Sanofi reported mixed Phase 2 outcomes for lunsekimig, a bispecific nanobody targeting TSLP and IL-13. In two respiratory studies, lunsekimig met endpoints: it reduced asthma flare-ups in the Aircules trial and shrank nasal polyps in the Duet study for chronic rhinosinusitis with nasal polyps. In a separate eczema trial, lunsekimig failed to meet its primary endpoint in atopic dermatitis (Velvet), missing a threshold for skin-clearance compared with placebo, though the company said safety and tolerability were generally consistent across the programs. Sanofi said serious adverse events and discontinuation rates were comparable to placebo in both respiratory studies. The company did not report detailed eczema efficacy metrics in the provided summary and indicated it plans to hold data for upcoming medical congresses. For investors and competitors, the read-through is that the asset’s differential biology may show more promise in respiratory inflammation than in atopic dermatitis, where treatment windows are crowded and differentiation is difficult.