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    Jun-Goo Kwak

    Managing Director and Senior Research Analyst at Piper Sandler

    Jun-Goo Kwak is a Managing Director and Senior Research Analyst at Piper Sandler, focusing on the Healthcare sector with in-depth coverage of biopharmaceutical and biotechnology companies, including Vertex Pharmaceuticals, Sarepta Therapeutics, and Alnylam Pharmaceuticals. His research and stock recommendations have been recognized for above-average accuracy, maintaining a success rate above 60% and ranking among top sector analysts on major platforms for both performance and returns generated. Kwak began his investment research career at Piper Sandler in 2016 after earning his Ph.D. in Chemistry from Stanford University, and he brings additional scientific expertise as a CFA charterholder and FINRA Series 7 and 63 license holder. With a rigorous analytical approach grounded in both finance and science, he is known for his detailed analysis and strong market calls across the biotech landscape.

    Jun-Goo Kwak's questions to IMMUNIC (IMUX) leadership

    Jun-Goo Kwak's questions to IMMUNIC (IMUX) leadership • Q3 2024

    Question

    Jun-Goo Kwak, on for Yasmeen Rahimi, asked for commentary on blinded safety and efficacy data from the CALLIPER trial and questioned which progressive MS subpopulation is most likely to show the largest treatment effect on disability worsening.

    Answer

    CEO Dr. Daniel Vitt stated he could not comment on blinded data but confirmed the CALLIPER study is progressing as expected. He elaborated on the three predefined subpopulations (active SPMS, non-active SPMS, and PPMS), suggesting that the non-active SPMS and PPMS populations are similar in their non-inflammatory disease progression and should have comparable placebo activity, while the smaller active SPMS subgroup (9% of patients) may have higher inflammatory activity.

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    Jun-Goo Kwak's questions to IMMUNIC (IMUX) leadership • Q3 2024

    Question

    Jun-Goo Kwak from Piper Sandler asked for commentary on blinded safety and efficacy data from the ongoing CALLIPER trial. He also inquired which progressive MS subpopulation is anticipated to show the most significant treatment effect on disability worsening.

    Answer

    CEO Dr. Daniel Vitt stated that the company cannot comment on blinded data from the CALLIPER trial but confirmed the study is progressing as expected. Regarding subpopulations, he noted that non-active secondary progressive and primary progressive MS patients are similar in their disease progression without relapses, suggesting their placebo activity would be in the same range. He mentioned the active SPMS group is smaller and has some inflammatory activity, making it slightly different.

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    Jun-Goo Kwak's questions to IMMUNIC (IMUX) leadership • Q3 2024

    Question

    Jun-Goo Kwak, on behalf of Yasmeen Rahimi, asked for commentary on the blinded safety and efficacy data for the CALLIPER trial and questioned which progressive MS subpopulation is most likely to show the largest treatment effect on disability worsening.

    Answer

    CEO Dr. Daniel Vitt stated that the company cannot draw conclusions from blinded data but confirmed the CALLIPER study is progressing as expected. He elaborated that the non-active secondary progressive and primary progressive MS populations are expected to have similar placebo disease activity, while the active secondary progressive MS subgroup, which is the smallest at 9% of patients, may show slightly higher activity.

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    Jun-Goo Kwak's questions to IMMUNIC (IMUX) leadership • Q1 2024

    Question

    Inquired about visibility into blinded event rates for the ENSURE trials and the status of regulatory interactions and Phase II preparations for the IMU-856 program.

    Answer

    The company responded that they do not currently have visibility on event rates for the ENSURE trials but the study is on track. Regarding IMU-856, they are preparing for Phase II studies, with celiac disease as the primary indication, and are also exploring other GI diseases. They are planning to meet with U.S. regulators to discuss the development path.

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    Jun-Goo Kwak's questions to IMMUNIC (IMUX) leadership • Q1 2024

    Question

    Jun-Goo Kwak, on behalf of Piper Sandler, asked if Immunic has visibility into the blinded event rates for the ENSURE trials and whether they align with expectations. He also requested an update on regulatory discussions and Phase II preparations for the IMU-856 program.

    Answer

    CEO Dr. Daniel Vitt responded that the company does not currently have data on disability worsening event rates but confirmed the study is on track, with a possibility of sharing blinded data updates closer to the futility analysis. Regarding IMU-856, he stated they are preparing for a meeting with U.S. regulators and are actively exploring several Phase II indications beyond celiac disease, including inflammatory bowel disease, while working to secure funding for these plans.

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