Sitryx Therapeutics announced that Eli Lilly & Company (Lilly) has commenced a Phase 1 first-in-human study of SIT-011, a post-translational modification modulator program for chronic autoimmune and inflammatory diseases. Under the terms of the agreement with Lilly, Sitryx will receive an undisclosed, double-digit million dollar milestone payment and is also eligible to receive additional development and commercial milestones up to $570 million as well as tiered royalties. Lilly is leading further development and potential commercialization of the Phase 1 immunometabolism-targeting therapy.

Sitryx and Lilly entered into an exclusive global licensing and research collaboration agreement in March 2020, under which Sitryx received an upfront payment of $50 million and Lilly made a $10 million equity investment in the Company. The companies have collaborated on the development of programs exploring potentially first-in-class, small molecule immunometabolism-targeting therapies, including SIT-011 and SIT-047, a one-carbon metabolism program which continues to be progressed by Sitryx, in collaboration with Lilly. Lilly retains its option to exclusively license this second program for future development and commercialization.

Sitryx is eligible to receive up to $1.1 billion in potential development and commercial milestones in addition to tiered royalties for these two lead programs.