NextCure (NXTC) Corporate presentation summary

Strategic focus and market opportunity

• Developing AVR-001, a once-weekly oral IL-23 receptor antagonist targeting psoriasis, IBD, and psoriatic arthritis, aiming for best-in-class efficacy and convenience.

• Psoriasis and IBD markets are projected to grow to $44B and $39B by 2030, respectively, with significant unmet need for effective oral therapies.

• AVR-001 is positioned as a differentiated fast-follower to Icotyde, with potential peak sales of over $8B in psoriasis alone.

• Expansion opportunities include ulcerative colitis, Crohn's disease, and psoriatic arthritis, representing a combined IL-23 market of over $60B globally.

Clinical development and data highlights

• AVR-001 demonstrated a long half-life (~100 hours), supporting once-weekly dosing and showing similar efficacy to Icotyde in Phase 1 studies.

• Phase 1 data showed robust reductions in PASI scores and key biomarkers (IL-17A, hBD-2), with efficacy and biomarker changes comparable to Icotyde.

• PASI 75 response rates and biomarker reductions at week 4 and week 8 were consistent with leading oral competitors.

• Safety profile in Phase 1 was generally favorable, with no unexpected adverse events and one unrelated SAE.

Competitive landscape and prescriber insights

• Icotyde's approval validates the oral IL-23RA class, but its daily dosing and fasting requirements are seen as disadvantages.

• Dermatologists anticipate that once-weekly oral IL-23RA options will double oral market share and improve patient compliance.

• AVR-001's weekly dosing is expected to be favorably positioned versus daily oral competitors.