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NASDAQ: PAND JANUARY 2021 - Investor Relations | Pandion ...
NASDAQ: PAND
JANUARY 2021
NASDAQ: PAND JANUARY 2021 - Investor Relations | Pandion ...
Forward-Looking Statements and Disclaimers
This presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve substantial risks and
uncertainties, including statements regarding the development status of the Company’s product candidates and the timing of availability of clinical trial data. All
statements, other than statements of historical facts, contained in this presentation, including statements regarding the Company’s strategy, future operations, future
financial position, prospects, plans and objectives of management, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,”
“expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking
statements, although not all forward-looking statements contain these identifying words. Any forward-looking statements are based on management’s current
expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth
in, or implied by, such forward-looking statements. These risks and uncertainties include, but are not limited to, risks associated with Pandion’s ability to obtain and
maintain necessary approvals from the FDA and other regulatory authorities; initiate preclinical studies and clinical trials of its product candidates; advance its product
candidates in preclinical research and clinical trials; replicate in clinical trials positive results found in preclinical studies; advance the development of its product
candidates under the timelines it anticipates in current and future clinical trials; obtain, maintain or protect intellectual property rights related to its product candidates;
manage expenses; and raise the substantial additional capital needed to achieve its business objectives. For a discussion of other risks and uncertainties, and other
important factors, any of which could cause the Company’s actual results to differ from those contained in the forward-looking statements, see the “Risk Factors”
section, as well as discussions of potential risks, uncertainties and other important factors, in the Company’s most recent filings with the Securities and Exchange
Commission. In addition, the forward-looking statements included in this presentation represent the Company’s views as of the date hereof and should not be relied
upon as representing the Company’s views as of any date subsequent to the date hereof. The Company anticipates that subsequent events and developments will
cause the Company’s views to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company
specifically disclaims any obligation to do so.

This presentation also contains estimates and other statistical data made by independent parties and by us relating to market size and other data about our industry.
This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such data and estimates. In addition, projections,
assumptions and estimates of our future performance and the future performance of the markets in which we operate are necessarily subject to a high degree of
uncertainty and risk. Neither Pandion nor its affiliates, advisors or representatives makes any representation as to the accuracy or completeness of that data or
undertakes to update such data after the date of this presentation.

                                                                            PANDION THERAPEUTICS                                                                                   2
NASDAQ: PAND JANUARY 2021 - Investor Relations | Pandion ...
Now is the Time for an
                       Autoimmune Breakthrough

               80+ autoimmune             Most with inadequate therapy, or
                  diseases                without dedicated treatment

                                          Critical insights into the role of
             Advances in immune
                                          regulatory cells and inhibitory
               system biology
                                          receptors

              Activating natural          Potential to rebalance rather than
               control nodes              supress the immune system

 1830’s – 1940’s       1940’s – 1990’s    1990’s – 2020’s         Next Generation

 Empiric               Steroids &         Anti-Cytokines &        Precision
 Therapy               Anti-Metabolites   Kinase Inhibitors       Biologics

PANDION THERAPEUTICS                                                                3
NASDAQ: PAND JANUARY 2021 - Investor Relations | Pandion ...
1   Targeting critical control nodes with precision medicines to
                             rebalance overactive immune systems

                         2   Modular pipeline designed by TALON platform with potential
                             to address a broad range of autoimmune diseases
Engineered proteins to       Lead program PT101: an engineered IL-2 potently and
                         3
 precisely control the       selectively expanded regulatory T cells (Tregs) in Phase 1a
                             clinical trial; clinical trials in two indications planned for 2021
   immune system
                         4   Soluble and tissue-tethered PD-1 agonists designed to
                             control overactive immune cells, in preclinical development

                         5   Experienced leadership team with track record of execution
                             from discovery to marketing authorization

                                  PANDION THERAPEUTICS                                             4
NASDAQ: PAND JANUARY 2021 - Investor Relations | Pandion ...
Pandion’s Modular TALON Drug Design Platform
Therapeutic Autoimmune reguLatOry proteiN

           Systemically-Acting                                 Tissue-Tethered

                                  Effector module
                                  acts at key control nodes
                                  in the immune system

                                  Antibody backbones
                                  confer desired
                                  drug-like properties

                                  Tissue-tether module
                                  imparts tissue selectivity

