Apogee's strategy involves first launching a best-in-class monotherapy and then following up with combination therapies (e.g., IL-13 + OX40L). This mirrors successful strategies from companies like Vertex in Cystic Fibrosis and Gilead in HIV, aiming to capture different patient segments and build a durable franchise within atopic dermatitis.

When asked about risks, Apogee's CEO identified a lack of focus—not clinical failure—as the primary threat. By concentrating resources on atopic dermatitis, a large but underserved market, the smaller company can execute faster and more effectively than larger, more diffuse competitors like Sanofi and Lilly.

While DUPIXENT successfully manages chronic inflammatory conditions, it takes weeks to work and doesn't stop all flare-ups. This creates a market opportunity for fast-acting therapeutics that address urgent, emergency room-level episodes, a scenario DUPIXENT is not designed for.

The fear of toxicity pushes many companies to pursue the same few well-validated targets, leading to an average of nine assets per target. This hyper-competition not only crowds the market but, more importantly, leaves vast patient populations without effective options because their diseases lack these "popular" targets.

By first targeting T-cell lymphoma, Corvus gathers crucial safety and biologic effect data in humans. This knowledge about the drug's impact on T-cells directly informs and de-risks subsequent trials in autoimmune diseases like atopic dermatitis, creating a capital-efficient development path.

Protagonist believes its oral IL-23 blocker will not just compete with existing injectables but will capture a new market. They target the over 50% of eligible patients who currently take no therapy due to a dislike of injections or the safety profiles of other oral options, thereby expanding the total addressable market.

The disappointing launch of Bristol-Myers' SoTic2 created skepticism around the entire Tic2 inhibitor class. However, strong new data from Alumis and Takeda showing biologic-level efficacy is reframing the narrative, proving the mechanism is potent and creating a major new opportunity in immunology for oral therapies.

Corvus Pharmaceuticals' compelling early data for its oral ITK inhibitor in atopic dermatitis didn't just boost its own stock over 200%. It served as clinical validation for the entire ITK inhibitor class, establishing a promising new approach for a wide range of T-cell-mediated diseases.

Due to soquelitinib's prolonged effect, which 'resets' the immune system long after the drug is cleared, the CEO envisions it as an intermittent therapy. This would move away from the standard daily-for-life treatment model for autoimmune diseases like atopic dermatitis, representing a potential 'holy grail' for treatment.