Eupraxia Pharmaceuticals (EPRX) Stifel 2026 Healthcare Conference 2026 summary

Diffusphere platform and target indications

• Diffusphere packages an API in ~100-micron particles for injection into local tissue, with zero-order delivery targeted for 52 weeks; longer delivery is possible.

• Development focus starts with eosinophilic esophagitis (EoE), with additional interest in benign esophageal strictures, fibrostenosing Crohn's disease and ulcerative colitis with proctitis.

EoE market and treatment rationale

• U.S. EoE estimates rose from 150,000 patients in 2022 to 500,000–600,000 two years later; management attributed most growth to improved recognition and diagnosis.

• A once-yearly treatment delivered during an existing endoscopy could pair therapy with routine monitoring; management said six-month dosing has a market, while one-year duration could be transformational.

• Oral steroid adherence is challenged by dosing instructions to avoid food and drink during absorption; oral candidiasis is also a concern, with a 25% rate cited for oral budesonide.

EP-104 clinical evidence and interim readout

• In open-label data, one dose was associated with 80% clinical remission at six months and 64% at 52 weeks, measured by the Straumann Dysphagia Index; mean SDI change was 3.4 points.

• Management plans to report six-month placebo-controlled data and 52-week durability, including symptom, histology, EREFS and safety endpoints; DSQ, SDI, EoEHSS, EREFS and PEC were named.

• Interim cohorts have 20 patients per arm; management cited a target placebo-adjusted symptom difference in the range seen with available or expected therapies, and a 50%–60% EoEHSS reduction from baseline.

• The interim is not powered for statistical significance and will not spend alpha; an unblinded analysis found adequate power in at least one dose, so enrollment was not increased.

• Management cited 0% candidiasis to date and views a rate under 2% as a target, versus steroid-associated rates cited at 5%–50%.