Apraglutide

（来源：动脉新医药）文｜武瑛港编者按：BD从未像今天这样重要，也从未像今天这样复杂。License-in退潮，License-out屡创纪录却伴随争议，NewCo模式快速兴起，跨国药企不断前移布局中国早期资产，传统FA的角色边界也在被重新定义。交易越来越频繁，但真正值得关注的，不只是金额，而是交易背后的逻辑、背后的故事。《BD深度观察》希望回答那些公告之外的问题：为什么同样的靶点、可比的数据，中国创新药资产仍难摆脱"折价"？什么样的交易结构更能创造长期价值？跨国药企、Biotech、FA之间的博弈又将如何重塑全球BD生态？我们不做交易信息的搬运工，而做产业逻辑的解构者，聚焦MNC中国战略、License-out、NewCo、估值变迁与交易结构，透过每一笔BD，看懂创新药产业的新变化。本期，我们把目光投向那个藏在BD交易背后、让中国Biotech排着队都想见的人："创业制片人"。“Khurem Farooq一到中国，大家都排着队想见他。”近日，一位医疗领域投资人向动脉网表示。此前Khurem Farooq来华时，没有公开场合照片，甚至几乎没人能说清楚他具体哪一天落地，但消息还是在生物医药BD圈中不胫而走，大家都希望能和这位顶尖的“药物猎人”见一面。Khurem Farooq曾凭借Aiolos Bio拿到GSK的10亿美元首付款，赚了恒瑞医药40倍差价，这笔发生在两年前的交易，至今仍是行业频频提及的案例。此类"被赚差价"的故事在国内一再上演，这些交易背后，一个隐匿于公众视野的群体也逐渐浮出水面——"药物猎人"（Drug Hunter）或"创业制片人"（Venture Producer），他们不属于哪家大型MNC，却往往会成为BD出海浪潮中真正的发起方和操盘手。资深投资人盛立军向动脉网勾勒出这群人的整体画像：他们可能是连续创业家，可能是职业经理人，也可能是欧美生物医药基金的负责人，他们共同的特点是眼光毒辣、资源整合、躬身入局。另一位医疗领域投资人告诉动脉网，在医药BD领域有两类药物猎人，一类是比较纯粹的资产猎手，主要工作是为海外公司找资产，或者为资产找买家、做匹配。“另一类则更高阶，包含多数顶尖药物猎人，一般被称为‘创业制片人’，药物猎取只是工作的一部分，他们本身可能是公司C level高管，往往还是价值释放团队的核心，能识别好资产、组建好团队、把项目做成功再高价卖出，吸引投资人。”该医疗领域投资人表示。01.谁是真正的操盘手动脉网梳理发现，这些药物猎人或创业制片人的成长路径清晰可见：从大型药企的商业化与BD岗位起步，转型为生物技术公司CEO，并成功通过"低价引入管线，快速推进，高价出售"的模式，在短时间内为投资人创造了巨大价值。在盛立军看来，创业制片人与药物猎人两者互为补充，“药物猎人”强调发现和捕获的能力，“创业制片人”则更强调整合与制作的能力，就像电影制片人那样，将科学家、临床团队、资本、法规事务等各个专业角色组合在一起，共同完成管线并放上MNC的交易台前。Khurem Farooq是这类创业制片人的典型代表之一。Khurem Farooq出生于1967年2月，英国籍连续创业家，其职业生涯起步于安万特（赛诺菲的前身之一）的销售与营销岗位，后加入罗氏集团旗下的基因泰克，担任免疫学和眼科学业务部高级副总裁，领导多款药物的商业化和上市规划，并积极参与业务发展评估。从基因泰克离开后，Farooq踏上了连续创业之路。2021年，眼科基因疗法公司Gyroscope Therapeutics被诺华以约15亿美元收购，Khurem Farooq正是这家公司CEO。随后他创立了Aiolos Bio，2023年8月从恒瑞医药以2500万美元首付款引进了一款临床早期哮喘药物SHR-1905，五个月后Aiolos Bio连带着这款管线一起被卖给GSK，首付款10亿美元。一进一出差价近40倍，整个过程中，SHR-1905是这家公司的唯一资产。Aiolos被收购后，Khurem Farooq在中美医药圈内“一鸣惊人”，有业内人士称"基金是跟着他走的"。2025年1月，Farooq又联合创立了Verdiva Bio，核心团队几乎是Aiolos的原班人马，同时以7000万美元首付款引进了先为达生物的GLP-1伊诺格鲁肽的全球权益。另一位创业制片人Luca Santarelli的职业生涯轨迹与Khurem Farooq十分相似。Luca Santarelli是意大利人，职业生涯的前12年在罗氏度过，推动20多种新分子实体进入临床试验阶段。但他真正的传奇经历始于离开罗氏之后，先后创立三家公司，前两次退出的交易总额超过18亿美元：2019年，Luca Santarelli创立的Therachon被辉瑞以最高8.1亿美元收购，核心资产是一款治疗软骨发育不全的药物TA-46。交易完成后，他将公司另一款资产apraglutide分拆为独立公司，这家公司后来发展为VectivBio，2023年被Ironwood Pharmaceuticals以约10亿美元收购。之后Luca Santarelli接着创业，2024年创立Windward Bio，2025年再次出手，从科伦博泰与和铂医药获得WIN378的授权，交易总额最高达9.7亿美元，同年12月又从荃信生物获得WIN027的授权，交易总额最高达7亿美元。Thierry Abribat是法国版的创业制片人，这位法国企业家在获得兽医学博士学位后，在赛诺菲研究部门工作，2007年开始他连续创立三家公司均成功退出：2017年，Alizé Pharma被Millendo Therapeutics收购；2016年，Alizé Pharma 2被Jazz Pharmaceuticals收购；2024年3月，Amolyt Pharma于被阿斯利康以约10.5亿美元收购。Christoph Lengauer则是药物猎手群体中的另一种类型，从顶尖科学家转型而来。Christoph Lengauer曾在全球顶尖的分子遗传学癌症实验室——约翰斯·霍普金斯大学的Bulgin实验室工作12年，后担任Blueprint Medicines的创始首席科学官兼首席药物猎手，现为Curie.Bio的联合创始人，Curie.Bio的目标之一是为协助初创公司与大型药企达成并购或合作关系。02.创业制片人含金量这些创业制片人的“操盘”能力在一次次真实交易中被反复验证，而验证的方式，或许恰恰是那些让中国创新药企又喜又忧的差价故事。除了上述恒瑞医药的案例，2023年至2024年，BioNTech以约10亿美元收购普米斯生物并拿到双抗BNT327/ PM8002的授权，2025年6月转手将BNT327的全球共同开发权授予BMS，交易总额超90亿美元，堪称生物技术领域的运作典范。济煜医药同样如此，2024年12月济煜医药将抗IgE抗体以3500万美元首付款授权给RAPT Therapeutics，13个月后，GSK以约22亿美元收购RAPT。这一差价某种程度上正是“创业制片人”价值的直观体现。他们的价值首先来源于独特的医药BD生态位，盛立军在接受动脉网访谈时用"院线"的比喻展示了BD生态中的角色分工：MNC既不是猎人，也不是制片人，而是院线或发行单位，当一条管线经过药物猎人和创业制片人的多轮打磨，完成临床验证后，最终被MNC收购，此时的管线已经是基本完成拍摄的成片。MNC并非管线价值的创造者，而是价值的兑现者，MNC作为院线，利用其覆盖全球的销售网络将产品发行到世界各地，创业制片人则填补了从学术发现到商业成药之间那段风险最高、回报也最丰厚的中间地带。"优秀的人才都想自己下场，这是规律，所以他们会从MNC走出来成立公司或作为CEO，做出资产后再卖回给MNC，赚股权的收益，MNC那边也愿意看到这样的生态，因为能降低成本和风险，把风险分散给基金和这些‘创业制片人’。"上述医疗领域投资人进一步指出。而且创业制片人可能比MNC更懂MNC的需求。