Exclusive Summary

• Demonstrates Best-in-Class (BIC) potential with selectivity for regulatory T cells (Tregs) proven in human Phase I trials, without activating pro-inflammatory cells, thus addressing the core safety challenge of IL-2 therapies.
• Features an innovative HSA-fusion design enabling an extended half-life, supporting a convenient subcutaneous, every-two-weeks (Q2W) dosing regimen with significant compliance and commercial advantages over existing therapies.
• Offers compelling "pipeline-in-a-product" value, supported by strong preclinical proof-of-concept in high-value indications like IBD, SLE, and ALS, making it highly attractive for partners looking to build an immunology franchise.
• Presents a de-risked asset with a clear mechanism of action, having successfully completed Phase I trials and leveraging a validated HSA-fusion technology, providing a solid foundation for partnership with established human safety and PD data.

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