89Bio (ETNB) 2024 Wells Fargo Healthcare Conference summary

Company overview and lead programs

• Focuses on liver and cardiometabolic diseases with pegozafermin, an FGF21 analog, as the lead program in late-stage clinical development.

• Two Phase 3 studies initiated for MASH: one in pre-cirrhotic and one in cirrhotic populations, both enrolling globally.

• Phase 3 program in severe hypertriglyceridemia with results expected next year.

• Strong financial position with over $550 million in cash after recent warrant exercises.

Market landscape and competitive positioning

• GLP-1 drugs are expected to dominate early-stage MASH, but pegozafermin is positioned for advanced fibrosis and cirrhosis due to its potent antifibrotic effects.

• Phase 2b data show pegozafermin provides additional benefit when added to GLP-1 therapy, supporting a complementary role.

• Rezdiffra’s approval is seen as positive for the field, but pegozafermin shows higher fibrosis benefit and is targeted for more advanced disease stages.

Differentiation from competitors

• Compared to Akero’s efruxifermin, pegozafermin offers similar efficacy but better tolerability, dosing flexibility (weekly or biweekly), and a liquid formulation that may enable co-formulation with GLP-1s.

• Pegozafermin is being developed for both MASH and severe hypertriglyceridemia, broadening its market reach.