Morphic Holding (MORF) investor relations material

Key program updates

• Morphic's ulcerative colitis Phase 2b trial is enrolling well, with strong confidence in meeting guidance for data in the first half of 2025.

• Enrollment strategy balances biologic-naive and experienced patients, targeting a representative mix and at least 30% advanced therapy-experienced participants.

• The oral alpha-4 beta-7 candidate is positioned as a differentiated, safe, and effective therapy, aiming for an approvable agent with a placebo-adjusted remission rate in the 10–15% range.

• Phase 2a data showed strong safety, full receptor occupancy, and promising efficacy, with 25–26% remission in modified Mayo scores, though some controversy remains over endoscopic data.

• A Crohn's disease study has been initiated and is in early enrollment, with updates expected as screening progresses.

Strategic and financial outlook

• Morphic holds a wholly owned asset in a space with recent significant M&A activity, and is open to global partnerships if valuation is attractive.

• Management is comfortable with its cash position, reporting around $700 million, and does not anticipate near-term financing needs.

• Current cash runway is projected to extend well into 2027, supporting ongoing and planned clinical programs.

• Guidance on trial timelines may be narrowed in the next six months, with an update on enrollment expected.

Competitive landscape and pipeline

• Gilead and Takeda are pursuing similar alpha-4 beta-7 programs, with Gilead's trial design closely mirroring Morphic's; no data from Gilead's compound is available yet.

• Morphic is advancing early-stage oral IL-23 and TL1A programs, with the IL-23 candidate at hit-to-lead stage and TL1A in early development.

• Combination therapy strategies are being considered, with potential to follow competitors' approaches once optimal dosing is established in Phase 2b.