*Slides* Bar Raiser to Address Obesity Unmet Needs - Initiate at Buy; PT $48

Research evidence excerpt

*Slides* Bar Raiser to Address Obesity Unmet Needs - Initiate at Buy; PT $48

Executive Summary

Kailera is entering global obesity space with a strong, diversified portfolio, including main value driver injectable Ribupatide,

currently in three global Ph3 trials/ targeting underserved high BMI population, oral Ribupatide, potentially entering global Ph3 1H27

pending regulatory alignment, KAI-7535 (small molecule GLP-1) initiating global Ph2 and KAI-4729 (triple G) into Ph1. Co is laser

focused on clinical execution to build value in the coming years, while we look to data/ events from China partner Hengrui across

the franchise in the near-term. We initiate at BUY with PT $48.

Bottom line. In an increasingly competitive obesity market, Kailera shines with a complete incretin package to cover all the ‘buzz

words’ – dual MOA/ subq & oral peptide in same molecule/ small molecule GLP-1/ triple G. The franchise builds on solid

collaboration with China Pharma giant Hengrui, who is taking Ribupatide to potential approval in China soon. Data (generated by

Hengrui in China) has been strong, with subq Ribuaptide demonstrating best-in-class efficacy in Ph2 & Ph3 (long) trials, and

impressively balanced efficacy/ tolerability profile with oral ribupatide. Co accelerated development timeline by directly entering

Ph3 global studies (subq Ph3 data ~’28/ potentially oral Ph3 starting 1H27), moving into the leader group in the pipeline. To gain

competitive advantage and maximize share in the crowded market, Kailera is thoughtfully prioritizing subq ribupatide for high

BMI (35+) pts to differentiate, while securing broad label for all BMIs, potentially building brand reputation given high efficacy to

support sustainable business and long-term growth.