards of care used to treat glioblastoma. With this study outcome, Kintara is suspending the development of VAL-083 and turning its focus to its second program, REM-001. In addition to focusing on its REM-001 program, Kintara will evaluate a wide range of strategic options aimed at potentially maximizing shareholder value.

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"Glioblastoma represents a high unmet medical need, and patients with this disease have very few treatment options," said Robert E. Hoffman, President and Chief Executive Officer of Kintara. "We are very disappointed that the VAL-083 GBM AGILE Study preliminary results do not support continued development efforts to give patients additional treatment options. We sincerely appreciate the exceptional support from patients and their families as well as patient advocates, physicians and our employees who have been committed to the rigorous study of VAL-083. As we shift priorities, we look forward to enrolling our first patient in our 15-patient study of REM-001 in cutaneous metastatic breast cancer (CMBC). Additionally, we will conduct a thorough review of potential strategic opportunities for us to maximize shareholder value in the Company."

"GBM AGILE is a rigorous mechanism for us to efficiently evaluate investigational drugs in a well-controlled, randomized setting," said Meredith Buxton, CEO and President of Global Coalition of Adaptive Research, Sponsor of GBM AGILE. "While we are disappointed that the preliminary results for VAL-083 did not show benefit over standard of care, GBM AGILE is operating as designed and we await final data for VAL-083 in 2024 to better understand if there are possible pathways for further development."

All development activities and related costs for VAL-083 will be suspended while the Company awaits the full dataset from the GBM AGILE Study which is expected at the end of the first quarter/beginning of second quarter of calendar year 2024. At such time Kintara will analyze the full results as it seeks to maximize the value of the VAL-083 asset.

Kintara expects to enroll the first subject in a 15-patient CMBC study around the end of calendar year 2023. The Company was recently awarded a $2 million grant from the National Institutes of Health (NIH) which is expected to cover the majority of the cost to run the CMBC study. In November 2022, the United States Food and Drug Administration (FDA) granted Fast Track Designation (FTD) to Kintara’s REM-001 Therapy for the treatment of patients with CMBC.

REM-001 is a proprietary, late-stage photodynamic therapy platform that holds promise as a localized cutaneous, or visceral, tumor treatment as well as in other potential indications. REM-001 Therapy, which consists of the laser light source, the light delivery device, and the REM-001 drug product, has been previously studied in four Phase 2/3 clinical trials in patients with CMBC who had previously received chemotherapy and/or failed radiation therapy. In CMBC, REM-001 has a clinical efficacy to date of 80% complete responses of CMBC evaluable lesions and an existing robust safety database of approximately 1,100 patients across multiple indications.

On October 31, 2023 Kiniksa Pharmaceuticals, Ltd. (Nasdaq: KNSA) (Kiniksa), a biopharmaceutical company with a pipeline of immune-modulating assets designed to target a spectrum of cardiovascular and autoimmune diseases, reported third quarter 2023 financial results and recent portfolio execution (Press release, Kiniksa Pharmaceuticals, OCT 31, 2023, View Source [SID1234636532]).

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"We continue to advance all aspects of our business, including strong revenue growth with ARCALYST and clinical trial execution with KPL-404, and we have cash runway into at least 2027," said Sanj K. Patel, Chairman and Chief Executive Officer of Kiniksa. "On the commercial side, we are building the recurrent pericarditis market and are focused on helping as many patients as possible. We are currently tracking to the high end of our previously issued guidance of $220 million to $230 million in product revenue. Within our clinical development portfolio, we have completed enrollment in the third cohort of the Phase 2 trial of KPL-404 in rheumatoid arthritis. We now expect data from Cohorts 1-3 in the first quarter of 2024."

Portfolio Execution

ARCALYST (IL-1α and IL-1β cytokine trap)

· ARCALYST net product revenue was $64.8 million for the third quarter of 2023.

· Since launch, more than 1,450 prescribers have written ARCALYST prescriptions for recurrent pericarditis.

· As of the end of the third quarter of 2023, average total duration of ARCALYST therapy in recurrent pericarditis was approximately 20 months.

- Average total duration of therapy includes the approximately 45% of patients who restarted ARCALYST, within an average of 8 weeks, after having discontinued therapy.

1

KPL-404 (monoclonal antibody inhibitor of CD40-CD154 interaction)

· Kiniksa completed enrollment of the third cohort of the Phase 2 clinical trial of KPL-404 in rheumatoid arthritis. The company now expects data from Cohorts 1-3 in the first quarter of 2024.

