Targeting Pruritus with Novel Peripherally-Restricted Kappa Agonist Therapeutics - May 2020 - Cara Therapeutics

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Targeting Pruritus with Novel Peripherally-Restricted Kappa Agonist Therapeutics - May 2020 - Cara Therapeutics
Targeting Pruritus with
Novel Peripherally-Restricted
Kappa Agonist Therapeutics

May 2020
Targeting Pruritus with Novel Peripherally-Restricted Kappa Agonist Therapeutics - May 2020 - Cara Therapeutics
Forward Looking Statements
    This presentation contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of
    1995. In some cases, you can identify forward-looking statements by the words “anticipate,” “believe,” “continue,” “estimate,”
    “expect,” “objective,” “ongoing,” “plan,” “propose,” “potential,” “projected”, or “up-coming” and/or the negative of these terms, or
    other comparable terminology intended to identify statements about the future. Examples of these forward-looking statements in
    this presentation include, among other things, statements concerning plans, strategies and expectations for the future, including
    statements regarding the expected timing of our planned clinical trials and regulatory submissions; the potential results of ongoing
    and planned clinical trials; future regulatory and development milestones for the Company's product candidates; the size of the
    potential markets that are potentially addressable for the Company’s product candidates, including the pruritus market and the
    potential commercialization of Korsuva™.
    These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of
    activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking
    statements. Although we believe that we have a reasonable basis for each forward-looking statement contained in this presentation,
    we caution you that these statements are based on a combination of facts and factors currently known by us and our expectations of
    the future, about which we cannot be certain. Factors that may cause actual results to differ materially from any future results
    expressed or implied by any forward-looking statements include the risks described in the “Risk Factors” section of the Company’s
    Annual Report on Form 10-K for the year ended December 31, 2019, as well as those set forth from time to time in the Company’s
    other SEC filings, available at http://www.sec.gov. Any forward-looking statements speak only as of the date of this presentation.
    The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information,
    future events or otherwise except as required by law.

2
Targeting Pruritus with Novel Peripherally-Restricted Kappa Agonist Therapeutics - May 2020 - Cara Therapeutics
Pruritus: Large Opportunity Across Different Disease Areas
Chronic Kidney Disease (CKD)
Pruritus occurs in both patients on hemodialysis   ~40 to 50%
and those with CKD not yet on dialysis.

Chronic Liver Disease (CLD)
Patients with CLD, especially cholestatic
                                                   ~20% to 30%
liver disease experience significant pruritus
.                                                                       U.S. Patients
                                                                    Treated for Pruritus:
Atopic Dermatitis (AD)
Pruritus is a defining symptom of AD
                                                   ~100%          20 Million
                                                                 . SCRIPTS ANNUALLY #

3   # IQVIA Analysis, 2013
Targeting Pruritus with Novel Peripherally-Restricted Kappa Agonist Therapeutics - May 2020 - Cara Therapeutics
KORSUVA™ (Difelikefalin) Directly Blocks Pruritus Sensory Neurons

                        Macrophages                            Keratinocytes                        Mast Cells     Tissue Injury               T cells

                                                                                                                                                         KORSUVA

                                         TNFR       RTK
                                                               ETA      5HTR                                                    IL-31RA TGR5
                                                                                   PAR2       H1    TRPV1 TRPA1 Mrgprs TLR3/7    OSMR

                                                                                                                                 Kappa
                                                                                                    Pruritus                    Receptor

4   Source: Adapted from Pflugers Arch . 2013 December ; 465(12): . doi:10.1007/s00424-013-1284-2
Targeting Pruritus with Novel Peripherally-Restricted Kappa Agonist Therapeutics - May 2020 - Cara Therapeutics
Development Pipeline
                                                                                                                                               STAGE OF DEVELOPMENT
                                                                                                                                                                            Commercial Rights
    Program                               Indication                                          Preclinical                             Phase 1         Phase 2     Phase 3   (ex-Japan and S. Korea)^

    KORSUVA™                                                                                                                                                                     US- Cara
                                          Pruritus CKD-HD**                                                                                                                 EU/Other- VFMCRP#
    Injection

    Oral                                  Pruritus CKD
                                                                                                                                                                                     Cara
    KORSUVA™                              (III-V)

    Oral
                                          Pruritus CLD                                                                                                                               Cara
    KORSUVA™

    Oral                                  Pruritus Atopic
                                                                                                                                                                                     Cara
    KORSUVA™                              Dermatitis

     The FDA has conditionally accepted KORSUVA™ as the trade name for CR845 / difelikefalin for pruritic indications. CR845 / difelikefalin
     is an investigational drug product, and its safety and efficacy have not been fully evaluated by any regulatory authority.

