Downgrading to Neutral; Taking a Break from the Dance Floor

Research evidence excerpt

Downgrading to Neutral; Taking a Break from the Dance Floor

bo data in 2026. We spoke to management who confirmed they are critically 52-Week High / Low US$28.41 / US$1.25

reviewing their capital allocation and given where they are with the combination of Shares Out (mil) 143.6

vopi + RAS(ON) they decided to take a hard/critical look at their strategy. Moreover, Market Cap. (mil) US$3,663.2

when asked whether they will update the monotherapy dataset this year, they could Avg Daily Vol (000) 3,320

Div Yield 0.00% not confirm.

Fiscal Year End Dec

• Our updated thesis on TNGX: We continue to think PRMT5 + RAS combination in Price Performance - 1 Year

PDAC could be a compelling strategy in MTAPdel patients; however, we have less USD

confidence that vopimetostat is the best PRMT5 inhibitor in the space following mgmt's 30

swift pivot away from the previously disclosed monotherapy strategy and lack of clarity 25

around when the early, immature monotherapy data might be updated. And while we

agree that the 1L combo strategy is a more compelling opportunity for TNGX, given post- 20

data disclosure questions raised about (1) which patients were included, (2) potentially 15

worse ORR vs BMY's navlimetostat in PDAC, and (3) overall immature durability data, 10

we were looking for a cleaner answer in 2026 as to why vopi + darax/zoldon (RVMD) 5

makes for the best PRMT5 + RAS(ON) combination. At $3.6B MCap, we think the current

valuation already reflects a promising early signal for the vopi combination, and with May-250 Jul-25 Sep-25 Nov-25 Jan-26 Mar-26 May-26

likely limited follow-up given first patient dosed in late June 2025, we think the early

Source: Bloomberg

durability data is unlikely to be defintiive enough for us to justify incremental buying here.