Exclusive Summary

• **Novel MoA with Better Safety Profile**: As a First-in-Class Kv1.3 inhibitor, UB178 selectively targets Effector Memory T cells (TEM), avoiding the broad immunosuppression and Black Box warnings associated with JAK inhibitors.
• **Superior Pre-clinical Efficacy**: In alopecia mouse models, 2% UB178 demonstrated significantly higher hair follicle regeneration compared to the standard of care, 2% Tofacitinib, indicating potential Best-in-Class efficacy.
• **De-risked Development**: While UB178 is pre-clinical, its API is shared with the UB024 program (Atopic Dermatitis), which is already in Phase IIa. This existing human safety data significantly reduces development risks and accelerates the path to IND.

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