     ^ Commercialization rights to CR845 in defined indications - Japan: Maruishi Pharma; South Korea: CKD Pharma
     ** Breakthrough Designation for IV CR845 for Pruritus CKD-HD
     # VFMCRP and Cara have rights to promote in Fresenius Medical Care dialysis clinics in the US under a profit share agreement

5    CKD-HD: Chronic Kidney Disease- Hemodialysis; CLD: Chronic Liver Disease
KORSUVA™     Injection
    for Dialysis Patients

6
US Market Opportunity for KORSUVA™ Injection in Dialysis Patients
                                                                                                                     60%
                                                                                                        of ESRD patients have pruritus2,3

                                         >500K                                                                                              ~40%
                        patients on dialysis                                                                                                have moderate to severe pruritus

     Per NKF, >500K patients undergoing                                                                    KORSUVA™ granted                     Per Nov. 2018 CMS rule:
     dialysis in the US1                                                                                   Breakthrough Therapy                 within the ESRD Prospective
                                                                                                           Designation for CKD-aP               Payment System all new
     • ~60% have some form of pruritus2,3                                                                                                       dialysis drugs eligible for
     • Itching severity associated with worsening                                                          • Significant unmet need             reimbursement at ASP for 2
       Quality of Life (QoL) Sleep disturbance,                                                            • No FDA approved                    yrs under TDAPA, effective
       depressed mood/anxiety, socialization                                                                 therapies                          Jan. 1, 20204
     • Increased mortality risk

     1. National Kidney Foundation
     2. Pisoni RL, Wikstrom B, Elder SJ, et al. Nephrol Dial Transplant. 2006;21:3495-3505.
     3. Ramakrishnan et al. International Journal of Nephrology and Renovascular Disease. 2014:7 1–12
7    4. https://www.govinfo.gov/content/pkg/FR-2018-11-14/pdf/2018-24238.pdf
KORSUVA Injection in CKD-HD: Phase 3 Program

    KALM-1 trial (US):      KALM-2 trial (Global):   Open label safety studies:
    Positive Data Readout   Positive Data Readout    Closing Q2, 2020

    • Met Primary and       • Met Primary and Key    • > 1500 total exposures
      Secondary Endpoints     Secondary Endpoints    • > 500 at 6 months
                            • Topline Data:          • > 300 at 1 year
                              Q2, 2020

8
                                                                     8
KALM-1/2: General Pivotal Study Design
    SCREEN       1:1 RANDOMIZATION                               END OF TREATMENT       Endpoints: Week 12
                                                                                        Primary
        RUN-IN                   INTRAVENOUS BOLUS TREATMENT
                                                                                        •   Proportion of subjects achieving ≥3
                                                                                            point improvement from baseline in
                                    KORSUVA 0.5 mcg/kg                                      weekly mean of daily worst itching
                               after each hemodialysis session             52 Week          intensity NRS (WI-NRS)
                                                                           Open-Label   Secondary
                                                                           Extension
                                                                           Ongoing      •   Proportion of subjects achieving
                                           Placebo                                          ≥4 point improvement in WI-NRS
                               after each hemodialysis session
                                                                                        •   Change from baseline in itch-
                                                                                            related Quality of Life as measured
                                                                                            by Skindex-10 and 5-D Itch
        7 Days                            12 Weeks
                                                                                            questionnaires

             Subjects Undergoing Hemodialysis                                           Safety assessments
             With Moderate-to-Severe Pruritus
             (WI-NRS ≥ 4 or 5)
9
Primary Endpoint: ≥3 point improvement WI-NRS (Week 12)

                                               U.S. KALM-1 Trial                                                                                          Global KALM-2 Trial

                                                         P = 0.00002                                                                       60%
                                                                                                                                                                  P = 0.020
           60%