                                 PANDION THERAPEUTICS                            5
NASDAQ: PAND JANUARY 2021 - Investor Relations | Pandion ...
Modular Pipeline Targeting Underserved Autoimmune Diseases at
Site of Manifestation
Effector       Candidate      Location            Discovery    Preclinical       Phase 1   Phase 2

                                                                   Ulcerative Colitis
                    PT101
IL-2 Mutein                 Systemically-Acting
                                                     Systemic Lupus Erythematosus                         Expected
                                                                                                       2021 milestones
                    PT002
                                 GI/Liver
                                                                                                     • PT101 Phase 1b/2a
                    PT627                                                                              initiation in UC mid-2021
                            Systemically-Acting
PD-1 Agonist
                    PT001                                                                            • PT101 Phase 2 initiation in
                                 GI/Liver                                                              SLE in 2H 2021
Discovery Tethers
                                                                                                     • PT627 IND filing in 2022
  Pancreas
                                Pancreas
                                                                                                     • PT001 IND-enabling
  Kidney                                                                                               studies start 1H 2021
                                  Kidney

  Skin
                                   Skin

Discovery Effector
  CD39

                                                              PANDION THERAPEUTICS                                                   6
NASDAQ: PAND JANUARY 2021 - Investor Relations | Pandion ...
IL-2 Mutein for Regulatory T Cell (Treg) Expansion
     A Compelling Opportunity in Autoimmune Diseases

                                                              PT101
                                                              • Phase 1a clinical trial completed
                                 PT101                              – Well-tolerated; no serious adverse events
                                                                    – Showed potent and selective expansion of Tregs
                                         IL-2 Mutein                – No significant expansion of pro-inflammatory cells
                                         Treg selective       • Phase 1b/2a trial in UC planned to start mid-2021
                                                              • Phase 2 trial in SLE planned to start 2H 2021
                                                              • Granted US composition of matter patent through 2038
                                         Fully human
                                         Fc backbone
                                                              Tregs Critical to Immune Homeostasis
                                                              • Patients with Treg defects have profound autoimmunity
                                                              • Tregs prevent and treat inflammation in animals

                                                              Low-Dose IL-2 Clinical Data Validate Approach
                                                              • Up to 60% response rates in biologic-experienced moderate-to-
                                                                severe UC treated with low-dose IL-2
                                                              • Low-dose IL-2 clinical trials suggest patients with SLE achieve
                                                                disease control following 12-24 weeks of treatment
UC = ulcerative colitis
SLE = systemic lupus erythematosus                        PANDION THERAPEUTICS                                                    7
NASDAQ: PAND JANUARY 2021 - Investor Relations | Pandion ...
Tregs Play a Key Role in Immune Homeostasis

    Tregs Regulate
Activated Immune Cells
                         APCs                            • Regulate multiple immune cells

                                                         • Involved in tissue repair and regeneration
                                     Tconv
                                                         • Critical for self-tolerance
                                                                – Defects cause multi-organ inflammation
                Treg
                                                                – Dysfunction associated with IBD, SLE, MS,
                                                                  T1D, other diseases
                                     NK Cells

                                                         • Multiple third-party clinical trials suggest
                                                           Treg expansion with IL-2 can benefit
                                                           multiple autoimmune diseases
                           B Cells

                                                PANDION THERAPEUTICS                                          8
NASDAQ: PAND JANUARY 2021 - Investor Relations | Pandion ...
Low Dose IL-2 as a Strategy for Activating Tregs
High Dose IL-2                     Low Dose IL-2                          • IL-2 critical growth factor for all T cells

                                                                          • Tregs have high sensitivity for IL-2 due to
                                                                            constitutive expression of IL-2Rαβγ trimer

                                                      IL-2Rαβγ            • Low-dose IL-2 treatment has shown clinical
                       IL-2Rβγ                        Trimer
                       Dimer                                                benefit in multiple autoimmune diseases

                 Tconv or                      Treg

                                                                             Cellular Activation (%)
                 NK Cells

         Pro-inflammatory                Anti-inflammatory
            for oncology                  for autoimmunity

      High IL-2 concentrations        Low IL-2 concentrations
     activate Tconv and NK cells      selectively activate Tregs
                                                                                                       Wild-type IL-2 Concentration
                                                   PANDION THERAPEUTICS                                                               9
NASDAQ: PAND JANUARY 2021 - Investor Relations | Pandion ...
Low Dose IL-2* Data Support PT101 Mechanism in UC
                                                                     Low Dose IL-2 Expanded Tregs & Showed Promise in UC
                                                                          Independent published data from Scott Snapper
   Supports PT101 mechanism                                                                  Dose A   Dose B       Dose C
   Low dose IL-2 achieved 60% clinical
   response rate in Dose B                                       # of Patients                 4        15            5

