Editor’s Briefing: October 2, 2026

In Short. Overnight, Nektar’s regulatory T-cell drug posted longer alopecia follow-up while shares fell about 22%, Foghorn and Lilly walked away from a chromatin cancer program as Foghorn cut about 40% of staff, Novartis paid China’s Abogen $575 million upfront for an mRNA-encoded T-cell engager aimed at autoimmune B cells, and Evommune’s IL-18 blocker met a mid-stage eczema goal at the same dermatology meeting.

---

Nektar’s alopecia follow-up meets a hard selloff

Alopecia areata is an autoimmune attack on hair follicles. Doctors score severity with the Severity of Alopecia Tool, or SALT: a score of 20 or less means at least 80% of the scalp has hair again. Rezpegaldesleukin is Nektar’s injectable that expands regulatory T cells by gently stimulating the interleukin-2 pathway. At the European dermatology meeting in Vienna, the company showed longer follow-up from its 92-patient phase 2b REZOLVE-AA study. Among patients treated for 52 weeks, SALT ≤20 held in 63% (5 of 8) six months after stopping, and SALT ≤10 rose from 7% at week 52 to 19% off drug. An 850-patient phase 3, ZENITH AA, is planned for early 2027. Shares still fell about 22% on the session, a reaction trade press tied to the small off-treatment sample. (Nektar / PR Newswire; Endpoints)

Foghorn and Lilly scrap a chromatin cancer bet

Chromatin packs DNA with proteins that turn genes on and off. SMARCA2 (BRM) and SMARCA4 (BRG1) are motor proteins in the BAF complex. In cancers that have lost SMARCA4, blocking SMARCA2 can kill the tumor cell, a strategy called synthetic lethality. Foghorn’s oral FHD-909 (LY4050784) entered phase 1 in SMARCA4-mutant lung cancer under a 2021 Lilly deal. After reviewing dose-escalation data, the partners will not expand the trial, will stop a selective SMARCA2 degrader, and do not expect further collaboration work. Foghorn said the drug hit its target safely but lacked enough efficacy. It is cutting about 40% of staff, to roughly 65 people, and says the reset extends cash into the second half of 2029 as it focuses on wholly owned degrader and immunology programs. (Foghorn; Fierce Biotech)

Novartis licenses Abogen’s mRNA T-cell engager

T-cell engagers pull a killer T cell next to a target cell so the T cell destroys it. Abogen’s ABO2203 is messenger RNA in a lipid nanoparticle that tells the patient’s own cells to make a CD19-by-CD3 engager inside the body, aiming to wipe out autoimmune B cells. Novartis took an exclusive worldwide license to ABO2203 and options on other Abogen RNA programs. Abogen receives $575 million upfront and, if every option and milestone is hit, up to about $7.2 billion more (a roughly $7.8 billion headline), plus possible royalties. The deal still needs customary clearances. It is one of the larger overnight RNA licensing packages of the year aimed at in-vivo B-cell depletion rather than factory-made engagers. (Abogen / PR Newswire; Endpoints)

Evommune’s IL-18 shot clears a mid-stage eczema test

Atopic dermatitis is the common form of eczema: a skin-barrier defect plus immune overdrive. Evommune’s EVO301 is a long-acting fusion protein that mops up excess interleukin-18, an upstream alarm that can amplify several inflammatory pathways. In a 70-patient phase 2a trial, adults got two intravenous 5 mg/kg doses (or placebo) at baseline and week 4. At week 12, eight weeks after the last dose, mean EASI skin scores fell 55% on drug versus 22% on placebo; 63% reached at least a 50% EASI improvement versus 23% on placebo. Evommune reported no treatment-related serious or severe adverse events and plans a subcutaneous phase 2b in mid-2027. (Evommune)

What to watch

pdufa.bio still lists Roche Tecentriq for adjuvant stage III colon cancer on October 9 and Merck/Daiichi ifinatamab deruxtecan on October 10 (stale after the voluntary withdrawal). Still ahead: Roche Enspryng in thyroid eye disease (October 15) and Iris/Viatris phentolamine ophthalmic solution (October 17). Summit’s ivonescimab HARMONi filing sits on a November 14 PDUFA. Nektar’s alopecia phase 3 start remains penciled for early 2027.