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iStock, Olena Koliesnik Investors are focused on Incyte’s late-stage programs as the biotech braces for the 2028 patent cliff of its leading product Jakafi. Incyte is pulling the plug on an early-stage experimental JAK inhibitor to better focus the company’s R&D efforts on “next-generation” therapies. The decision is “unfortunate,” William Blair told investors in a note on Tuesday, however noting that this was largely expected given the company’s prior comments regarding the asset’s “poor” pharmacokinetic profile. Investors remain focused on upcoming clinical updates for two late-stage cancer programs: the antibody INCA033989 in myelofibrosis and the KRAS G12D blocker INCB161734 in pancreatic cancer, the firm said. “We believe Incyte’s post-Jakafi growth pro improving with pipeline advancements,” the analysts added. ezstandalone.cmd.push(function () { ezstandalone.showAds(129); }); The discontinued asset, dubbed INCB160058, is an orally available blocker of the JAK2 protein specifically designed to target an altered form of the protein carrying the V617F mutation . This structural change in the molecule results in uncontrolled cell division and proliferation—hallmarks of cancer. Incyte announced the decision to cut the JAK2V617F asset Tuesday alongside its second quarter earnings report. Before being scrapped, INCB160058 was being tested in a Phase 1 study of patients with myeloproliferative neoplasms. The trial kicked off in August 2024 and was still recruiting participants as of May, according to ClinicalTrials.gov. A primary readout was slated for late 2028, according to the federal database. Ending INCB160058 will allow Incyte to “prioritize its next-generation” JAK2V617F pipeline, according to the Tuesday release. On a Tuesday investor call, Pablo Cagnoni, global head of R&D, alluded to underwhelming data, noting that after evaluating INCB160058’s pharmacokinetic, efficacy and safety pro given the backdrop of its other programs—“it just made no sense to continue to develop” the asset. In the second quarter, Incyte made nearly $1.49 billion in net sales, up 40% from the same period last year. The company’s oral drug Jakafi, indicated for myelofibrosis, polycythemia vera and graft-versus-host disease (GVHD), emerged as its top-selling product with $816 million in Q2 earnings, a 7% year-on-year increase. Growth, however, was largely driven by the eczema cream Opzelura, which surged 173% in sales to almost $450 million in revenue. The drug secured European approval on Wednesday for moderate atopic dermatitis. The lymphoma drug Monjuvi and GVHD medicine Niktimvo also contributed substantially to Incyte’s growth, with sales increasing 72% and 67% year-on-year to make $53.7 million and $60.3 million, respectively. But with key market protections for Jakafi set to expire in late 2028, investors have increasingly looked to Incyte’s pipeline for potential launches that can soften the biotech’s patent cliff landing, according to William Blair. One of these assets is the investigational antibody INCA033989, being developed for myelofibrosis and essential thrombocytopenia. Data for the former indication are expected later this year, Incyte said on Thursday, while a registrational Phase 3 study for the latter was recently launched. In a similar effort to buttress its revenue in the coming years, Incyte in June announced the acquisition of Vega Therapeutics, paying $1.25 billion upfront and earmarking $750 million in milestones. The deal, which closed earlier this month , gives Incyte a late-stage antibody program for the bleeding disorder von Willebrand disease. Mergers & acquisitions Incyte’s stars align as new CEO strikes $2B Vega takeover for blood disorder asset Incyte is acquiring Vega Therapeutics, a subsidiary of Star Therapeutics, for a bleeding disorder program that analysts say has “pipeline-in-a-product” potential. June 8, 2026 · 2 min read · Annalee Armstrong Read more