盛立军进一步分析，MNC是典型的大型机构，体量庞大，流程冗长，内部人员以拿工资为主，本质上类似官僚化的大型组织。而创业制片人则不同，他们的收入与交易回报直接挂钩，正是这种利益与质量深度绑定的机制，驱动着创业制片人必须全力以赴，务求精准。同时MNC也愿意将猎药功能外包给这一群体。“创业制片人不会被动等待MNC提出需求，而是会基于对临床、市场、疾病竞争格局的深刻理解，提前判断出MNC未来几年可能需要的管线，他们能在管线立项阶段就介入，确保研发方向从一开始就符合国际市场需求。”盛立军表示。例如Luca Santarelli创立的Windward Bio，赛诺菲已通过Sanofi Ventures参与交叉轮融资，阿斯利康则拥有已上市的TSLP单抗Tezspire，对该领域有防御性布局需求，这两家MNC均可能是潜在买家。Verdiva Bio的核心团队几乎是Aiolos的原班人马，该团队此前已成功将Aiolos出售给GSK，运作模式和退出路径具有高度可复制性，或许同样早已瞄准MNC的管线需求。除了洞察力，药物猎人另一核心的能力是"资产增值"或“价值包装”。例如在恒瑞医药被赚差价的案例中，据行业媒体报道，Aiolos拿到产品后做了大量的确认性测试，提前替MNC写好了临床开发方案，这都是恒瑞医药未推进的工作。济煜医药的案例同样如此，RAPT围绕ozureprubart制定了以全球市场为导向的临床开发路径，启动针对食物过敏的IIb期临床研究，并按照欧美监管要求推进CMC体系建设。正是这些系统性推进，促使这款源自中国的早期资产成长为可被MNC整体并购的成熟项目。有业内人士用形象的比喻称，一个普通的苹果经过削皮、切块、加工，就能从水果摊上的散货变成五星级酒店餐桌上的精致果拼，中间那道差价是手艺钱，也是这门生意全部的秘密。03.跨越认知差鸿沟从“创业制片人”的价值逻辑中，可以清晰看到中国创新药企在BD交易中面临的重要困境——认知差。国内大量管线明明技术不差，却难以真正融入全球市场，盛立军向动脉网指出，根源在于国内Biotech与海外买方之间在认知层面上的鸿沟。“优秀的创业制片人在创业之初就瞄准了MNC需求，但是国内大多数Biotech在立项时可能逻辑起点就已经出错，科学家创始人认为自己有技术优势，却很少考虑是否真正有商业价值。”“中国的Biotech要站在国际市场、美国市场的需求角度来看中国市场，而不是站在自己的角度来审视全球市场。”盛立军指出。这种认知层面的差距在交易定价上也有所体现。沙利文大中华区生命科学事业部医药行业分析师赵一菲曾分析称，问题核心在于中国创新药在全球价值链中的“阶段性弱势”：临床数据质量与国际标准仍有差距，靶点同质化与适应症边缘化导致资产稀缺性缺失，叠加海外推进经验短板，形成议价权困境；与此同时，国内市场也有生存压力，迫使企业提前折现核心资产，换取现金流。高特佳投资业务合伙人于庆贞也指出，中国创新药物频频被赚差价的原因在于中国本土对创新药企的估值体系不成熟和中国药企国际化运营能力偏弱。那么国内Biotech有可能在短时间内补上这一短板吗？在盛立军看来，这种差距的核心不在于单纯的信息不对等，而在于时间。一方面，美国生物医药产业已历经数百年的演化，形成了层次极为分明、参与者众多、接力棒环环相扣的成熟生态。另一方面，美国的药物猎人或创业制片人群体往往是“世家”出身，甚至有些人家族成员三四代都深耕于医药领域，这种代际传承带来的不仅是认知的深度与直觉，更是资源网络的深厚累积，人脉、信誉、合作渠道不是从零开始，而是在前人的基础上不断叠加。相比之下，中国生物医药产业的历史不过数十年，创业者仍处于第一代或第二代阶段，这种差距难以迅速弥合。这种情况下，改变认知的最直接路径之一，或许就是与创业制片人与MNC深入接触与交流，逐渐了解他们的认知逻辑和思维方式。虽然当前中国Biotech都在排着队见买方、机会难求，但动脉网从一位业内人士处了解到，买方同样存在信息差，在国内Biotech争先恐后将管线推向海外的热潮中，海外买方对中国资产的了解也并非面面俱到。“MNC的BD团队即便全力扩张，也无法覆盖中国数千家Biotech和数百个细分赛道。BD交易的绝对非标性决定了信息不对称将长期存在，MNC的BD资源天然向后期和高价值资产集中，难以覆盖大量处于早期阶段、尚未获得临床POC数据但具备差异化潜力的项目。”上述业内人士指出。因此，这种双向信息差恰恰创造了交流的价值。若希望与创业制片人、MNC等买方建联交流欢迎联系我们进一步沟通

– Ironwood Chief Medical Officer and Head of Research and Drug Development Dr. Michael Shetzline to Retire After 30-Year Career Advancing GI Science and Patient Care – – Dr. Silber, a Drug Development Veteran, Will Lead Ironwood’s Next Phase of R&D Strategy and Execution – BOSTON--(BUSINESS WIRE)-- Ironwood Pharmaceuticals, Inc. (Nasdaq: IRWD), a biotechnology company developing and commercializing life‑changing therapies for people living with gastrointestinal (GI) and rare diseases, today announced the retirement of Chief Medical Officer and Head of Research and Drug Development Dr. Michael Shetzline and the appointment of Dr. Jeffrey Silber as his successor. Dr. Silber will oversee Research and Drug Development, Regulatory Affairs and Medical Affairs reporting to Chief Executive Officer Tom McCourt. Dr. Silber joins Ironwood on July 20, 2026 and Dr. Shetzline will remain an advisor to the company to ensure a seamless transition. The company also announced today that the confirmatory Phase 3 STARS-2 trial of apraglutide in patients with short bowel syndrome with intestinal failure (SBS-IF) was initiated in June and is now actively recruiting patients. “I would like to congratulate Mike on a distinguished 30-year career and thank him for his leadership and many contributions, including building strong R&D, Regulatory Affairs and Medical Affairs organizations at Ironwood – most recently leading the team through the initiation of STARS-2,” said