We are a late clinical-stage biopharmaceutical company focused on pioneering a new class of precision medicines for the treatment of immune-mediated diseases and cancer. Our novel approach targets signal regulatory proteins (SIRP), a family of cell surface receptors whose expression is restricted to specific immune cell populations, and increases upon activation to enable selective depletion of disease-driving cells while preserving normal immune function. By replacing broad immunosuppression with selective elimination of principal cells that drive disease, we believe our approach can do for immune-mediated diseases what precision oncology has done for cancer, transforming the treatment paradigm for patients. To our knowledge, we are the first company to advance this SIRP-targeted precision immune cell depletion approach into clinical development and demonstrate proof-of-concept in humans.

Our lead product candidate is ipsoprubart, a novel pan-SIRP monoclonal antibody designed to selectively deplete pathological myeloid cells and T cells via binding to SIRPa/ß1/g, which is currently in a global registrational program for patients with secondary hemophagocytic lymphohistiocytosis (sHLH). In our Phase 1b trial, ipsoprubart was generally well tolerated and demonstrated a 100% 8-week overall survival (OS) rate and 100% overall response rate (ORR) in 12 frontline patients with malignancy-associated HLH (mHLH), the largest subset of sHLH and the population associated with the poorest outcomes. Of the 12 mHLH frontline patients, 10 achieved a partial response (PR) and two achieved a modified complete response (mCR).

We are conducting SURPASS, our global Phase 2/3 registrational trial in newly diagnosed, treatment-naïve sHLH patients, as well as COMPASS, our natural history study designed to provide an external control comparator for SURPASS. We expect to complete enrollment in our registrational program in the second half of 2027. Ipsoprubart has received Breakthrough Therapy designation (BTD) from the U.S. Food and Drug Administration (FDA) and PRIority MEdicine (PRIME) designation from the European Medicines Agency (EMA), each granted for the treatment of sHLH broadly.

In addition, eight evaluable sHLH patients with underlying T or B cell lymphomas treated with ipsoprubart across our Phase 1b trial and Expanded Access Program who had tumor response measurements within weeks of treatment ipsoprubart demonstrated a 100% objective tumor response rate, with seven out of eight patients achieving a complete response (CR). We are conducting a Phase 1 clinical trial evaluating ipsoprubart as a monotherapy in patients with relapsed/refractory T cell and natural killer (NK) cell malignancies, with initial data expected in the second half of 2027.

We are also advancing ELA822, a novel SIRPg-specific monoclonal antibody designed to selectively deplete activated T cells, with potential applications across chronic T cell-mediated immune and inflammatory diseases. In August 2026, we obtained regulatory clearance and initiated a Phase 1 clinical trial of ELA822 in healthy volunteers (HV) in Europe, with data expected in the first half of 2027, followed by initiation of a Phase 1/2 clinical trial in patients with T cell-mediated immune disorders, which is expected in the middle of 2027, subject to regulatory approval.