Cellerys

Executive Summary

Cellerys is a Swiss biotech company pioneering antigen-specific immunotherapies for autoimmune diseases, with a focus on multiple sclerosis (MS). Unlike broad immunosuppression, its technology induces immune tolerance by selectively targeting disease-causing T cells, addressing the root cause while preserving overall immunity. The company completed a Phase Ib trial in MS in partnership with Novartis, demonstrating proof of mechanism and safety. This collaboration validates Cellerys' approach and provides significant resources for further development. The platform has potential applicability beyond MS to other autoimmune conditions, positioning Cellerys as a leader in precision immunotherapy. Looking ahead, Cellerys is expected to advance its MS program into Phase II trials, leveraging data from the Phase Ib study to design a robust efficacy trial. The company may also expand its pipeline into new indications or pursue additional partnerships to accelerate development. With a strong scientific foundation and strategic backing from Novartis, Cellerys is well-positioned to address the high unmet need in autoimmune diseases. However, as a preclinical-stage company without marketed products, execution risk remains, and success hinges on positive clinical data and regulatory progression.

Upcoming Catalysts (preview)

• H2 2026Initiation of Phase II trial in multiple sclerosis65% success
• Q3 2026Presentation of Phase Ib data at a major medical conference80% success
• Q4 2026Expansion of partnership with Novartis or new collaboration50% success