Almirall Advances LAD603 Phase 2 Alopecia Trial, Adding Optionality to Its Dermatology Pipeline

Almirall SA (GB:0O9B) announced an update on their ongoing clinical study.

Study Overview: Almirall S.A. is running a phase 2 trial called “A Phase 2, Randomized, Placebo-controlled, Double-blind Clinical Study to Evaluate Efficacy and Safety of LAD603 in Adult Subjects With Severe to Very Severe Alopecia Areata.” The goal is to see how well its new drug LAD603 can regrow hair in adults with serious alopecia areata, while also checking safety and how the drug behaves in the body. This matters because alopecia areata is a visible and emotionally heavy condition with limited treatment choices, and success here could give Almirall a new growth driver in medical dermatology.

Intervention/Treatment: The study tests LAD603, an injectable drug given under the skin, against a matching placebo injection. Participants receive one of three dose levels of LAD603 or placebo over 28 weeks. The aim is to find out which dose gives the best balance of hair regrowth and safety, and whether the drug can offer a clear benefit over no active treatment.

Study Design: This is an interventional study where participants are randomly assigned to LAD603 or placebo, in parallel groups that are treated at the same time. Both patients and investigators are blinded, meaning no one knows who is on active drug or placebo, which reduces bias. The study’s main purpose is treatment: to prove that LAD603 works better than placebo for severe alopecia areata while keeping side effects acceptable.

Study Timeline: The trial was first submitted on 29 December 2025, marking the formal start of its regulatory path and public disclosure. The same date is listed as the latest update so far, showing the protocol and status were recently refreshed and the study is now recruiting. Primary completion and final completion dates are not yet posted, but investors should assume readouts will follow typical phase 2 timelines, often 18–30 months after start, depending on enrollment speed.

Market Implications: For Almirall (GB:0O9B), this phase 2 start in alopecia areata expands its dermatology pipeline into a high-visibility, consumer-facing disease, which can support a “growth and innovation” equity story. Near term, the news is sentiment‑driven: confirmation that the trial is recruiting and recently updated may support investor confidence in R&D execution but is unlikely to move earnings. Longer term, positive phase 2 results would position Almirall against other players in immune‑driven hair loss, including companies advancing JAK inhibitors and biologics, and could justify a re‑rating if investors see LAD603 as differentiated on efficacy, dosing ease, or safety. Conversely, setbacks or delays would likely weigh on the stock given the market’s focus on pipeline diversification in dermatology. Overall, this update signals active progress in a competitive but attractive niche and is a key data point for investors tracking Almirall’s medium‑term growth options.

The study is currently ongoing and actively updated, with further details available on the ClinicalTrials.gov portal.

To learn more about GB:0O9B’s potential, visit the Almirall SA drug pipeline page.