Our Thoughts on Ph1 ITK AD Data @ SID26: Overall Supportive of Big Oppy

Research evidence excerpt

Our Thoughts on Ph1 ITK AD Data @ SID26: Overall Supportive of Big Oppy

USA | Biotechnology

Corvus EquityMayResearch14, 2026

FLASH NOTEOur Thoughts on Ph1 ITK AD Data @ SID26:

RATING BUYOverall Supportive of Big Oppy

PRICE $13.66^

We virtually attended CRVS' Investor and Analyst event at SID'26. Co reported

off-Tx data for all cohorts in the SQL Ph1 data in AD along w/ biomarker data PRICE TARGET | % TO PT $42.00 | +208%

that help illuminate mechanistic underpinnings for SQL in AD. KOLs at the event, 52W HIGH-LOW $26.95 - $3.38

Dr. Albert Chiou and Dr. Kavita Sarin, also provided commentary on SQL's value FLOAT (%) | ADV MM (USD) 99.8% | 17.59

drivers in a crowded AD space as well as the potential use cases in the evolving MARKET CAP $877.4M

AD landscape. TICKER CRVS ^Prior trading day's closing price unless otherwise

noted.

Bottom line. CRVS' data update at SID'26 was met w/ a negative stock reaction of ~15% today

which we saw as surprising/ unwarranted, and potentially due to high expectations leading into the

data update given SQL's very strong data readout in Jan'26 (NOTE1, NOTE2). We see the sustained

efficacy after 4wk off-Tx to be a further differentiator for SQL in an increasingly crowded AD disease

space, although pbo stabilization was interesting to note. On SQL's biomarker data, we see the data

as directionally promising but we recognize that qualms remain around the level of reduction for

some biomarkers such as TARC and STAT6. Given SQL's MOA, we would not have expected large

reductions in each individual biomarkers, such as STAT6, given that SQL acts further upstream of

the immune cascade to have a breadth of immune effects rather than directly targeting specific

transcription factors or cytokines as many targeted AD Tx are designed to do.