EP-104GI's Phase 2b RESOLVE readout will test whether local corticosteroid delivery can durably control EoE without the systemic risks of biologics

Updated 126d ago

Eupraxia is a clinical-stage pharmaceutical company developing a locally-delivered corticosteroid treatment for eosinophilic esophagitis that is not yet approved.

EP-104GI is a locally-delivered, extended-release fluticasone propionate formulation targeting adults with eosinophilic esophagitis who require sustained disease control. The thesis resolves on Phase 2b RESOLVE topline data in Q4 2026 showing histological remission at rates meaningfully superior to placebo at the 120mg or 160mg dose. The primary competitive risk is dupilumab (Dupixent), already approved for EoE with a large real-world prescriber base, which sets a high clinical and commercial bar for any new entrant.

Status

Intact

Conviction

What could change the thesis?

A Phase 2b miss on the primary histological endpoint against placebo would leave EP-104GI without a clear regulatory path forward and the company with insufficient cash to pivot meaningfully.

Generated from public SEC filings and disclosures. For informational purposes only — not investment advice. Always conduct your own research before making investment decisions.

Thesis log

Tracked in real time as it happened — not reconstructed after the fact

Key value driver

The most decisive event ahead

Bull and bear case

Both sides of the thesis, argued

Pipeline

1 programs · 3 catalysts

Stress Test