Sep. 14 at 2:06 PM
$IFRX
OUR INVESTMENT THESIS
“Our Buy rating is based on our view that IFRX's current market value does not capture the full value of the risk-adjusted revenues of
lead asset izicopan, which we believe has best-in-class potential and is significantly differentiated from the commercially successful and
lone C5aR drug Tavneos. Shares will be driven in the near-term by: 1) regulatory alignment for izicopan in AAV; 2)
negative regulatory developments for competitor drug Tavneos
$AMGN removal from the US/JPN market, which would be a positive
readthrough to IFRX, and 3) potential for pipeline monetization, including partnering.
BULL CASE ASSUMPTIONS *Target
$13*
■ aligns with FDA on a seamless
Ph2/3 trial design for izicopan in AAV,
which would shorten development
Secures a partner with favorable economics to develop Izicopan is HS.
Strongly positive PoC data from
the izicopan Ph2a renal basket trial
in 2027, which potentially unlocks
multiple additional indications (aHUS,Igan,3C3).
