U.S. Small & Mid Cap Biotechnology: MASH KOL call takeaways: a rapidly evolving market with segments for multiple successful players

Research evidence excerpt

U.S. Small & Mid Cap Biotechnology: MASH KOL call takeaways: a rapidly evolving market with segments for multiple successful players

Equity Research

U.S. Small & Mid Cap Biotechnology

9 June 2026

MASH KOL call takeaways: a

rapidly evolving market with

U.S. Small & Mid Cap Biotechnologysegments for multiple successful

players U.S.POSITIVESmall & Mid Cap Biotechnology

Eliana Merle, CFA

MASH KOL supportive of Rezdiffra, lanifibranor, and +1 212 526 9445

pemvidutide. He sees lanifibranor as best fit for the eliana.merle@barclays.com BCI, US

MASH/T2D population. He thinks Rezdiffra is likely active in Jasmine Fels, PhD

+1 212 526 0865F4, and baselines will be key to assess potential event rates.

jasmine.fels@barclays.com

BCI, US

We hosted a MASH KOL (Rohit Loomba, MD, chief of gastroenterology & hepatology at UCSD

Tejas Weinwith significant involvement in clinical trials in the space) to discuss MDGL's Rezdiffra launch

+1 212 526 3806

and F4 readout coming in '27 and IVA's Ph3 F2/3 readout coming in 4Q. The physician manages tejas.wein@barclays.com

~500 MASH F2/3 patients. Our key takeaways from the call: BCI, US

•• In the next 5 years in his health system overall, the physician expects ~10x more diagnosed Joseph Han

MASH patients; in his own clinic, he expects ~2-3x. +1 212 526 5692

joseph.han@barclays.com

•• Of the physician's F2/3 patients on treatment, ~50% are on Rezdiffra and ~50% are on Wegovy BCI, US

– he prescribes Wegovy more to those with co-morbid T2D or BMI of 35 or above. Wei Cheng, PhD

+1 212 526 5149

•• The physician noted some new payor restrictions on Wegovy reimbursement, where some wei.cheng@barclays.com

payors are requiring a BMI of 40 or higher. BCI, US

•• He thinks the most important thing for F4 is safety. He thinks Rezdiffra is likely active in F4,