Foveal LLP Independent Investment Research Foveal Research

Ahead of VERA’s upcoming ORGIN3 IgA nephropathy trial in 2Q25, our analysis suggests a positive Phase III outcome that is in line with its IgAN competitors. However, longer-term data from a non-BAFF/APRIL competitive class may be a hurdle...

Despite headline efficacy in PTGX/JNJ's ulcerative colitis phase 2 ANTHEM-UC at its highest dose, the initial efficacy appears similar to that of already FDA-approved orals and other oral classes in development. With limited safety and patient characteristic disclosure...

With JNJ2113's (icotrokinra) upcoming ulcerative colitis ANTHEM-UC trial reading out this first quarter, our unique UC specific analysis...

Ianalumab is well placed to be the first treatment to enter the notoriously challenging Sjögren’s syndrome, with its unique data endowing it with credibility for phase III in this indication, which has been fraught with failures in a field of three competitors with otherwise similar data.

The market continues to underestimate Fabhalta's prospects from current and potential indications. The recent positive APPULSE trial demonstrating Fabhalta's superiority by safely switching from injectable c5 to oral Fabhalta in Primary Nocturnal Haematuria (PNH) along with our unique, comprehensive analysis of Fabhalta's seven in-trial line extensions reveals multi-blockbuster opportunities with minimal competition in at least four other diseases with excellent FDA prospects

NOVN lipoprotein (a) cholesterol-lowering pelacarsen is likely to be the first cardiovascular breakthrough in decades by reducing an alternative cholesterol molecule to prevent heart attacks, with AMGN, LLY and SLN close behind...

Since our first ADC report over a year ago, our analysis has demonstrated significant doubts about all three leading TROP2 ADCs (AZN, GILD, MRK, SKB) achieving overall survival in first-line lung cancer, and we continue to see substantial hurdles for the class..

Despite the recent large PD1 beat by Summit/Akeso’s ivonescimab (SMT112) versus gold standard Keytruda [MRK] in lung cancer at WCLC24, our unique analysis reveals why we do not share the markets optimism by raising several concerns about replacing the Keytruda standard of care in US/EMA and continue to see Keytruda’s Lung cancer franchise intact.

Following the success of Novartis ’ Factor B complement inhibitor Fabhalta , Roche has partnered with IONIS to exploit Factor B inhibition through a form of gene therapy known as antisense oligonucleotide (ASO). However...

With the recent approval of Roche’s paroxysmal nocturnal haemoglobinuria (PNH) orphan drug C5 inhibitor Piasky, with its unique subcutaneous delivery, as well as Novartis’s alternative Factor B mechanism of action oral Fabhalta potentially changing the treatment paradigm in PAH , we assess the prospects of the various complement inhibitors in PNH and find oral Fabhalta data compelling and see significant hurdles for Roche’s subcutaneous self-administered Piasky