                                                                                                                                                                              54%
                                                                                            51%
           40%                                                                                                                             40%
                                                                                                                                                          42%

           20%                            28%                                                                                              20%

             0%                                                                                                                              0%
                            Placebo (N = 189)                               KORSUVA (N = 189)                                                       Placebo (N = 236)   KORSUVA (N = 237)

10   Estimated percentage & P-value based on a logistic regression model with terms for treatment group, baseline WI-NRS score, region and strata
     Missing data imputed using multiple imputation (MI) under missing at random (MAR) assumption
Key Secondary Endpoint: ≥4 point improvement WI-NRS (Week 12)

                                                U.S. KALM-1 Trial                                                                                         Global KALM-2 Trial

                                                          P = 0.00003                                                                       60%
                                                                                                                                                                   P = 0.010
            60%

            40%                                                                                                                             40%
                                                                                                                                                                               41%
                                                                                             39%

            20%                                                                                                                             20%
                                                                                                                                                           28%

                                           18%
               0%                                                                                                                             0%
                             Placebo (N = 189)                               KORSUVA (N = 189)                                                       Placebo (N = 236)   KORSUVA (N = 237)

11    Estimated percentage & P-value based on a logistic regression model with terms for treatment group, baseline WI-NRS score, region and strata
      Missing data imputed using multiple imputation (MI) under missing at random (MAR) assumption
Change from Baseline in WI-NRS Over Time
          Significant differences observed in WI-NRS starting at Week 1 and sustained through treatment period

      0
                                          U.S. KALM-1 Trial                                                                                            0
                                                                                                                                                                              Global KALM-2 Trial

                                                                                                                                Change from Baseline
     -1                                                                                                                                                -1
                                                                                                                                                                *
               *                                                                    Placebo (N=189)                                                                                                  Placebo (N=236)
                        *                                                                                                                                           *
     -2                                                                                                                                                -2
                             **                                                                                                                                           *
                                      **                                                                                                                                        *
                                                  **                                                                                                                            *   *
     -3                                                                                                                                                -3                               *   *    *     *
                                                            **       **       **
                                                                                       **                                                                                               *   *              *     *
                                                                                                 ** ** **                                                                                                             *
                                                                                 KORSUVA (N=189)                                                                                                     KORSUVA (N=237)
     -4                                                                                                                                                -4
     Baseline 1        2        3        4        5        6        7        8        9       10        11      12                                     Baseline 1   2     3     4   5   6   7   8     9    10    11   12

                           Weeks in Double-blind Treatment Period                                                                                                       Weeks in Double-blind Treatment Period
                                    LS Means over time                                                                                                                           LS Means over time

           * P < 0.05, ** P < 0.001
           LS Means from MMRM with terms for treatment group, week, week by treatment interaction, baseline score, region and strata
12         Missing data imputed using multiple imputation (MI) under missing at random (MAR) assumption
KALM-2 & KALM-1 Pooled: Most Commonly Reported TEAEs

TEAEs at ≥5% frequency          Placebo             KORSUVA
                                (N= 424)            (N= 424)
       Diarrhea                 20 (4.7)            37 (8.7)
       Dizziness                14 (3.3)            26 (6.1)
       Vomiting                 20 (4.7)            25 (5.9)
       Nausea                   19 (4.5)            21 (5.0)
       Fall                     17 (4.0)            21 (5.0)

13   KALM-1 KALM-2 Pooled AEs
KORSUVA™ Injection NDA and U.S. Commercial Launch

     NDA Submission – 2H, 2020:       U.S. Commercial Launch– 2021:
       Breakthrough Designation          40% of Hemodialysis Patients:
        & Priority Review Eligible         moderate-severe CKD-aP
                                                60% of population experiences pruritus

                                                                       40%
                                                                 moderate-severe CKD-aP

                                      Total patient population in U.S. = 500k

14
Established Commercial Agreements: KORSUVA Injection

                                                    Tiered Royalty By Sales: EU
                                                    $440 million Commercial Milestones

                         Maruishi                   Tiered Royalty By Sales: Japan
                         Pharmaceutical Co., Ltd.   ~$10 million Commercial Milestone#