Ironwood Pharmaceuticals Chief Executive Officer Tom McCourt. “It’s a pleasure to welcome Jeff to our leadership team. His broad medical and scientific leadership expertise will help us build on the strong foundation we already have in place, supporting the continued growth of LINZESS and helping Ironwood bring apraglutide to patients as quickly as possible.” “I am excited to join Ironwood at such an important time for the company and to help advance apraglutide. Based on the positive Phase 3 STARS data, I believe apraglutide has the potential to be a best-in-class therapy for patients with SBS-IF who continue to face significant unmet needs,” said Dr. Jeffrey Silber, newly appointed Chief Medical Officer and Head of Research and Drug Development at Ironwood Pharmaceuticals. “I look forward to working with the team to continue executing the STARS-2 trial as we work to bring apraglutide to patients living with SBS-IF swiftly.” Dr. Silber joins Ironwood from Vedanta Biosciences where he was Chief Medical Officer since 2020, leading the research and clinical development of microbiome-based oral therapies for inflammatory and infectious gastrointestinal diseases. Prior to Vedanta, Dr. Silber was Senior Vice President in Clinical Development and Head of Development Sciences at EMD Serono/Merck KGaA where he oversaw global program leadership, global patient safety, fertility/endocrine clinical research, biostatistics and epidemiology, and translational medicine. Before joining EMD Serono, Dr. Silber was Vice President and Head of Strategic Portfolio Development at AbbVie. During a 16-year tenure at Merck & Co., Dr. Silber held roles of increasing responsibility in vaccines, anti-infectives, and neuroscience, ultimately assuming the position of Vice President and Therapeutic Area Head, Vaccine Clinical Research. In academia, Dr. Silber was an Assistant Professor of Medicine at UMDNJ/Robert Wood Johnson School of Medicine in Camden, NJ. He received a B.A. in biology from Harvard University and an M.D. from the Albert Einstein College of Medicine. Dr. Silber completed training in Internal Medicine at NYU Medical Center/Bellevue Hospital and in Infectious Diseases at the Hospital of the University of Pennsylvania. About Ironwood Pharmaceuticals Ironwood Pharmaceuticals (Nasdaq: IRWD) is a biotechnology company developing and commercializing life-changing therapies for people living with gastrointestinal (GI) and rare diseases. Ironwood is advancing apraglutide, a next-generation, long-acting synthetic GLP-2 analog being developed for short bowel syndrome patients who are dependent on parenteral support. In addition, Ironwood has been a pioneer in the development of LINZESS® (linaclotide), the U.S. branded prescription market leader for the treatment of irritable bowel syndrome with constipation (IBS-C) or chronic idiopathic constipation (CIC). Building upon our history of innovation, we keep patients at the heart of our R&D and commercialization efforts to reduce the burden of diseases and address significant unmet needs. Founded in 1998, Ironwood Pharmaceuticals is headquartered in Boston, Massachusetts, with a site in Basel, Switzerland. We routinely post information that may be important to investors on our website at . In addition, follow us on X and on LinkedIn . About LINZESS (Linaclotide) LINZESS® is the #1 prescribed brand in the U.S. for the treatment of patients with irritable bowel syndrome with constipation (“IBS-C”) or chronic idiopathic constipation (“CIC”), based on IQVIA data. LINZESS is a once-daily capsule that helps relieve the abdominal pain and constipation associated with IBS-C in adults and pediatric patients 7 years of age and older. LINZESS has also been shown to relieve constipation, infrequent stools, hard stools, straining and incomplete evacuation associated with CIC in adult patients. LINZESS relieves constipation in children and adolescents aged 2 to 17 years with functional constipation. LINZESS is not a laxative; it is the first medicine approved by the FDA in a class called GC-C agonists. LINZESS contains a peptide called linaclotide that activates the GC-C receptor in the intestine. Activation of GC-C is thought to result in increased intestinal fluid secretion and accelerated transit and a decrease in the activity of pain-sensing nerves in the intestine. The clinical relevance of the effect on pain fibers, which is based on nonclinical studies, has not been established. In the United States, Ironwood and AbbVie co-develop and co-commercialize LINZESS for the treatment of IBS-C in adults and pediatric patients 7 years of age and older, CIC in adults and functional constipation (FC) in pediatric patients 2 years of age and older. In Europe, AbbVie markets linaclotide under the brand name CONSTELLA® for the treatment of adults with moderate to severe IBS-C. In Japan, Ironwood's partner, Astellas, markets linaclotide under the brand name LINZESS for the treatment of adults with IBS-C or CIC. Ironwood also has partnered with Grand Life Sciences for development and commercialization of LINZESS in China, and with AbbVie for development and commercialization of linaclotide in all other territories worldwide. LINZESS Important Safety Information INDICATIONS AND USAGE LINZESS® (linaclotide) is indicated for the treatment of irritable bowel syndrome with constipation (IBS-C) in adults and pediatric patients 7 years of age and older, chronic idiopathic constipation (CIC) in adults, and functional constipation (FC) in pediatric patients 2 years of age and older. IMPORTANT SAFETY INFORMATION WARNING: RISK OF SERIOUS DEHYDRATION IN PEDIATRIC PATIENTS LESS THAN 2 YEARS OF AGE LINZESS is contraindicated in patients less than 2 years of age; in nonclinical studies in neonatal mice, administration of a single, clinically relevant adult oral dose of linaclotide caused deaths due to dehydration. Contraindications LINZESS is contraindicated in patients less than 2 years of age due to the risk of serious dehydration. LINZESS is contraindicated in patients with known or suspected mechanical gastrointestinal obstruction. Warnings and Precautions Risk of Serious Dehydration in Pediatric Patients Less Than 2 Years of Age LINZESS is contraindicated in patients less than 2 years of age. In neonatal mice, linaclotide increased fluid secretion as a consequence of age-dependent elevated guanylate cyclase (GC-C) agonism, which was associated with increased mortality within the first 24 hours due to dehydration. There was no age-dependent trend in GC-C intestinal expression in a clinical study of children 2 to less than 18 years of age; however, there