                                                                 Aldesleukin Dose
   Show need for selectivity                                                                  0.3      1.0           1.5
                                                                 106 IU/m2/d**
   Narrow window before loss of Treg
   selectivity and Tconv activation
                                                                 ≥2x Treg Expansion***                            100% and
                                                                                              50%     100%
                                                                 % of pts                                      Tconv activation
   Low dose IL-2 not a solution for UC
   Daily subcutaneous dosing; potential for
   severe dose-limiting toxicities                               Clinical Response Rate
                                                                                              25%      60%           0%
                                                                 week 8
                                                                 Clinical Remission Rate
                                                                                              25%      27%           0%
                                                                 week 8
*Aldesleukin
**millions of international units per meter squared per day
***achieved at least once during treatment vs baseline
Source: adapted from third party, Allegretti, et al, DDW May 5
                                                                      PANDION THERAPEUTICS                                        10
2020, Abstract #1026
Low Dose IL-2 Data Support PT101 Mechanism in SLE
                                                                             Treatment                            Follow-up
                                                                80

Supports PT101 mechanism in SLE                                 60
Clinical benefit demonstrated in

                                                    SRI-4 (%)
multiple low-dose IL-2 clinical trials in
                                                                40
SLE, Sjogren's and lupus nephritis

Expansion of Tregs associated with                              20
                                                                                                                   Low-dose IL-2    (n=29)
clinical benefit                                                                                                   Placebo   (n=30)
Low-dose IL-2 clinical trials associated                        0
1.5-2X Treg expansion in responders in                                 0    2    4     6    8    10   12    14   16   18     20    22   24
                                                                                                Time (week)
two separate clinical trials
                                                                     Low dose IL-2 (1 million IU) achieved clinical
                                                                     response in ~66% of patients with SLE vs. ~37%
                                                                     (placebo) at week 24, as measured by SLE
                                                                     responder index-4 (SRI-4)
                                                                     Subjects were dosed with recombinant human IL-2 (SL Pharm) every
                                                                     other day for two weeks, followed by a two-week break through 12 weeks
                                                                     Source: He, et al, Ann Rheum Dis 2019;0:1-9.
                                            PANDION THERAPEUTICS                                                                              11
Optimization and Selection of PT101
    1    Reduce IL-2Rβ Affinity            2   Increase IL-2Rα Affinity          3   Optimize Format
           N88D                                    Selectivity                          Fc Fusion
           Start with best known                   Enhance with structure-              Best TALON format
           mutation for Treg selectivity           based engineering                    for Treg selectivity

                               PT101 IL-2 Mutein

                           N88D
                                                                        IL-2Rα
IL-2Rβ

                                                         IL-2Rγ

                                                     PANDION THERAPEUTICS                                      12
PT101 Selectively Activates Tregs vs Tconv and NK Cells
PT101 is selective                                                                    • PT101 selectively activates Tregs due to
                        PT101
for Tregs                                                                Activated      constitutive expression of IL-2Rαβγ trimer
                                                                       immune cells
                                                                                      • Immune cells with only IL-2Rβγ dimer are
                         IL-2Rβγ          IL-2Rα                                        not activated
IL-2Rβγ

                                                   PT101 activates and
                                                   expands Tregs
          Tconv                    Treg

                                                                                      Cellular Activation (%)
             NK Cells

                                                       Activated immune
                                                                                                                PT101 Concentration
                                                       cells are attenuated
                                                            PANDION THERAPEUTICS                                                      13
PT101 Phase 1a Trial Design
  Design
  Phase 1a Single Ascending Dose Study               Screening                         Follow-up Period
  • Blinded; randomized design                        Baseline              Treg / Tconv / NK at multiple time points

  • Single site; dedicated Phase 1 unit
                                                  D-10           D1                                                           D28
  • 56 healthy volunteers across 7 cohorts
  • 8 subjects per cohort (6 PT101 : 2 placebo)

  Endpoints                                         Dose          Placebo      1 mg    3.5 mg      5 mg     7.5 mg      10 mg