· Kiniksa is currently enrolling a fourth cohort (Cohort 4) of the Phase 2 clinical trial of KPL-404 in rheumatoid arthritis. The additional cohort will evaluate a fixed dose level administered as a single subcutaneous injection once monthly. The company expects data from Cohort 4 in the second quarter of 2024.

Mavrilimumab (monoclonal antibody inhibitor targeting GM-CSFRα)

· Kiniksa is pursuing collaborative study agreements to evaluate the potential of mavrilimumab in rare cardiovascular diseases where the granulocyte macrophage colony stimulating factor (GM-CSF) mechanism has been implicated.

Financial Results

· ARCALYST net product revenue for the third quarter of 2023 was $64.8 million, compared to $33.4 million for the third quarter of 2022.

- Total revenue for the third quarter of 2023 was $67.0 million, including $2.2 million in license and collaboration revenue, compared to total revenue for the third quarter of 2022 of $99.1 million, including $65.7 million in license and collaboration revenue.

· Total operating expenses for the third quarter of 2023 were $78.0 million, compared to $52.7 million for the third quarter of 2022.

- Total operating expenses for the third quarter of 2023 included $17.3 million in collaboration expenses, due to increasing ARCALYST profitability, compared to $4.6 million for the third quarter of 2022.

- Total operating expenses for the third quarter of 2023 included $6.8 million in non-cash, share-based compensation expense, compared to $6.0 million for the third quarter of 2022.

· Net loss for the third quarter of 2023 was $13.9 million, compared to net income of $224.1 million for the third quarter of 2022.

· As of September 30, 2023, Kiniksa had $201.1 million of cash, cash equivalents, and short-term investments and no debt.

Financial Guidance

· Kiniksa expects 2023 ARCALYST net product revenue of between $220 million and $230 million.

· Kiniksa expects that its cash, cash equivalents, and short-term investments will fund its current operating plan into at least 2027.

Conference Call Information

· Kiniksa will host a conference call and webcast at 8:30 a.m. Eastern Time on Tuesday, October 31, 2023, to discuss third quarter 2023 financial results and recent portfolio execution.

· Individuals interested in participating in the call via telephone may register here. Upon registration, all telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number along with a unique passcode and registrant ID that can be used to access the call. To access the webcast, please visit the Investors and Media section of Kiniksa’s website. A replay of the event will also be available on Kiniksa’s website within approximately 48 hours after the event.

On October 31, 2023 Iovance Biotherapeutics, Inc. (NASDAQ: IOVA), a biotechnology company focused on innovating, developing, and delivering novel polyclonal tumor infiltrating lymphocyte (TIL) therapies for patients with cancer, reported the publication of abstracts for poster presentations reporting clinical data and trial design for tumor infiltrating lymphocyte (TIL) therapies at the Society for Immunotherapy of Cancer (SITC) (Free SITC Whitepaper)’s (SITC) (Free SITC Whitepaper) 38th Annual Meeting in San Diego, CA, November 1-5, 2023 (Press release, Iovance Biotherapeutics, OCT 31, 2023, View Source [SID1234636531]).

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An abstract on the four-year analysis of pooled Cohorts 2 and 4 of the C-144-01 trial reports the longest follow-up data on lifileucel treatment outcomes in the largest population of patients with anti–PD-1–refractory advanced melanoma treated with TIL therapy. As of the data cutoff date of June 16, 2023, median C-144-01 trial follow-up was 48.1 months in heavily pretreated patients with advanced melanoma. One-time lifileucel TIL therapy demonstrated durable efficacy with a four-year OS rate of 22.2%. The longest response was ongoing at 59.9 months. Treatment-emergent adverse events were consistent with known safety profiles of lymphodepletion and IL-2, and their incidence decreased over time. The four-year analysis further supports the use of lifileucel as a potential treatment option in these patients that is differentiated from other immunotherapies.

