JADE101's Ph2 Initiation Highlights CLYM116's Differentiated IgAN Opportunity

Research evidence excerpt

JADE101's Ph2 Initiation Highlights CLYM116's Differentiated IgAN Opportunity

H O T C O M M E N T

M a y 2 6 , 2 0 2 6

Climb Bio, Inc. (CLYM) Overweight

CONCLUSION PRICE: US$11.00

JBIO announced that the first patient was dosed in JADE101's 100-week Ph2 JUNIPER TARGET: US$23.00

study in n=~30 IgAN patients with an interim update ~2027. JADE101 is an anti-APRIL Based on risk-adjusted net present value

with a YTE-mutation enabling extended half-life, whereas CLYM116 represents the only (rNPV) of sales: 1) $8/sh budoprutug in pMN

sweeper anti-APRIL antibody in development, effectively allowing for efficient antibody US; 2) $3/sh budoprutug in pMN EU5; 3) $7/

recycling to facilitate greater target inhibition. Therefore, we believe JADE101 advancing sh CLYM116 in IgAN US; 4) $2/sh CLYM116 in

into Ph2 further validates the utility for the anti-APRIL MoA in IgAN, ultimately providing IgAN EU5; and 5) $3/sh proforma cash

a positive indirect readthrough to CLYM116. Importantly, CLYM is not too far behind Yasmeen Rahimi, Ph.D.

in development where it is crucial to appreciate their Greater China partnership with Sr. Research Analyst, Piper Sandler & Co.

Mabworks (private) which is currently running a CLYM116 (aka MIL116) Ph1/2 trial in n=130 646 819-3586, yasmeen.rahimi@psc.com

HV/IgAN patients. Altogether, we remain bullish on CLYM, especially as we approach Emma Nesson

multiple near-term catalysts (Ph1 HV SAD/MAD safety presentation at ERA June 5th and Research Analyst, Piper Sandler & Co.

PK/PD update mid-2026), providing several opportunities to drive attractive share gains. 212 284-9348, emma.nesson@psc.com

Liam Hiester

• CLYM116 is differentiated from JADE101 as a sweeper anti-APRIL with Ph1 PK/PD Research Analyst, Piper Sandler & Co. 646 656-5259, liam.hiester@psc.com