  Safety, Tolerability, and Mechanism               # Subjects        14         6        12        12         6          6
  • Safety and tolerability
  • Pharmacokinetics
  • Treg / Tconv / NK at multiple time points

*PK = pharmacokinetics; PD = pharmacodynamics        PANDION THERAPEUTICS                                                           14
PT101 was Well Tolerated; No Serious AEs Observed
     • No serious AEs, deaths, dose-limiting
       toxicity, or early study discontinuation
     • No clinically important changes in vital                      Placebo    1 mg      3.5 mg      5 mg     7.5 mg     10 mg
       signs or ECGs                                                  (n=14)    (n=6)     (n=12)     (n=12)     (n=6)     (n=6)
                                                    Number with
     • All AEs were Grade 1 or 2, mild to                            3 (21%)   2 (33%)   4 (33%)    4 (33%)    4 (67%)   4 (67%)
                                                     any AE (%)
       moderate, and self-limited
                                                    •   Most common AEs were related to injection site reactions
     • Some subjects had a transient elevation      •   Self-limited skin reactions extending beyond injection site occurred in
       in eosinophils that were self-limited, not       some subjects at doses of ≥7.5 mg
       considered adverse, and believed may         •   Mild Grade 1 dyspnea was reported in three subjects, with no physical
       be related to PT101’s mechanism                  exam findings, no limitation in activity, and no requirement for treatment
                                                    •   Grade 2 AEs were only observed in the 10 mg group
     • Dose proportional exposure;
       half-life ~20-28 hours
     • No induction of anti-drug antibodies was
       observed

AE= adverse event
                                                        PANDION THERAPEUTICS                                                         15
PT101 Expanded Total Tregs in Healthy Volunteers

                                       Total Tregs                                                                                  Mean Maximum Expansion
                     5                                                                                                5

                                                                                    Placebo
                                                                                     Placebo
                     4                                                                                                4
       Fold Change

                                                                                                        Fold Change
                                                                                    1.0mg
                                                                                     1 mg
                         Single dose
                     3                                                               3.5 mg
                                                                                    3.5mg                             3

                                                                                     5 mg
                                                                                    5.0mg
                     2                                                                                                2
                                                                                     7.5 mg
                                                                                    7.5mg
                     1                                                               10 mg
                                                                                    10.0mg                            1

                     0                                                                                                0
                              1         8         15         22        29
                                                                                                                          Placebo   1 mg   3.5 mg   5 mg   7.5 mg   10 mg
                                    Time (days)

                               PT101 expanded total Tregs with up to a mean maximum fold change of 3.6
               ≥2-fold total Treg expansion associated with clinical benefit in third-party clinical trials in multiple autoimmune diseases
Values are mean (SEM) fold change in absolute cell count over baseline
Baseline: mean of measurement on Days -10 and 1 pre-dose for each subject
Common datapoints for cohorts 1-7 are shown; data was also collected from cohorts 4-7 on Days 6, 10, 12, and 22 (not shown)
Mean maximum value calculated using all timepoints                                   PANDION THERAPEUTICS                                                                   16
PT101 Markedly Expanded the CD25bright Treg Subset

                             CD25bright Treg Subset                                                                                  Mean Maximum Expansion
                     100                                                                                             100
                                                                                     Placebo
                                                                                    Placebo
       Fold Change

                     75

                                                                                                       Fold Change
                                                                                     1 mg
                                                                                    1.0mg                            75

                                                                                    3.5mg
                                                                                     3.5 mg
                     50                                                                                              50
                                                                                    5.0mg
                                                                                     5 mg
                           Single dose
                                                                                    7.5mg
                                                                                     7.5 mg
                     25                                                                                              25
                                                                                    10mg
                                                                                     10 mg

                      0                                                                                               0
                                1         8        15        22         29
                                                                                                                           Placebo   1 mg   3.5 mg   5 mg   7.5 mg   10 mg
                                     Time (days)

                      PT101 expanded the CD25bright Treg subset with up to a mean maximum fold change of 72.5
        It has been reported that CD25bright Tregs may be a more active subset of Tregs with enhanced immune regulatory function
Values are mean (SEM) fold change in absolute cell count over baseline
Baseline: mean of measurement on Days -10 and 1 pre-dose for each subject
Common datapoints for cohorts 1-7 are shown; data was also collected from cohorts 4-7 on Days 6, 10, 12, and 22 (not shown)
Mean maximum value calculated using all timepoints                                   PANDION THERAPEUTICS                                                                    17
Robust Treg Response Rate Observed with PT101

