Aqualung Therapeutics

Executive Summary

Aqualung Therapeutics is a clinical-stage biotechnology company pioneering novel immunotherapeutics targeting extracellular nicotinamide phosphoribosyltransferase (eNAMPT), a key driver of inflammation, fibrosis, and vascular leak. Founded in 2015 and headquartered in Tucson, Arizona, the company focuses on addressing severe diseases with high unmet medical need, such as acute respiratory distress syndrome (ARDS), idiopathic pulmonary fibrosis (IPF), and other conditions characterized by uncontrolled inflammation and tissue remodeling. Its lead candidate, ALT-100, is a humanized monoclonal antibody designed to neutralize eNAMPT, thereby dampening downstream pro-inflammatory and pro-fibrotic signaling pathways. The company has advanced ALT-100 into Phase 2 clinical development, leveraging a deep understanding of eNAMPT biology and biomarker-driven patient selection strategies. Aqualung's therapeutic approach holds promise for transforming the treatment landscape in indications where current therapies offer limited benefit. The company's progress in Phase 2 trials positions it for key value-inflection points, including potential data readouts and regulatory interactions. While the company remains private and has not disclosed total funding, its science is supported by strong preclinical validation and translational evidence. The upcoming catalysts are centered on clinical milestones for ALT-100, which could significantly de-risk the program and attract partnership interest. Aqualung represents a focused player in the inflammation-fibrosis space with a differentiated mechanism of action targeting a novel extracellular checkpoint.

Upcoming Catalysts (preview)

• Q4 2026Topline Phase 2 Data for ALT-100 in ARDS or IPF40% success
• Q2 2027Potential Strategic Partnership or Licensing Deal30% success
• Q3 2027Initiation of Phase 2b/3 Registrational Trial35% success