Molecular Partners (MOLN) investor relations material

Platform overview and differentiation

• DARPins are engineered mini-proteins with high affinity and short half-life, offering advantages over antibodies and peptides for radioligand therapy, especially in expanding the target universe and enabling rapid, targeted delivery to tumors.

• The platform allows for modular design, enabling encoding of properties like reduced kidney uptake and easy adaptation to new targets, isotopes, and chelators, supporting repeatable and flexible development.

• Robustness of DARPins enables switching between isotopes (lead, actinium) without altering biodistribution, allowing optimal pairing of isotope, chelator, and target.

• The approach provides broad applicability for internal programs, patients, and partners, supporting multiple programs across diverse indications.

MP0712 (DLL3) clinical progress and outlook

• Early imaging and dosimetry data in small cell lung cancer show rapid and specific tumor uptake, favorable tumor-to-kidney ratios, and manageable red marrow exposure.

• Dose escalation is ongoing in the U.S., with patient recruitment expanding from five to at least eight centers, and initial safety data expected in the coming months.

• The trial is designed for four doses per patient, with safety as the primary concern; early data will focus on safety and therapeutic index, with more comprehensive efficacy data expected in the first half of next year.

• Data updates will be milestone-based, focusing on cohort progression and safety, with a meaningful data set anticipated for release in about a year.

• The competitive landscape for DLL3 is crowded, but the platform's flexibility and isotope options provide differentiation, especially compared to antibody and peptide-based competitors.

Pipeline expansion and future plans

• MP0726 targets mesothelin, with a DARPin engineered to avoid binding shed mesothelin, aiming for cancer selectivity and improved tumor-to-organ ratios.

• Both lead and actinium isotopes are under consideration for MP0726, with initial compassionate care studies and dosimetry to guide final isotope selection.

• IND-enabling work for MP0726 will proceed in parallel with compassionate care studies, aiming for an IND filing in 2027; development is expected to be more efficient based on experience with DLL3.

• Additional undisclosed programs are in animal studies, with at least one expected to be announced in the second half of the year and potentially advancing toward IND in 2027.