           Total Treg Expansion Responder Analysis (% of Subjects per Dose)

         Fold       Placebo       1 mg         3.5 mg              5 mg    7.5 mg   10 mg
        Change       (n=14)       (n=6)        (n=12)             (n=12)    (n=6)   (n=6)

         2x or
                       7%          33%          83%               83%      100%     100%
        greater

         3x or
                       0%          0%           58%               75%       33%      50%
        greater

         4x or
                       0%          0%           24%               42%       33%      17%
        greater

   More than 80% of subjects achieved 2-fold or greater total Treg expansion at doses ≥3.5 mg
      A significant proportion of subjects achieved 3 to 4-fold Treg expansion at doses of ≥3.5 mg

                                           PANDION THERAPEUTICS                                      18
PT101 Maintained Treg Selectivity Throughout Dose Range

                                                   NK Cells                                                              CD4 Tconv Cells                                                               CD8 T Cells
                                500                                                                               1500                                                                       800
   Absolute Number (cells/ul)

                                                                                     Absolute Number (cells/ul)

                                                                                                                                                                Absolute Number (cells/ul)
                                                                                                                                                                                                                            95%tile    Placebo
                                                                                                                                                                                                                                      Placebo
                                                                           95%tile
                                400                                                                                                                   95%tile
                                                                                                                                                                                             600                                       1 mg
                                                                                                                                                                                                                                      1mg
                                                                                                                  1000
                                300                                                                                                                                                                                                    3.5mg
                                                                                                                                                                                                                                      3.5  mg
                                                                                                                                                      50%tile                                400                            50%tile
                                                                                                                                                                                                                                       5 mg
                                                                                                                                                                                                                                      5.0 mg
                                200
                                                                                                                   500
                                                                           50%tile                                                                                                           200                                       7.5mg
                                                                                                                                                                                                                                      7.5  mg
                                100
                                      Single                                                                                                                                                                                           10 mg
                                                                                                                                                                                                                                      10.0 mg
                                       dose
                                 0                                                                                   0                                                                        0
                                               1     8    15     22   29                                                  1    8     15     22   29                                                1      8    15     22   29

                                                   Time (days)                                                                Time (days)                                                               Time (days)

                                        NK cells, CD4 Tconv cells, and CD8 T cells remained within normal range at all doses tested

Values are mean (SEM)
50%tile and 95%tile are derived from analysis of 129 subjects’ Day -10 screening samples in Cohorts 1-7
Common datapoints for cohorts 1-7 are shown; data was also collected from cohorts 4-7 on Days 6, 10, 12, and 22 (not shown)
                                                                                                                              PANDION THERAPEUTICS                                                                                              19
Conclusion
• PT101 was well-tolerated; no serious adverse events observed
• PT101 selectively expanded total Tregs to levels exceeding those associated with
  clinical benefit in third-party clinical trials of low-dose IL-2
   – At doses 3.5 mg and above, >80% of subjects achieved 2-fold or greater Treg expansion
   – Mean maximum total Tregs expanded up to 3.6-fold above baseline
   – Mean maximum CD25bright subset of Tregs expanded up to 72.5-fold over baseline
   – Treg expansion profile supports every four-week dosing

• PT101 was selective for Tregs; no evidence of expansion of NK cells or pro-
  inflammatory conventional T cells at any dose level
• Expect to initiate Phase 1b/2a clinical trial in patients with ulcerative colitis in mid-2021
  and a Phase 2 clinical trial in patients with systemic lupus erythematosus in 2H 2021

                                           PANDION THERAPEUTICS                                   20
Significant Potential for
IL-2 Mechanism in
Autoimmune Disease                                         Low-dose IL-2 POC

                                                                Type 1 diabetes

                                                                          Rheumatoid arthritis            • Third-party low-dose IL-2
                                                                                                            clinical trials have
                                          Industry Pipeline                    Crohn’s disease              consistently shown
                                                                               Alopecia areata              benefit across multiple
                                                         GVHD                                               autoimmune diseases
                                                                                 Takayasu’s arteritis     • Tested in >200 patients
                                                          Atopic dermatitis      Behcet’s disease
                                     UC     SLE
                                                                                 Ankylosing spondylitis
                                      ~2 million           Psoriasis
                                                                                Autoimmune hepatitis
                                        in US
                                                                           Granulomatosis with polyangiitis
                                                     + ~24 million
                                                         in US             Sjogren’s syndrome

