Everest Medicines (1952) Morgan Stanley Biotech Without Borders Series Conference summary

Travere partnership and renal strategy

• Travere selected for its rare-kidney-disease focus, nephrology development and commercial capabilities, and experience advancing FILSPARI in FSGS and IgA nephropathy.

• Travere will lead development and commercialization in licensed territories outside Greater China and selected APAC markets; both parties coordinate through joint governance and collaborate on global development and regulatory strategy.

• PMN is the lead indication; immune-mediated FSGS, minimal change disease and potentially other renal indications are under consideration, with sequencing guided by data, science and regulator discussions.

• In PMN, anti-PLA2R reduction was ~80% by week 12 at high dose; proteinuria decline reached ~80% by week 36, alongside improved serum albumin and stabilized kidney function.

• A China basket study in FSGS, MCD and IgA nephropathy is testing the broader BTK-inhibition hypothesis; future development may extend beyond kidney disease to autoimmune conditions.

Civorebrutinib profile

• Civorebrutinib is an oral, highly selective, reversible covalent BTK inhibitor; management cited tight binding with reversibility and selectivity as potential advantages for chronic treatment.

• Clinical experience to date showed no platelet, neutropenia, cardiac or liver safety signals commonly associated with some earlier-generation BTK inhibitors; management characterized the profile as early-stage.

mRNA cancer vaccine programs

• The platform includes tumor-associated antigen (TAA) vaccines, personalized cancer vaccines (PCVs) and a preclinical immunomodulatory vaccine; TAA vaccines are off-the-shelf and target defined tumor types.

• EVM16 generated immunogenicity and efficacy signals in a China solid-tumor IIT, with initial data presented at AACR in April; a phase I-B IIT in first-line NSCLC maintenance with PD-1 combinations is planned for H2 2026, with data expected in 2027.

• A U.S. and China phase I dose-escalation study of EVM14, a five-antigen TAA vaccine for squamous cell carcinomas, is expected to complete before year-end 2026, with data expected in 2027.

• The discovery platform is focused on mRNA therapeutics; management is also expanding diligence for external assets that could replicate the civorebrutinib licensing and partnership model.