Study of ARO-RAGE in Healthy Subjects and Patients With Inflammatory Lung Disease

Inclusion Criteria:

• Normal pulmonary function tests at Screening (NHVs only)

• Confirmed diagnosis of asthma based on source verifiable medical record (asthmapatients only)

• No abnormal finding of clinical relevance at Screening (other than asthma for asthmapatients)

• Stable dose of asthma controller medications prior to Screening (asthma patientsonly)

• If on allergen-specific immunotherapy, participants must be on a stable maintenancedose

• Non-smoking

• Women of childbearing potential must have a negative pregnancy test, cannot bebreastfeeding, and must be willing to use contraception. Males must not donate spermduring the study and for at least 12 weeks following the last dose of study drug

• Willing to provide written informed consent and to comply with study requirements

Exclusion Criteria:

• Acute lower respiratory infection or asthma exacerbation within 30 days prior tofirst dose

• Positive COVID-19 test during Screening window

• Use of immunosuppressive medication within 90 days prior to first dose

• Receipt of any intranasal vaccine within 30 days prior to first dose

• Use of systemic corticosteroid therapy within 90 days prior to first dose

• Clinically significant health concerns (other than asthma in asthma patients)

• Human Immunodeficiency virus (HIV) infection, seropositive for Hepatitis B Virus (HBV), seropositive for Hepatitis C Virus (HCV)

• Uncontrolled hypertension

• Unwilling to limit alcohol consumption to within moderate limits for the duration ofthe study

• Use of illicit drugs

• Use of an investigational agent or device within 30 days prior to first dose

Note: additional inclusion/exclusion criteria may apply per protocol