                                                                    + ~11 million
                                                                        in US
UC = ulcerative colitis
SLE = systemic lupus erythematosus
GvHD = graft versus host disease                   PANDION THERAPEUTICS                                                                 21
PD-1, a Broadly          PD-1 is a critical inhibitory immune control node
Applicable Drug Target   • Mutations in PD-1 pathway are associated with autoimmune-
for Autoimmunity           like disease manifestations
                         • Checkpoint inhibitors in oncology induce immune-related
                           adverse events in patients
                         • PT627 for systemic autoimmune diseases
                         • PT001 for GI/liver autoimmune diseases

                             • SLE and Lupus Nephritis       • Vitiligo
                             • Rheumatoid Arthritis          • Psoriasis
                             • Alopecia                      • Type 1 Diabetes
                             • Multiple Sclerosis            • Colitis
                             • Kidney Transplant Rejection   • Autoimmune Hepatitis

                             PANDION THERAPEUTICS                                      22
PD-1 Agonist Franchise

              PT627                                                    PT001
        Systemic & Soluble                                         GI/Liver Targeted
      Expect to file IND in 2022                                 IND-enabling studies
                                                                   expected 1H 2021

                                   PD-1 agonist effector
                                   Does not interfere with
                                   PD-1/PD-L1 interaction

                                   Fully human IgG1
                                   backbone
                                   FcR null

                                   MAdCAM tissue tether
                                   Localization to GI tract
                                   Leaves α4β7/MAdCAM
                                   interaction intact

                                          PANDION THERAPEUTICS                          23
PT627 Treatment Delayed Disease Onset
   and Progression in xeno-GvHD Study
                                                                                                       PT627 treatment delayed disease progression
                   PT627 treatment delayed disease onset
                                                                                                       (Day 55)

                                                                                                               Vehicle                  PT627
                                       Weekly dosing D10-72
                  100
                                                                         End of dosing
   Survival (%)

                  50

                                 PT627
                                 Vehicle

                   0
                        0   20    30       40       50        60    70        80         90

                                            Days post-engraftment

xeno-GvHD = xenogeneic graft vs host disease model: human blood cells are
grafted into immunodeficient mice; grafted human immune cells react to the
host mouse tissue to cause multi-organ inflammation and rapid loss of life
n = 15 mice per group                                                                                                                                24
                                                                                     PANDION THERAPEUTICS
PT001 MAdCAM-tethered PD-1 Agonist Showed Compelling
PD and Survival Advantage in xeno-GvHD Study
   Prolonged survival beyond dosing in xeno-GVHD model                                       Human Immune
   n = 15 mice per group                                                                     Cells Still Present

   Survival (%)
                             Weekly dosing D10-72
     100                                                                End of dosing

      50
                                                                                                     PT001 Treated
                                                                                              Survivor mice exhibited limited
                                                                                                inflammation, but still had
                                                                                             human T cells >5 weeks beyond
                                                                                                      end of dosing

                           PT001
                           MAdCAM control
                           Vehicle
       0
           0   20     30     40             50         60         70           80       90

                                    Days post-engraftment

                                                     PANDION THERAPEUTICS                                                       25
TALON Platform Programs Show Promise of
Localized Immune Modulation

    Effector                Skin:PD-1                                           Skin:CD39

               •   Prevented depigmentation in vitiligo
     Tether        animal model
                                                               •   Attenuated contact hypersensitivity
                                                                   in animal model
               •   Decreased skin inflammation in psoriasis
                   animal model (not shown)

                                        PANDION THERAPEUTICS                                             26
Corporate

            PANDION THERAPEUTICS
Corporate Overview
                     Expected Milestones
                     PT101
                        • Phase 1b/2a UC start (mid-2021)
                        • Phase 2 SLE start (2H 2021)
                        • Explore additional PT101 indications

                     PT627
                        • File IND (2022)

                     PT001
                        • Start IND-enabling studies (1H 2021)

                     TALON Platform
                        • Continued advancement of TALON platform, Astellas
                          collaboration
                     Cash
                     • $232.3M in cash and equivalents at 9/30/2020

                         PANDION THERAPEUTICS                                 28
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