Background: Antithymocyte globulin (ATG)-based immunosuppression is standard in front-line treatment for people with severe aplastic anaemia without a histocompatible donor or who are 40 years or older. However, ATG requires in-hospital administration, is associated with infusion-related toxicities and has limited availability worldwide. In this study, we investigated the activity and safety of an ATG-free regimen of eltrombopag with cyclosporin A as a potential treatment for patients with severe aplastic anaemia who might not have access to or cannot tolerate horse-ATG., Methods: SOAR was a multicentre, single-arm phase 2 trial investigating eltrombopag and cyclosporin in adult (≥18 years) patients with severe aplastic anaemia who were treatment-naive and had an Eastern Cooperative Oncology Group performance status of less than 2. Participants were recruited from 20 hospitals in ten countries. Eltrombopag was initiated at 150 mg (100 mg in patients of Asian ethnicity) and cyclosporin at 10 mg/kg per day (adjusted to a trough of 200-400 μg/L) orally from day 1 to 6 months. The primary outcome was an overall haematological response rate by 6 months in the intention-to-treat population. This is the final report of the primary analysis period. The trial was registered with ClinicalTrials.gov, NCT02998645, and has been completed., Findings: 54 patients were enrolled between May 11, 2017, and March 23, 2020. 34 (63%) patients were male and 20 (37%) were female. 22 (41%) were Asian, 22 (41%) were White, one (2%) was Native American or Alaska Native, one (2%) was Black or African American, and eight (15%) were other race or ethnicity. 35 patients (65%) completed 6 months of treatment with eltrombopag and cyclosporin and six (11%) completed the cyclosporin tapering period up to month 24. Overall haematological response rate by month 6 of treatment was 46% (25 of 54; 95% CI 33-60). The most reported adverse events were increased serum bilirubin (in 22 patients [41%]), nausea (16 [30%]), increased alanine aminotransferase concentration (12 [22%]), and diarrhoea (12 [22%]). Eight patients died on-treatment, but no deaths were considered related to the treatment., Interpretation: Eltrombopag and cyclosporin was active as front-line treatment of severe aplastic anaemia, with no unexpected safety concerns. This approach might be beneficial where horse-ATG is not available or not tolerated., Funding: Novartis Pharmaceuticals., Competing Interests: Declaration of interests PS reports receiving consulting fees from AbbVie, Amgen, AstraZeneca, Biocryst, Janssen, Novartis, Pfizer, and Roche; receiving payment or honoraria for lectures, presentations, speakers bureaus, or educational events from AbbVie, Alexion, Bristol Myers Squibb, Janssen, Novartis, and Pfizer; payment or honoraria for participating on data safety monitoring boards or advisory boards for Astellas, Novartis, Pfizer, Roche, and Teva; and support for the present manuscript from Novartis. CF reports receiving consulting fees from Takeda; receiving payment or honoraria for lectures, presentations, speakers bureaus, or educational events from Celgene and Novartis; participating on data safety monitoring boards or advisory boards for Celgene and Novartis; receiving support for the present manuscript from Novartis. CV reports receiving consulting fees from Alexion, Amgen, Celgene, Gilead, Janssen, Jazz, MSD, Novartis, Pfizer, Sanofi, and Sobi; receiving payment or honoraria for lectures, presentations, speakers bureaus, or educational events from Alexion, Amgen, Celgene, Gilead, Janssen, Jazz, MSD, Novartis, Pfizer, Sanofi, and Sobi; receiving support for attending meetings or travel from Gilead, MSD, Sanofi, and Sobi; and participating on data safety monitoring boards or advisory boards for Amgen, Alexion, Gilead, MSD, Novartis, Pfizer, Sanofi, and Sobi. RTC reports receiving consulting fees and payment or honoraria for lectures, presentations, speakers bureaus, or educational events from Novartis and has received support for the present manuscript from Novartis. RPdL reports receiving consulting fees from Alexion, Amgen, Apellis, Biocryst, Novartis, Pfizer, Samsung, and Sobi; receiving payment or honoraria for lectures, presentations, speakers bureaus, or educational events from Alexion, Amgen, Apellis, Novartis, Pfizer, Samsung, and Sobi; participating on data safety monitoring boards or advisory boards for Alexion, Apellis, Novartis, Pfizer, Samsung, and Sobi; and receiving support for the present manuscript from Novartis. UK-K reports holding stock options in Novartis as a former employee (October, 2000, to March, 2022). JH is an employee of Novartis. JC is an employee of Novartis and reports holding stock or stock options in Novartis. EHM-F, LN, MT, and JJ report no competing interests., (Copyright © 2024 Elsevier Ltd. All rights reserved.)