                                                    Tiered Royalty By Sales: S. Korea

15   • # 1 Billion Yen
OralKORSUVA™

     Development Programs

16
Development Programs for Oral KORSUVA™

  Phase 2 Trial Complete               Phase 2 Trial                    Phase 2 Trial
   CKD-aP (Stage III-V)             Atopic Dermatitis-              Chronic Liver Disease-
                                    associated Pruritus              associated Pruritus
~25 to 30% experience pruritus   ~87% to 100% experience pruritus     ~30% experience pruritus

 17
Oral       ™
         KORSUVA for
     CKD-associated Pruritus

18
US Market Opportunity in CKD-aP: Non-Dialysis

                ~7.3 million                                                  33%
       diagnosed with CKD (IQVIA est)                                         receive pruritus tx

     Per NKF, CKD is a significant      No FDA approved therapies –           Oral KORSUVA™, if
     under-recognized US public         large unmet medical need              approved for pre-dialysis
     health issue                       • Commonly used medications:
                                                                              patients, would not fall
     • ~30 million people affected        anti-histamines, corticosteroids,   under ESRD bundle
                                          gabapentin, anti-depressants etc.   payment system

19
Oral KORSUVA™ for CKD-aP: Phase 2 Trial Design
 SCREEN
            RANDOMIZE                                      END OF         Endpoints: Week 12
          (N = 240; 1:1:1:1)                             TREATMENT
                                                                          Primary
     RUN-IN                    TREATMENT (Once Daily)                     •   Change from baseline in weekly mean
                                                                              of daily Worst Itching Intensity NRS
                               Difelikefalin: 0.25 mg                         (WI-NRS) score

                               Difelikefalin: 0.5 mg                      Secondary & Additional
                                                                          •   Change from baseline in itch-related
                               Difelikefalin: 1.0 mg                          QoL
                                                                               ✓ Skindex-10
                                     Placebo                                   ✓ 5-D Itch
                                                                          •   Proportion of subjects achieving >3
                                                                              points improvement from baseline in
     7 Days                            12 Weeks
                                                                              weekly mean of daily WI-NRS score

        Baseline                                        Mean Change WI-
                                                                          •   WI-NRS complete responder; patient
     Mean WI-NRS > 5                                    NRS at Week 12
                                                                              global impression of change
20
Primary Endpoint: Change from Baseline to Week 12 for WI-NRS
Significant difference in WI-NRS in patients treated with 1 mg oral KORSUVA™ compared to placebo
                                                                                                                       Difelikefalin
                                                                         Placebo                  0.25 mg                 0.50 mg                   1.00 mg
                                                            0

                                                            -1
                                     Change from Baseline

                                                            -2

                                                            -3

                                                            -4

                                                            -5                                                                                      p=0.018

     LS Mean from MMRM with terms for treatment group, week, week by treatment interaction as fixed effects; baseline score and strata as covariates; patient as a repeated measures
     Missing data imputed using multiple imputation (MI) under missing at random (MAR) assumption
21
Change in Worst Itching Intensity NRS Over Time
                                                                                   0

Significant differences                                                                                                                                                                            Placebo (N = 67)
                                                                                   -1
between 1mg oral
KORSUVA and placebo

                                                            Change from Baseline
                                                                                                                                                                                                   DFK 1.00 mg (N = 67)
                                                                                   -2
observed in WI-NRS                                                                                            *
starting at week 2
                                                                                   -3                                       **
                                                                                                                                           **
                                                                                                                                                           **
                                                                                                                                                                          **           *
                                                                                   -4                                                                                                      *   *
                                                                                        * P < 0.05, ** P < 0.01
                                                                                                                                                                                                                *
                                                                                                                                                                                                                      *
                                                                                   -5

                                                                                                                                    Weeks in Double-blind Treatment Period
                                                                                                                                                     LS Means over time

     LS Mean from MMRM with terms for treatment group, week, week by treatment interaction as fixed effects; baseline score and strata as covariates; patient as a repeated measures
22   Missing data imputed using multiple imputation (MI) under missing at random (MAR) assumption
Additional Endpoint: Complete Responder
                                                                     NRS Complete Responder*
                                                    50

                                                                                                                          p=0.006
                                                    40
                                                                                p=0.027              p=0.037
                                    % of Subjects
                                                    30