are insufficient data available on GC-C intestinal expression in children less than 2 years of age to assess the risk of developing diarrhea and its potentially serious consequences in these patients. Diarrhea In adults, diarrhea was the most common adverse reaction in LINZESS-treated patients in the pooled IBS-C and CIC double-blind placebo-controlled trials. The incidence of diarrhea was similar in the IBS-C and CIC populations. Severe diarrhea was reported in 2% of adult patients with IBS-C or CIC treated with LINZESS 145 mcg or 290 mcg once daily, and in <1% of adult patients with CIC treated with LINZESS 72 mcg once daily. In pediatric patients, diarrhea was also the most common adverse reaction in clinical trials of patients 7 to 17 years of age with IBS-C and 6 to 17 years of age with FC treated with LINZESS. In two double-blind trials, diarrhea was reported in 4% of pediatric patients 6 to 17 years of age with FC treated with LINZESS 72 mcg once daily, and 7% and 8% of pediatric patients 7 to 17 years of age with IBS-C treated with LINZESS 145 mcg and 290 mcg once daily, respectively. In clinical trials, severe diarrhea was reported in one pediatric patient with FC treated with LINZESS 72 mcg once daily and in one pediatric patient with IBS-C treated with LINZESS at a dose higher than the recommended 145 mcg once daily dosage for IBS-C. If severe diarrhea occurs, dosing should be suspended and the patient rehydrated. Common Adverse Reactions (incidence ≥2% and greater than placebo) In adult patients with IBS-C or CIC: diarrhea, abdominal pain, flatulence and abdominal distension. In pediatric patients 7 to 17 years of age with IBS-C and 6 to 17 years of age with FC: diarrhea. Please see full Prescribing Information including Boxed Warning: LINZESS® and CONSTELLA® are registered trademarks of Ironwood Pharmaceuticals, Inc. Any other trademarks referred to in this press release are the property of their respective owners. All rights reserved. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned not to place undue reliance on these forward-looking statements, including statements about Ironwood’s ability to execute on its mission; Ironwood’s strategy, business, financial position and operations; Ironwood’s ability to drive growth and profitability; the commercial potential of LINZESS; Ironwood’s financial performance and results, and guidance and expectations related thereto; LINZESS prescription demand growth, LINZESS U.S. net sales, total revenue and adjusted EBITDA in 2026; the planned confirmatory STARS‑2 Phase 3 clinical trial design, endpoints and timing to initiate such trial; and our belief that highly potent, selective, and long-acting pharmacologic properties of apraglutide have the potential to drive best-in-class efficacy and tolerability with once-weekly dosing and redefine the standard of care in SBS-IF. These forward-looking statements speak only as of the date of this press release, and Ironwood undertakes no obligation to update these forward-looking statements. Each forward-looking statement is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statements. Applicable risks and uncertainties include those related to the effectiveness of development and commercialization efforts by us and our partners; preclinical and clinical development, manufacturing