Biotechnology: SMID-cap 1Q Earnings Wrap-Up: AVIR, BCYC, MNPR, SANA, TCRX

Research evidence excerpt

Biotechnology: SMID-cap 1Q Earnings Wrap-Up: AVIR, BCYC, MNPR, SANA, TCRX

Idea

May 15, 2026 01:25 PM GMT

Morgan Stanley & Co. LLCMBiotechnology | North America Maxwell Skor

Equity Analyst

SMID-cap 1Q Earnings Wrap-Up: Maxwell.Skor@morganstanley.comSelena Zhang +1 212 761-4804

Research Associate

Selena.Zhang1@morganstanley.com +1 212 761-1017

AVIR, BCYC, MNPR, SANA,

Biotechnology

North America

Industry View AttractiveTCRX

Key Takeaways

AVIR remains on track for topline results expected mid-2026 for C-BEYOND.

BCYC recently presented data updates on nuzefatide pevedotin and the EphA2

pipeline at AACR 2026.

MNPR plans to submit an NDA for ALXN1840 in Wilson disease in mid-2026.

SANA continues to expect to file an IND for SC451 and to begin the Ph1 trial as

early as this year.

TCRX expects to share early clinical data on patients treated in Cohort C of the

ALLOHA study in 2Q26, with updated data expected 2H26.

Atea Pharmaceuticals (AVIR, EW, PT $6):(1) For the Hepatitis C Virus program,

Atea's Ph3 C-BEYOND trial (US/Canada) testing bemnifosbuvir (BEM, nucleotide

polymerase inhibitor) and ruzasvir (RZR, NS5A inhibitor) compared to Sofosbuvir-

Velpatasvir (SOF/VEL FDC) fixed-dose combination for the treatment of chronic

hepatitis C virus (NCT06868264, n=>880) topline results are expected mid-2026.

BEM/RZR will be given once-daily for 8 wks (patients without cirrhosis) or 12 wks

(patients with compensated cirrhosis) and SOF/VEL will be given once-daily for 12

wks. Mgt. is also running a second global Ph3 trial (C-FORWARD, n=~880) outside

North America (initiated June 2025) and announced enrollment completion for 95%

of the cirrhotic and non-cirrhotic patients and anticipates enrollment completion

next month as scheduled. Results are expected YE26.