Initiating At OP With $17 PT; Developing A Better Anti-VEGF, And They Know How

Research evidence excerpt

Initiating At OP With $17 PT; Developing A Better Anti-VEGF, And They Know How

Investment Overview

We believe that KLRS deserves significantly higher valuation with TH103 targeting the well-established VEGF pathway

for the treatment of neovascular retinal disorders, and designed by the true expert to have a differentiated binding

profile to achieve improved efficacy and durability, thereby addressing the largest unmet medical need in several

million patients that require active therapy but cannot achieve optimal outcomes. Data from the Phase 1a study have

demonstrated promising efficacy and durability after a single dose, and KLRS is conducting a multiple ascending dose

Phase 1b/2 study to identify the Phase 3 dose and regimen for the program to move forward quickly. The combined

size of the branded anti-VEGF market has exceeded $15B and continued growth is expected. We believe that TH103

should have the potential to be a strong competitor, and a small fraction of the wet AMD market alone, without

including any additional indications that are eligible for anti-VEGF therapy as well, could support significant upside

for KLRS.

Bear Case Base Case Bull Case

● ● ● TH103 fails to receive FDA and We estimate TH103 to have a TH103 demonstrates superior

EMA approvals for wet AMD 30% probability of success in efficacy to support a higher

● U.S. and EU market entries are receiving FDA approval by YE31 probability of success to enter the

delayed, and/or TH103 fails to for wet AMD to enter the U.S. U.S. market earlier than 2032

● gain the market share that we market in 2032 TH103 achieves higher market

● have projected We project 5% market penetration than we have

penetration in U.S. wet AMD projected

patients in 2035

Upcoming Catalysts Primary Value Driver