While full data are not yet available, JNJ-2113 would be the first oral drug against IL-23R, setting up for potential competition against oral TYK2 and IL-17-targeting drugs.

With valuations down and borrowing costs up, many industry insiders are expecting Darwinian scenes in biotech this year. Survival of the fittest is the order of the day: companies with riskier, less commercially defined propositions will struggle, while platform companies with multiple shots on strong goals will increasingly find favor in a more risk-averse environment.

Public Company Edition: Prime Medicine raised $175m, making its offering the sixth-largest out of 19 biopharma IPOs in the US this year. Also, Oculis and AUM opted to go public via SPAC mergers, Insmed raised $775m from multiple financings and Dice capitalized on positive data with a $300m offering.

The company believes it has a potential best-in-class oral drug for psoriasis in development following positive first-in-human clinical trial data. A larger Phase II study is needed.