Iovance Posters at SITC (Free SITC Whitepaper) Annual Meeting

Long-term efficacy and safety of lifileucel tumor infiltrating lymphocyte (TIL) cell therapy in patients with advanced melanoma: A 4-year analysis of the C-144-01 study
Poster: Saturday, Nov. 4, 2023, 9:00 a.m.–8:30 p.m. PT
Tumor infiltrating lymphocytes (TIL) with inducible and membrane-bound IL-12 exhibit superior antitumor activity in vitro
Poster: Friday, Nov. 3, 2023, 9:00 a.m.–7:00 p.m. PT
Trial-in-Progress: TILVANCE-301, a phase 3 study of lifileucel tumor infiltrating lymphocyte (TIL) cell therapy combined with pembrolizumab (pembro) vs pembro alone in treatment-naïve unresectable or metastatic melanoma
Poster: Saturday, Nov. 4, 2023, 9:00 a.m.–8:30 p.m. PT

On October 31, 2023 INmune Bio, Inc. (NASDAQ: INMB) (the "Company"), a clinical-stage immunology company focused on developing treatments that harness the patient’s innate immune system to fight disease, reported an update regarding the company’s patent covering its proprietary cell line, "INB16", as well as the therapeutic composition comprising replication-incompetent INB16 cells known as "INKmune" and methods of treating cancer by administering INKmune, with a goal of achieving in vivo priming of natural killer (NK) cells to enhance the ability of a patient’s own NK-cells to effect cancer surveillance, recognition, and killing (Press release, INmune Bio, OCT 31, 2023, View Source [SID1234636530]).

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In the written opinion for the international patent application titled, "HUMAN T-CELL ACUTE LYMPHOBLASTIC LEUKEMIA CELL LINE & APPLICATIONS FOR TREATING CANCER," an examiner from the International Search Authority at the United States Patent & Trademark Office, authorized by the World Intellectual Property Organization under the Patent Cooperation Treaty, issued a favorable patentability opinion with respect to novelty, inventive step and industrial applicability of all claims and concluding that the application contains patentable subject matter. The application discloses and claims the novel INB16 cell line on deposit with the American Type Culture Collection, as well as compositions comprising replication incompetent INB16 cells ("INKmune") and methods of treating cancer in patients by administering INKmune.

"Patents covering novel cell lines are somewhat rare in practice and form a very small number of total patents issued," said Joshua Schoonover, Esq., in-house General Counsel for the Company. "The company is exploring several potential commercial applications of the INB16 cell line, including uses in cancer research, as well as therapeutic uses, such as applications for treating various cancer indications, or for enhancing other NK cell products to gain advantages, such as improved avidity or memory-like functions."

The Company intends to leverage the favorable written opinion under the patent prosecution highway, a program offered by the USPTO, EPO and other participating patent offices to accelerate examination and ultimately patent issuance for inventions receiving favorable opinions received from certain patent authorities, including WIPO.

INB16 is a tumor cell line which is relatively insensitive to killing by natural killer (NK) cells from healthy donors and from patients. However, it carries molecules on its surface which bind to critical activating ligands on resting NK (rNK) cells and, when an rNK cell binds to INB16 the rNK becomes primed by the activating ligands. One of the key molecules on the INB16 surface is called CD15 and this binds to a ligand on rNK cells called CD2. Virtually all rNK in the blood express CD2. The Company has shown that this CD15-CD2 interaction is critical and has further mapped the intracellular signaling cascade that it activates. During the next 16 hours after INB16 binding, the rNK becomes "primed" to form what is called a "tumor-primed NK cell" – TpNK. These TpNK have the characteristics of memory-like NK cells described by other groups and which are produced in the lab by priming with a cocktail of inflammatory cytokines (IL12/15/18). TpNK are a type of mlNK and can kill tumor cells that are resistant to rNK cell-killing. This means that they can kill a wide range of clinically relevant cancers and leukemias. In addition, the Company’s in vitro data shows that TpNK cells are able to overcome the immunosuppression of hypoxia and regulatory cells in an active Tumor Microenvironment of solid tumors. The Company is extending these findings to show that INKmune-primed NK cells also overcome immunosuppressive cytokines in the TME as a result of the NK differentiation into a memory-like cell.

While INB16 can generate TpNK cells in vitro, it cannot be used to treat NK cells in the blood of patients without being treated to prevent it from further proliferation. To overcome this, the Company uses novel methods to make the INB16 unable to replicate and created a "replication-incompetent cell," which forms a basis of the biologic called "INKmune." The Company has safely treated five patients with hematological cancers and shown that INKmune treatment converts patient’s normal resting NK cells into potent memory-like NK cells much like those that can be produced in vitro. More patients are awaiting trial enrolment. Administration of INKmune may be the only way to create mlNK in vivo because the cytokine cocktail used by others would be too toxic to use as a direct treatment.

