US Biotechnology "Corxel oral obesity program advancing after recent Chi..."

Research evidence excerpt

US Biotechnology "Corxel oral obesity program advancing after recent Chi..."

e Analyst

AE rates than the China study and further help affirm an improved AE profile pot'l over roy.zawadzki@ubs.com

Orfo and Wegovy (whereas other Phase II oral agents have actually higher GI AE rates +1-212-713 1139

but investors somewhat are accepting of this because the market is so large and a 10- Anson Dang, PhD

20% share of an oral pie is still big). Associate Analyst

anson.dang@ubs.com

Importantly -- the China study helps significantly de-risk the CX11 tolerability +1-212-649 7544

because of the large China study (mgmt noted the most pts treated in a study on any

oral GLP1 agent other than Foundayo/Wegovy). Importantly the hepatic "liver AE"

profile is clean including no ALT>8-10x and the ALT >3x rates are balanced, there's no

signal, no dose response, and ALT data is similar to Orfo etc. Corxel has also run and

completed significant DILI liver testing (done at their own cost and not required - and

needed if there was a signal or FDA issue) and shows no liver or hepatic safety issues.

The US Phase II study (n=250) is completing now and will have data soon - this is

5 arms and various titrations (and inclusion of a slightly higher 200mg dose vs 120mg

and 160mg used in China) -- and is 36w duration (not 52w like the China study). We

believe given the China data and overall commentary - the US study will likely have

similar efficacy at the 36w timepoint as Orfo and the safety and efficacy data will be this

time in US patients….We believe Corxel is preparing to start Phase III and seeks to be the

next oral GLP1 to market as the target timeline (ie after Foundayo and oral Wegovy

currently on market).

From a strategic standpoint -- Corxel believes they are in a strong position given