Safety and Efficacy of Oral Etrasimod in Adult Participants With Moderate-to-Severe Alopecia Areata

Key Inclusion Criteria: * Men or women between ≥18 and ≤70 years of age at the time of informed consent * Moderate-to-severe alopecia areata as assessed by a SALT score of ≥25 and \<95 at Screening and Day 1/Baseline. * Current episode of hair loss for ≥6 months but \<5 years * Stable disease condition (no significant growth of hair) in the last 6 months as assessed by the Investigator * Willing to keep the same hair style and color (eg, hair products, process, and timing for hair appointments) for the duration of the study Key Exclusion Criteria: * History of male or female pattern hair loss \>Hamilton stage III or \>Ludwig stage II * Other types of alopecia (eg, cicatricial/scarring alopecia \[including central centrifugal cicatricial alopecia\], traction alopecia, or telogen effluvium) or other diseases that could cause hair loss * Active scalp inflammation, scalp infection, scalp psoriasis, or any other scalp condition that may interfere with the SALT assessment * Previous use of Janus kinase (JAK) inhibitor (oral or topical), including participation in clinical studies of JAK inhibitors