The Company opened an IND for a US trial of INKmune in metastatic castration-resistant prostate cancer. The first site will be initiated in the second week of November, meaning that efforts are ahead of schedule for the planned first patient treatment in this quarter. At least one other site is expected to be opened before the end of the year. A clinical batch of INKmune has been manufactured for the first US cohort and is ready to be shipped to a distribution center. Patients at each dose level will receive all three doses of INKmune as an out-patient treatment during the six-month trial. Two markers of INKmune efficacy will be measured – immunologic activation and therapeutic efficacy as a measure tumor response to INKmune therapy, using traditional biomarkers of prostate cancer tumor burden (progression-free survival, changes in blood PSA level, and tumor burden measured by bone and CT scan).

On October 31, 2023 Incyte (Nasdaq:INCY) reported 2023 third quarter financial results, and provides a status update on the Company’s clinical development portfolio (Press release, Incyte, OCT 31, 2023, View Source [SID1234636529]).

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"Our double-digit revenue growth during the quarter was driven by sustained performance of Jakafi (ruxolitinib) and an increasing contribution from Opzelura (ruxolitinib) with continued strong patient demand and enhanced payer coverage," said Hervé Hoppenot, Chief Executive Officer, Incyte. "We made significant progress with our early programs in myeloproliferative neoplasms (MPNs), including mCALR and JAK2V617F, which have the potential to be disease modifying therapies that represent a fundamentally new approach to the way patients with MPNs are treated. Additionally, we recently received positive top line results from the Phase 2 study of povorcitinib in prurigo nodularis (PN) and plans are underway to initiate a Phase 3 study in 2024. With approximately 100,000 treated PN patients in the U.S., povorcitinib has the potential to be an efficacious therapy for those patients who currently have limited treatment options."
Key Company Updates
•In September, Incyte was notified by the Centers for Medicare and Medicaid Services that ruxolitinib phosphate qualified for the Small Biotech Exception.
•Beginning January 1, 2024, Opzelura will be listed as a Preferred Brand on the CVS Caremark and Aetna formularies impacting roughly 30 million commercial lives in the U.S.
Key Product Sales Performance
Jakafi:
Net product revenues for the quarter of $636 million:
▪Net product revenues grew 3% compared with the third quarter of 2022.
▪Channel inventory at the end of the third quarter of 2023 decreased by approximately $14 million versus the second quarter of 2023. Underlying demand in the third quarter of 2023 continued to grow both year-over-year and quarter-over-quarter.

Opzelura:
Net product revenues for the quarter of $92 million:
▪Net product revenues of $92 million grew 141% compared with the third quarter of 2022, driven by growth in patient demand, refills and expansion in payer coverage as the launch in AD and vitiligo continues.
Pipeline Updates
Myeloproliferative Neoplasms (MPNs) and Graft-Versus-Host Disease (GVHD) – key highlights
▪Combination trials of ruxolitinib twice daily (BID) with zilurgisertib (ALK2) and INCB57643 (BET) are ongoing and continue to enroll. Additional data from these studies are anticipated to be shared in the fourth quarter of 2023.
▪The Phase 1 study evaluating INCA033989 (mCALR) is ongoing and enrolling patients.
▪In October, we announced the development of a new program targeting the JAK2V617F mutation, which is present in 55-60% of myelofibrosis (MF) and essential thrombocythemia (ET) patients, and in 95% of polycythemia vera (PV) patients. INCB100658 is a small molecule inhibitor, targeting the JAK2V617F mutation and we expected to file the IND by year-end 2023.
Indication and status
Ruxolitinib XR (QD)
(JAK1/JAK2) Myelofibrosis, polycythemia vera and GVHD
Ruxolitinib + zilurgisertib
(JAK1/JAK2 + ALK2) Myelofibrosis: Phase 2
Ruxolitinib + INCB57643
(JAK1/JAK2 + BET) Myelofibrosis: Phase 2
Ruxolitinib + CK08041
(JAK1/JAK2 + CB-Tregs)
Myelofibrosis: Phase 1 (LIMBER-TREG108)
Axatilimab (anti-CSF-1R)2
Chronic GVHD: Pivotal Phase 2 (third-line plus therapy) (AGAVE-201)
Ruxolitinib + axatilimab2
(JAK1/JAK2 + anti-CSF-1R)
Chronic GVHD: Phase 1/2 in preparation
INCA033989
(mCALR) Myelofibrosis, essential thrombocythemia: Phase 1

