AstraZeneca discontinues Phase 2a trial of elarekibep; lung findings from toxicology study

PALVELLA THERAPEUTICS, INC.

AstraZeneca ceases dosing in clinical studies of elarekibep (IL-4Rα inhibitor for asthma) due to lung pathology from a 13-week GLP toxicology study.
Findings include inflammation-mediated lung tissue damage, not dose-related; no clinical observations in study.
Pieris to expedite review of program implications and reassess corporate priorities before further update.
Cash balance of $53.2 million as of May 31, 2023 (unaudited).
Decision independent of Phase 2a data; findings do not support long-term use or later-stage development.

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