CAL101·Phase 2·AURORA·NCT06736990·Enrollment complete·Topline Q1 2027
Investor and Partner Briefing

Targeting the root causes of inflammation and fibrosis

Calluna Pharma is developing CAL101, a first-in-class humanized IgG4 monoclonal antibody that neutralizes S100A4, the upstream amplifier that locks fibroblasts and macrophages into the self-sustaining loop behind idiopathic pulmonary fibrosis.

161
patients enrolled in AURORA
50+
clinical sites across the US, UK, EU, Turkey and South Korea
0
serious adverse events in Phase 1
Monthly
IV dosing supported by Phase 1 PK
Q1 2027
topline data expected
The problem

IPF is a wound-healing response that never resolves

Idiopathic pulmonary fibrosis is a progressive, fatal scarring disease with no cure. It begins with injury to the alveolar epithelium and becomes a dysregulated repair response that amplifies itself.

Release

Stressed cells release S100A4

Injured or stressed cells release the calcium-binding protein S100A4 into the extracellular space.

Amplify

Fibroblasts and macrophages lock in

S100A4 drives activated fibroblasts to release pro-fibrotic proteins such as collagen. Activated macrophages release more S100A4. The two cell types hold each other in a self-sustaining amplification loop.

Persist

The injury ends. The fibrosis does not.

Collagen accumulates into scar tissue, and the fibrotic response continues even after the initiating injury is no longer present.

Every approved or investigational IPF therapy acts somewhere inside this cascade. None of them removes the amplifier that gives it momentum.
The S100A4 amplification loop

Current treatments fall into two categories

Therapies that broadly suppress fibroblast activity may also affect normal physiological functions, including other cell types in other organs, which limits tolerability. Therapies that target downstream pathways can be constrained by parallel or compensatory pathways, because fibrotic signaling is networked and redundant. Position in the cascade determines what is therapeutically possible.

  • Broad suppression costs tolerability.Shutting down fibroblast activity everywhere reaches cells and organs that are not diseased.
  • Downstream targeting meets redundancy.Block one mediator and the network routes around it.
  • The unexplored quadrant: upstream and disease-specific.S100A4 sits above the redundant network and is active primarily in disease. CAL101 is the first program to target that position.
Mechanism of action

Neutralize the signal before it reaches its receptors

The sequence the animation shows, in order. CAL101 acts at a single upstream step; everything downstream follows from that.

  1. Injury

    Alveolar epithelial injury triggers a dysregulated wound-healing response.

  2. Release

    Stressed and injured cells release S100A4 into the extracellular space.

  3. Amplification

    S100A4 activates fibroblasts and macrophages. Fibroblasts release collagen; macrophages release more S100A4. The loop sustains itself.

  4. Neutralization

    CAL101, a humanized IgG4 monoclonal antibody, binds extracellular S100A4 before it reaches its receptors.

  5. Resolution

    Deprived of the upstream amplifying signal, excessive fibrotic and inflammatory signaling is dampened at an early extracellular step.

Not shut down. Deprived.

The downstream pathways are not shut down. They are deprived of an upstream disease amplifying signal that was driving them beyond their normal function.

Disease-specific by design

Active in disease, quiet in health

Upstream targeting in fibrosis has historically carried toxicity when the target is non-specific. S100A4 is different. Extracellular S100A4 is associated with stress and tissue injury, so it is active primarily in disease, not in normal cellular maintenance. Neutralizing it dampens the amplifier without touching the physiological pathways the body still needs.

Clinical evidence

Phase 1 supported the mechanism. Phase 2 is fully enrolled.

CAL101 has completed Phase 1 and is in a randomized, placebo-controlled Phase 2 study in IPF.

Pipeline

One clinical-stage program, one platform behind it

CAL101 in IPF is the lead. The same upstream-amplifier logic extends to a discovery-stage program against oxidized phospholipids.

ProgramTargetIndicationStageStatus
CAL101S100A4Idiopathic pulmonary fibrosisPhase 2AURORA (NCT06736990) enrollment complete · topline Q1 2027 · FDA Orphan Drug Designation
CAL103OxPLChronic inflammatory indicationsDiscoveryPreclinical

AURORA trial design

A randomized, double-blind, placebo-controlled Phase 2 study of CAL101 in patients with IPF. Participants are randomized 60:40 to CAL101 or placebo, receive monthly intravenous infusions for approximately six months, and may continue their current IPF treatment. Primary endpoint: change from baseline in forced vital capacity (FVC). ClinicalTrials.gov NCT06736990.

Recent milestones

  • Sep 2026ERS Congress 2026, Wells Fargo Healthcare Conference, Stifel Immunology and Inflammation Summit
  • Apr 2026AURORA enrollment complete, 161 patients
  • Dec 2025Gijs van den Brink, MD, PhD, appointed independent director
  • Oct 2025FDA Orphan Drug Designation for CAL101 in IPF
  • Aug 2025AURORA Phase 2 study initiated
  • Oct 2024Phase 1 study of CAL101 completed
Why it matters

Upstream. Disease-specific. First in class.

UPSTREAM

Targets the amplifier, not a component

S100A4 sits above the redundant fibrotic network. Neutralizing it dampens multiple pathways from a single point.

DISEASE-SPECIFIC

Active where tissue is injured

Extracellular S100A4 is a signal of stress and injury, which is what makes upstream targeting tolerable.

FIRST IN CLASS

The only clinical-stage program on this target

CAL101 aims to change the treatment approach for IPF and potentially a broad range of fibrotic and inflammatory disorders.

Watch the science

The S100A4 amplification loop in two minutes

CAL101 is investigational and has not been approved by the FDA or other regulatory authorities.

Interested in CAL101, the AURORA study, or partnership opportunities in fibrotic and inflammatory disease? Calluna would welcome the conversation.

Contact Calluna