Trethera

Executive Summary

Trethera Corporation is a clinical-stage biotechnology company pioneering first-in-class oral small molecule therapies targeting the nucleotide salvage pathway for cancer and autoimmune diseases. Its lead asset, TRE-515, is a potent and selective deoxycytidine kinase (dCK) inhibitor that disrupts DNA synthesis in malignant and hyperproliferative immune cells. Preclinical studies demonstrated broad antitumor activity in hematologic malignancies and solid tumors, as well as efficacy in autoimmune models such as lupus and rheumatoid arthritis. TRE-515's oral bioavailability and favorable safety profile position it as a potential best-in-class therapy with a unique mechanism of action. The company is currently advancing TRE-515 through Phase 1 clinical trials, with initial data expected in the second half of 2026. Trethera's innovative approach addresses significant unmet needs in oncology and immunology, where existing therapies often lack selectivity or durability. The upcoming Phase 1 data readout is a critical catalyst that will provide early human proof-of-concept and inform dose selection for subsequent Phase 2 trials. Success in these trials could validate the dCK inhibition strategy across multiple indications, potentially leading to licensing or partnership opportunities. With a lean operational model and a clear regulatory path, Trethera represents a high-upside opportunity in the precision immunotherapy space.

Upcoming Catalysts (preview)

• Q4 2026Phase 1 clinical data readout for TRE-515 in cancer50% success
• Q2 2027Initiation of Phase 2 trial in autoimmune disease (e.g., lupus)40% success
• Q3 2026Preclinical proof-of-concept data for TRE-515 in combination with checkpoint inhibitors30% success