Nkarta (NKTX) TD Cowen 46th Annual Health Care Conference summary

Company overview and clinical focus

• Focused on developing allogeneic, off-the-shelf natural killer (NK) cell therapies for autoimmune diseases, with two main clinical trials: Ntrust-1 (lupus nephritis) and Ntrust-2 (basket study in scleroderma, myositis, vasculitis).

• Two investigator-sponsored trials (ISTs) are ongoing in systemic lupus erythematosus and myasthenia gravis.

• Planning to provide data updates from both main studies within the year, aiming for proof of concept and progression to pivotal trials.

• Targeting broader patient access by enabling outpatient administration and community center treatment.

• Cash position of $316 million as of Q3 last year, with runway projected to 2029.

NK cell therapy advantages and clinical strategy

• NK cell therapies offer accessibility, safety, and outpatient potential, with no cytokine release syndrome or neurotoxicity observed in autoimmune trials.

• Dosing regimen involves lymphodepletion (fludarabine/cyclophosphamide), followed by NK cell infusions on days 0, 3, and 7.

• Dose escalation is ongoing, with the next level planned at 4 billion cells per dose, totaling 12 billion cells per cycle.

• NK cells do not expand significantly in vivo, so the administered dose is the therapeutic dose.

• Therapy can be redosed, offering flexibility for patients who relapse.

Lymphodepletion and durability insights

• Full lymphodepletion with fludarabine/cyclophosphamide is necessary for deep B-cell depletion and durable remission.

• Reduced or modified regimens result in incomplete depletion and less durable responses.

• Durability benchmark for response is around 12 months off therapy, with potential for redosing as needed.

• Safety risks of lymphodepletion are managed, and patient willingness is high due to potential for steroid reduction.

• Biomarker tracking is indication-specific, using blood tests, skin scores, and organ function measures.