Mixed BIIB080 Data Keep Tau Thesis Alive

Research evidence excerpt

Mixed BIIB080 Data Keep Tau Thesis Alive

Biotechnology - Neuroscience

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FLASH: DENALI THERAPEUTICS INC. (DNLI) May 14, 2026

Mixed BIIB080 Data Keep Tau Thesis Alive Rating:

Peer PerformWe expect DNLI stock to react positively to the mixed Ph2 CELIA data of Biogen’s Price:

(see Alex note) BIIB080, which has demonstrated promising clinical benefits while $19.80

leaving adequate room for improvement for next-gen Tau products including Price Target:

NADNLI’s DNL628 (1Q earning note). We look forward to Biogen management’s

commentary from today’s sell side meeting and additional data to be presented at Source: FactSet, Wolfe Research

the upcoming AAIC conference, which we will be covering in July. Priced as of 05/13/26

DNL628 could be differentiated with its brain-shuttle enhanced ASO approach,

including IV dosing (vs intrathecal) and potentially more broad/uniform

distribution in the brain. Preclincial data showed uniform ASO biodistribution and

sustained knockdown of target gene expression with IV administration. DNL628

Phase 1b has dosed first patient in March, with data expected in 1H27, focusing on Rudy Li

safety and CSF Tau biomarkers, which should help confirm target engagement and rli@wolferesearch.com (646) 582-9375

inform dose selection for POC studies. View Rudy’s Research

View DNLI Model

While the study failed in the primary endpoint of dose response, Biogen feels View Comp Table

comfortable that the totality of data supports a registrational trial – Tau thesis still

alive. Management previously noted it was not expecting CELIA to hit stats sig given

the small sample size, as expected, but it sounds like the signal observed would be

strong enough to support the Tau thesis. Notably, all studied doses showed slowing