PolyPid Ltd. is advancing towards a potential 2026 U.S. market launch of its D-PLEX100 product, aimed at preventing surgical site infections (SSIs) following abdominal colorectal surgery. This projection follows an update on the SHIELD II Phase 3 trial and a recent adjustment in the company's stock outlook by H.C. Wainwright.
SHIELD II Trial Progress
The independent Data Safety Monitoring Board (DSMB) recommended concluding the SHIELD II study after reaching 800 enrolled patients. This decision came after reviewing unblinded efficacy data from the first 430 subjects. The study had enrolled 630 patients as of earlier this week, with the remaining 170 patient enrollments anticipated in the first quarter of 2025. PolyPid expects to report top-line results from the trial in the second quarter of 2025.
Regulatory Pathway and Market Launch
If the Phase 3 data proves positive, PolyPid plans to initiate a rolling New Drug Application (NDA) submission to the FDA in the third quarter of 2025, aiming for completion by the end of the year. Given that D-PLEX100 has been granted Fast Track and Breakthrough Therapy Designation by the FDA, the company anticipates the NDA will be eligible for Priority Review, potentially leading to an FDA approval decision in the first half of 2026. Subsequently, PolyPid expects to launch D-PLEX100 in the U.S. market in 2026.
Analyst Outlook
Despite H.C. Wainwright adjusting its price target on PolyPid shares to $11.00 from $14.00, the firm maintains a Buy rating on the stock. The analysts view the interim analysis findings as positive and aligned with a base-case scenario, attributing the price target adjustment to dilution concerns.
Collaboration with ImmunoGenesis
PolyPid has also entered into a research and development agreement with ImmunoGenesis, Inc. to develop novel treatments for solid tumors. This collaboration will utilize PolyPid's proprietary PLEX technology in conjunction with ImmunoGenesis's STING agonist drug candidate. The partnership seeks to address the challenges associated with the rapid clearance of potent STING agonists, potentially enhancing their effectiveness within the tumor microenvironment.
Financial Status
PolyPid's recent Q3 earnings call disclosed a cash position of $9.5 million, which is expected to fund operations into early 2025. The company reported a net loss of $7.8 million for the quarter, primarily driven by increased research and development expenses. PolyPid is actively pursuing strategic partnerships for the U.S. commercialization of D-PLEX100 and potential market expansion into South America and Asia.
