Morphic (MORF) investor relations material

Program execution and clinical trial progress

• Confident in ongoing phase II ulcerative colitis trial enrollment, with strong execution and guidance reaffirmed for data in the first half of 2025.

• Patient mix targets a balance of advanced therapy-naive and experienced individuals, aiming for a representative and high-quality dataset.

• Enrollment criteria focus on diversity, including at least 30% advanced therapy-experienced patients and balanced Mayo Endoscopic Scores.

• Crohn's disease study has been initiated, with patient screening underway and updates expected as the program progresses.

• Guidance on enrollment timing will be updated within the next six months, with plans to narrow the current wide range.

Competitive landscape and differentiation

• Oral formulation is positioned as a key differentiator versus injectable ENTYVIO, with strong interest from patients and clinicians.

• Safety profile is emphasized as a major advantage, aiming to replicate the success of drugs like ENTYVIO and Otezla in younger, healthier populations.

• Efficacy expectations are benchmarked against S1P1s (15% delta) and JAK inhibitors, but safety is prioritized for front-line use.

• Phase IIa data showed high statistical significance on primary endpoints, with 25-26% remission rates, though controversy existed over endoscopic data.

• Competitor programs, such as Gilead's α4β7, are monitored, but no data has been seen; their trial design mirrors the current phase IIb study.

Strategic and financial outlook

• Asset is wholly owned, with ongoing discussions about potential partnerships to optimize global reach and combination strategies.

• Current cash balance is around $700 million, with guidance extending financial runway well into 2027.

• No immediate need for financing is anticipated, and expense management is closely monitored.

• Early-stage pipeline includes oral IL-23 and TL1A programs, with a focus on future combination therapies.

• Strategic value is highlighted by recent M&A activity in the space and the potential for multi-billion dollar opportunities.