Q2 2024 ACELYRIN Inc Earnings Call Transcript
Key Points
- Positive Phase 3 results for izokibep in hidradenitis suppurativa, meeting the primary endpoint of HiSCR75.
- Compelling response rates in HiSCR90 and HiSCR100 within 12 weeks of treatment for izokibep.
- Refocused pipeline strategy designed to extend cash runway to mid-2027.
- Ongoing Phase 2b/3 trial in uveitis with top-line data expected in Q4 2024.
- Strong financial position with a cash position of approximately $635 million as of June 30, 2024.
- Decision to stop internal development of SLRN-517, despite demonstrating molecular activity in healthy volunteers.
- Approximately 33% reduction in workforce as part of the organizational restructuring.
- No new trials will be started for izokibep in HS and PsA, limiting future development in these indications.
- Increased R&D expenses, primarily due to the izokibep program, leading to higher operational costs.
- Projected cash used in operations to increase substantially in the second half of 2024.
Good afternoon, and welcome to the ACELYRIN Inc Conference Call to discuss the company's second quarter 2024 financial results and other corporate updates. This conference call is being recorded today, August 13, 2024.
I would now like to turn the conference call over to Tyler Marciniak, Vice President of Investor Relations and Corporate Affairs. Tyler?
Thank you, Carmen. Good afternoon, everyone, and thank you for joining us. Before we begin, I'd like to remind you that this conference call may contain forward-looking statements such as those related to progress of our clinical trials and anticipated data readouts, our future financial and operating results and projected cash runway, and our ability to commercialize our product candidates. These forward-looking statements involve risks and uncertainties that could cause our actual results and events to differ materially.
We would urge you to review the Risk Factors section of our Form 10-Q for the
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