Tulisokibart HS Data Support TL1A Biology in Dermatology; Positive Readthrough to SYRE's Combination Strategy

Merck (covered by Geoff Meacham) reported positive Ph2b data for tulisokibart in moderate-to-severe HS, marking the first successful anti-TL1A study in dermatology. In our view, the data are notable not only because they establish clinical proof-of-concept for TL1A inhibition in HS, but also because efficacy appears competitive with historical Ph2 IL17 programs on HiSCR50 and, more stringently, HiSCR75 endpoints. Most importantly, tulisokibart demonstrated a clear dose-response relationship across both endpoints, further strengthening confidence in the biology and supports continued evaluation of TL1A as a potentially meaningful therapeutic approach in HS. We believe these findings have favorable readthrough to SYRE, which is pursuing a combination strategy pairing TL1A (SPY072) with bimekizumab to support near-term Ph2 proof-of-concept (data expected YE27/early 2028) while concurrently advancing a long-acting IL17A/F asset (SPY007) that could provide a wholly owned combination (SPY772