Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.
Partnerships Worldwide exclusive royalty-bearing license from Paragon Therapeutics (May 2024; α4β7 integrin antibodies). Milestone payments to Paragon up to $22M per first product per agreement ($5M on first Phase 3 dosing).
Status note Anti-α4β7 integrin antibody for IBD being developed in the ongoing SKYWAY Phase 2 basket trial and SKYLINE Phase 2 platform trial (with rational combinations). Planned Q3M-Q6M dosing profile.
Status note Anti-TL1A antibody for IBD; plans to expand development to indications beyond IBD and RD. SKYWAY/SKYLINE Phase 2 trials ongoing. Planned Q3M-Q6M dosing profile.
Partnerships Worldwide exclusive royalty-bearing license from Paragon Therapeutics (Oct 2024, amended May 2026; IL-23 antibodies; field expanded to all therapeutic/prophylactic/palliative/diagnostic uses; restrictions on dosing outside IBD until Jun 2028/2030).
Indications
Inflammatory bowel disease(Phase 1)
Catalysts
— 2026-2027
Status note Anti-IL-23 antibody for IBD; field expanded May 2026 to all uses (with restrictions on non-IBD clinical dosing until Jun 2028 for combinations / Jun 2030 for monotherapy). SKYWAY/SKYLINE Phase 2 trials ongoing. Planned Q3M-Q6M dosing profile.
Per-asset detail extracted from the 10-Q filed 2026-08-04. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.
Sponsor-matched active trials from ClinicalTrials.gov (5 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.
Institutional holder positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.
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