ASLAN Pharmaceuticals Q1 2024 Financial Results and Corporate Update

ASLAN Pharmaceuticals, a clinical-stage biopharmaceutical company focused on immunology, reported significant progress in their ongoing trials and corporate activities for the first quarter of 2024. One of the most notable achievements came from their TREK-DX study of eblasakimab in patients with atopic dermatitis (AD) who had previously been treated with dupilumab. The interim data from 22 patients demonstrated unprecedented efficacy results, with 60% of patients achieving a 90% reduction in their Eczema Area Severity Index (EASI-90) and 66.7% achieving a vIGA score of 0 or 1, indicating clear or almost clear skin after 16 weeks. These results are significantly higher than the 14.3% of patients on placebo achieving the same outcomes.

The company is on track to release topline data from two Phase 2 studies in the latter half of 2024. The FAST-AA study, which explores farudodstat in alopecia areata, is expected to report interim data in the third quarter of 2024. Additionally, the full dataset from the TREK-DX study will be available by the end of 2024.

During the first quarter, ASLAN Pharmaceuticals also made strides in securing intellectual property for their products. In February, the European Patent Office gave a favorable opinion on a composition of matter patent application for farudodstat, potentially extending its patent protection until at least 2043. In March, the company announced positive results from a head-to-head study of eblasakimab versus dupilumab in a human tissue model of COPD, where eblasakimab showed superior performance.

April brought further milestones with the announcement of positive interim results from the Phase 2 TREK-DX study. These results showed significant improvements in patients treated with eblasakimab compared to those on placebo. Specifically, 73.3% of eblasakimab-treated patients achieved a reduction in EASI score of at least 75% from baseline, compared to just 14.3% on placebo. Among patients who had an inadequate response to dupilumab, 66.7% achieved EASI-90 and a vIGA score of 0 or 1 after 16 weeks.

Additionally, ASLAN presented new data on secondary endpoints from the interim analysis of the TREK-DX study in May. The data showed a rapid onset of effect for patients treated with eblasakimab, with more than half achieving EASI-75 by Week 6, and 73% achieving it by Week 16. Patient-reported pruritus scores also indicated a swift reduction in itch, with noticeable improvements as early as Week 2.

ASLAN expanded its collaboration with Zenyaku in May to further explore the biology behind the differential effects of eblasakimab on AD patients compared to other biologics like dupilumab and lebrikizumab. This research aims to uncover why some AD patients respond to eblasakimab even after inadequate responses to dupilumab.

From a corporate perspective, ASLAN appointed new respiratory experts to its Scientific Advisory Board in March, aligning with its focus on evaluating eblasakimab as a potential treatment for COPD. The company also completed a $5.0 million registered direct offering in March, selling 5,000,000 American Depositary Shares (ADSs) and issuing unregistered warrants to purchase up to an additional 5,000,000 ADSs.

Financially, ASLAN reported a net loss of $9.9 million for the first quarter of 2024, a notable improvement from the $19.1 million net loss in the same period of 2023. This reduction in loss was attributed to lower clinical development and manufacturing costs for eblasakimab studies following the TREK-AD topline data readout in July 2023. As of March 31, 2024, the company had cash and cash equivalents totaling $18.4 million.

Looking ahead, ASLAN anticipates several key milestones, including the presentation of positive translational data at the American Thoracic Society International Conference in May 2024, interim data from the Phase 2a study of farudodstat in alopecia areata in Q3 2024, and the final data from the TREK-DX trial by the end of 2024. The company is also working on selecting a development partner to advance eblasakimab into Phase 3 testing for AD and other indications.