The HS market has moved. A visible benchmark has been set — and the rules for every new entrant have changed. IRAK4, IL-1-axis, and oral immunology assets are now converging on the same patient population at the same time, creating a pressure point that most teams haven't fully priced in. Biological plausibility is no longer enough to justify a program. The evidence bar has shifted. The question is no longer whether your mechanism could work, it's whether your asset can prove where it fits, and why clinicians would choose it over what already exists.
So which mechanisms clear the bar, and which are running out of time to prove it?