1 Development collaboration with Cellenkos, Inc.
2 Clinical development of axatilimab in GVHD conducted in collaboration with Syndax Pharmaceuticals.
Other Hematology/Oncology – key highlights
Oral small molecule PD-L1 program: Combination studies evaluating INCB99280 in combination with axitinib (VEGF) and in combination with ipilimumab (CTLA-4) are enrolling. Two Phase 2 monotherapy studies evaluating INCB99280 in patients with select solid tumors who are checkpoint inhibitor naive and in metastatic cutaneous squamous cell carcinoma (cSCC) or locally advanced cSCC, are enrolling.
2

Indication and status
Pemigatinib (Pemazyre)
(FGFR1/2/3)
Myeloid/lymphoid neoplasms (MLN): approved in the U.S. and Japan
Cholangiocarcinoma (CCA): Phase 3 (FIGHT-302)
Glioblastoma: Phase 2 (FIGHT-209)
Tafasitamab (Monjuvi/Minjuvi)1
(CD19)
Relapsed or refractory diffuse large B-cell lymphoma (DLBCL): Phase 3 (B-MIND)
First-line DLBCL: Phase 3 (frontMIND)
Relapsed or refractory follicular lymphoma (FL) and relapsed or refractory marginal zone lymphoma (MZL): Phase 3 (inMIND)
Retifanlimab (Zynyz)2
(PD-1)
Merkel cell carcinoma (MCC): approved in the U.S.
Squamous cell anal cancer (SCAC): Phase 3 (POD1UM-303)
Non-small cell lung cancer (NSCLC): Phase 3 (POD1UM-304)
MSI-high endometrial cancer: Phase 2 (POD1UM-101, POD1UM-204)
INCB99280
(Oral PD-L1) Solid tumors (combination): Phase 1
Solid tumors (monotherapy): Phase 2
Cutaneous squamous cell carcinoma (cSCC): Phase 2
INCB99318
(Oral PD-L1) Solid tumors: Phase 1

1 Development of tafasitamab in collaboration with MorphoSys.
2 Retifanlimab licensed from MacroGenics.
3 Clinical trial collaboration and supply agreement with Mirati Therapeutics.
Inflammation and Autoimmunity (IAI) – key highlights
Dermatology
Opzelura
▪New results of a pooled analysis of long-term extension (LTE) data from the pivotal Phase 3 TRuE-V program assessing Opzelura cream 1.5% in patients 12 years of age and older with nonsegmental vitiligo who previously experienced limited or no response to treatment at Week 24 were presented at the European Academy of Dermatology and Venereology (EADV) Congress 2023 as a late-breaking oral presentation. These results showed patients who initially experienced limited or no facial or total body repigmentation at six months achieved improved repigmentation after continued treatment with Opzelura for up to two years.
▪Expanded results from the pivotal Phase 3 TRuE-AD3 study evaluating the safety and efficacy of ruxolitinib cream (Opzelura) in children (age ≥2 to <12 years) with atopic dermatitis (AD), the most common type of eczema, met its primary endpoint and was presented at EADV. Significantly more patients treated with ruxolitinib cream (0.75% and 1.5%) achieved Investigator’s Global Assessment Treatment Success than patients treated with vehicle control (non-medicated cream).
▪Ruxolitinib cream in other indications: three Phase 2 studies in lichen planus, lichen sclerosus and mild to moderate hidradenitis suppurativa (HS) have completed enrollment. Two Phase 3 trials evaluating ruxolitinib cream in prurigo nodularis (PN) are ongoing.
Povorcitinib (INCB54707)
▪Positive 52-week data from a Phase 2b clinical trial evaluating the safety and efficacy of povorcitinib, an investigational oral JAK1 inhibitor, in adult patients with extensive nonsegmental vitiligo were presented at EADV as a late-breaking oral presentation. Results showed that treatment with oral povorcitinib was associated with substantial total body and facial repigmentation across all treatment groups at Week 52 and further reinforces the efficacy profile and potential of povorcitinib as an oral treatment for patients with extensive nonsegmental vitiligo.
▪The Phase 2, randomized, double-blind, placebo-controlled, dose ranging study evaluating the efficacy and safety of povorcitinib in participants with PN met its primary endpoint. A Phase 3 study in PN is being planned.
3