and formulation development of linaclotide, apraglutide, and our other product candidates; the risk of uncertainty relating to pricing and reimbursement policies in the U.S., which, if not favorable for our products, could hinder or prevent our products’ commercial success; the risk that clinical programs and studies, including for linaclotide pediatric programs and apraglutide, may not progress or develop as anticipated, including that studies are delayed or discontinued for any reason, such as safety, tolerability, enrollment, manufacturing, economic or other reasons; the risk that findings from our completed nonclinical studies and clinical trials may not be replicated in later trials and earlier-stage clinical trials may not be predictive of the results we may obtain in later-stage clinical trials or of the likelihood of regulatory approval; the risk that apraglutide will not be approved by the FDA or other regulatory agencies; the risk of competition or that new products may emerge that provide different or better alternatives for treatment of the conditions that our products are approved to treat; the risk that healthcare reform and other governmental and private payor initiatives may have an adverse effect upon or prevent our products’ or product candidates’ commercial success; the efficacy, safety and tolerability of linaclotide and our product candidates; the risk that the commercial and therapeutic opportunities for LINZESS, apraglutide or our other product candidates are not as we expect; decisions by regulatory and judicial authorities; the risk we may never get additional patent protection for linaclotide, apraglutide and other product candidates, that patents for linaclotide, apraglutide or other products may not provide adequate protection from competition, or that we are not able to successfully protect such patents; the risk that we are unable to manage our expenses or cash use, or are unable to commercialize our products as expected; the risk that the development of any of our linaclotide pediatric programs and/or apraglutide is not successful or that any of our product candidates does not receive regulatory approval or is not successfully commercialized; outcomes in legal proceedings to protect or enforce the patents relating to our products and product candidates, including abbreviated new drug application litigation; the risk that financial and operating results may differ from our projections; developments in the intellectual property landscape; challenges from and rights of competitors or potential competitors; the risk that our planned investments do not have the anticipated effect on our company revenues; developments in accounting guidance or practice; Ironwood’s or AbbVie’s accounting practices, including reporting and settlement practices as between Ironwood and AbbVie; the risk that our indebtedness could adversely affect our financial condition or restrict our future operations; and the risks listed under the heading “Risk Factors” and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2025, and in our subsequent Securities and Exchange Commission filings. Contacts Company contact: Chris Stamm Vice President, Investor Relations and Communications cstamm@ironwoodpharma.com Investors: Precision AQ Stephanie Ascher Stephanie.Ascher@precisionaq.com