                                                    20                           33%                   32%                   39%

                                                    10
                                                             14%
                                                    0
                                                           Placebo              0.25 mg                0.5 mg               1.0 mg

                                                                                                  Difelikefalin
     *80% of NRS scores at Week 12 equal to 0 or 1.
     Estimated percentage and P-values are based on a logistic regression model with terms for treatment group, baseline WI-NRS score, and renal disease status
23   Missing data imputed using multiple imputation (MI) under missing at random (MAR) assumption
Executive Summary & Next Steps
     • Oral KORSUVA met the primary endpoint:1mg dose advancement to Phase 3
        - Primary: Change from baseline in weekly mean WI-NRS score
        - Dose-dependent statistically significant improvement in Complete Responders

     • Oral KORSUVA was generally well-tolerated: safety profile similar to Phase 3
       KORSUVA Injection studies

 Projected End-of-Phase 2 FDA meeting/Phase 3 start: 2H,2020

24
Oral KORSUVA™:
     Additional Pruritus
     Development Programs
     Atopic Dermatitis
     Chronic Liver Disease

25
Atopic Dermatitis Associated Pruritus: Phase 2 Trial Ongoing
                                                             END OF         END OF
                                                                                      Study
              RANDOMIZE
 SCREEN       (N=320)                                      TREATMENT      EXTENSION   320 adult patients with AD
                                                                                      (80/arm) and moderate to severe
     RUN-IN                      TREATMENT                        EXTENSION
                                                                                      pruritus

                            KORSUVA: 0.25 mg BID                                      Primary Endpoint:
                                                                                      • Change from baseline in the weekly
                            KORSUVA: 0.5 mg BID                                          mean of the daily 24-hour WI-NRS
                                                                                         score at Week 12
                             KORSUVA: 1 mg BID
                                                                                      Secondary Endpoints:
                                                                                      • Responder analysis (Week 12):
                                 Placebo: BID                                            Change from baseline in I-NRS
                                                                                         score of >4 points
     7 Days                       12 Weeks                         4 weeks            • Change in itch related QoL:
                                                                                         Skindex-10, 5-D Itch scales & Sleep
          Baseline:       Interim Statistical Assessment      Mean Change WI-
                                     Q2, 2020                 NRS at Week 12             Quality Assessment at week 12
          Mean NRS > 5
                                                                                      • Safety assessments
26
Pruritus Associated with Primary Biliary Cholangitis (PBC): Phase 2

                                                           END OF    Study
 SCREEN       1:1 RANDOMIZATION                          TREATMENT   A 16-week, double blind, randomized,
                                                                     PBO-controlled study in PBC patients
     RUN-IN                          TREATMENT
                                                                     with moderate to severe pruritus

                          Oral KORSUVA 1 mg BID (N=30)
                                                                     Primary Endpoint:
                                                                     • Change from baseline in the weekly
                                                                        mean of the daily 24-hour WI-NRS score
                                                                        at week 16
                                  Placebo BID (N=30)
                                                                     Secondary Endpoints:
                                                                     • Change in itch related QoL:
                                                                        Skindex-10 & 5-D Itch scales at week 16
     7 Days                           16 Weeks
                                                                     • Responder analysis (Week 16): Change
                                                                        from baseline in weekly main of daily
                                                                        worst NRS score of >3 points
                                                                     • Safety assessments
27
Financial    Cash/marketable securities
     Highlights   (March 31, 2020)
                  $179.8M
                  Net loss
                  (March 31, 2020)
                  ($28.9M)
                  Shares outstanding
                  ~46.7M
28
Projected Milestones –2020
               Pruritus / KORSUVA™ Injection      Pruritus / Oral KORSUVA™

               Top-line data: KALM-2 Ph 3        Interim statistical analysis
     2Q,2020    trial (CKD-aP in dialysis pts)   Phase 2 Atopic Dermatitis

                                                  Top-line data Ph2 trials:
     2H,2020         NDA submission                    Atopic Dermatitis
                                                      Chronic Liver Disease

                                                 Complete EoPII meeting:
     2H,2020                                        Phase 3 Program
                                                  CKD-aP (Stage III-V CKD)
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