▪Asthma and chronic spontaneous urticaria: Two Phase 2 trials in asthma and chronic spontaneous urticaria are enrolling.
Indication and status
Ruxolitinib cream (Opzelura)1
(JAK1/JAK2)
AD: Phase 3 pediatric study (TRuE-AD3)
Vitiligo: Phase 3 (TRuE-V1, TRuE-V2); approved in the U.S. and Europe
Lichen planus: Phase 2
Lichen sclerosus: Phase 2
Hidradenitis suppurativa: Phase 2
Prurigo nodularis: Phase 3 (TRuE-PN1, TRuE-PN2)
Ruxolitinib cream + UVB
(JAK1/JAK2 + phototherapy) Vitiligo: Phase 2
Povorcitinib
(JAK1) Hidradenitis suppurativa: Phase 2b; Phase 3 (STOP-HS1, STOP-HS2)
Vitiligo: Phase 2; Phase 3 planned
Prurigo nodularis: Phase 2
Asthma: Phase 2
Chronic spontaneous urticaria: Phase 2
INCA034460
(anti-IL-15Rβ) Vitiligo: Phase 1 initiated

1 Novartis’ rights to ruxolitinib outside of the United States under our Collaboration and License Agreement with Novartis do not include topical administration.
Discovery and other early development – key highlights
INCA33890 (TGFβR2xPD-1): A Phase 1 study evaluating INCA33890 in patients with select advanced solid tumors has been initiated.
Modality Candidates
Small molecules INCB123667 (CDK2)
Monoclonal antibodies
INCAGN2385 (LAG-3)1, INCAGN2390 (TIM-3)1
Bi-specific antibodies
INCA32459 (LAG-3xPD-1)2, INCA33890 (TGFβR2xPD-1)2

1 Discovery collaboration with Agenus.
2 Development in collaboration with Merus.
Partnered – key highlights
Jakavi (ruxolitinib)- In August, Novartis announced that Jakavi was approved in Japan for the use in GVHD after hematopoietic stem cell transplant.
Indication and status
Ruxolitinib (Jakavi)1
(JAK1/JAK2)
Acute and chronic GVHD: approved in Europe and Japan
Baricitinib (Olumiant)2
(JAK1/JAK2)
AD: approved in Europe and Japan
Severe alopecia areata (AA): approved in the U.S., Europe and Japan
Capmatinib (Tabrecta)3
(MET)
NSCLC (with MET exon 14 skipping mutations): approved in the U.S., Europe and Japan

1 Ruxolitinib (Jakavi) licensed to Novartis ex-U.S. for use in hematology and oncology excluding topical administration.
2 Baricitinib (Olumiant) licensed to Lilly: approved as Olumiant in multiple territories globally for certain patients with moderate-to-severe rheumatoid arthritis; approved as Olumiant in EU and Japan for certain patients with atopic dermatitis.
3 Capmatinib (Tabrecta) licensed to Novartis.
4

2023 Third Quarter Financial Results
The financial measures presented in this press release for the three and nine months ended September 30, 2023 and 2022 have been prepared by the Company in accordance with U.S. Generally Accepted Accounting Principles ("GAAP"), unless otherwise identified as a Non-GAAP financial measure. Management believes that Non-GAAP information is useful for investors, when considered in conjunction with Incyte’s GAAP disclosures. Management uses such information internally and externally for establishing budgets, operating goals and financial planning purposes. These metrics are also used to manage the Company’s business and monitor performance. The Company adjusts, where appropriate, for expenses in order to reflect the Company’s core operations. The Company believes these adjustments are useful to investors by providing an enhanced understanding of the financial performance of the Company’s core operations. The metrics have been adopted to align the Company with disclosures provided by industry peers.

Non-GAAP information is not prepared under a comprehensive set of accounting rules and should only be used in conjunction with and to supplement Incyte’s operating results as reported under GAAP. Non-GAAP measures may be defined and calculated differently by other companies in our industry.
As changes in exchange rates are an important factor in understanding period-to-period comparisons, Management believes the presentation of certain revenue results on a constant currency basis in addition to reported results helps improve investors’ ability to understand its operating results and evaluate its performance in comparison to prior periods. Constant currency information compares results between periods as if exchange rates had remained constant period over period. The Company calculates constant currency by calculating current year results using prior year foreign currency exchange rates and generally refers to such amounts calculated on a constant currency basis as excluding the impact of foreign exchange or being on a constant currency basis. These results should be considered in addition to, not as a substitute for, results reported in accordance with GAAP. Results on a constant currency basis, as the Company presents them, may not be comparable to similarly titled measures used by other companies and are not measures of performance presented in accordance with GAAP.