Roger That: Weekly Updates and Discussions — JEF HCC, ASCO, ADA, AD, Obesity

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Roger That: Weekly Updates and Discussions — JEF HCC, ASCO, ADA, AD, Obesity

USA | Biotechnology EquityJuneResearch6, 2026

Roger That: Weekly Updates and Discussions —

JEF HCC, ASCO, ADA, AD, Obesity

We highlight forward-looking updates/ tidbits on our coverage/ key comps and

takes from investor/ Co discussions, with key focus during the week: JEF HC

Conference (~40 SMID Biotech with meaningful updates from NUVL, PTGX,

TGTX, STRO, CABA), ASCO mover/ comp readthrough (AVBP, NUVL, KURA,

STRO, WHWK, PRLD), ADA Preview (GPCR, KLRA, VKTX, WVE, PTGX, MBX), AD

landscape update (NKTR, CRVS, ACRS), Obesity Doc/ Payer/ Pt Surveys (GPCR,

KLRA, VKTX).

Two consecutive weeks on the road, three major conferences, many readouts/ meetings/ events/

dines - now seeing the light at the end of the tunnel back home. ASCO26 was net positive to us,

with our increasing confidence on AVBP Ph3 Exon20 data ~mid'yr, given close comp validated chemo

performance and set beatable HR bar, along with big room to differentiate on safety. NUVL was under-

pressure mostly following Lorla CROWN 7yr update. We had extensive discussions with mgmt and

investors, and believe it was overblown on each of short theses (a lot of good counterarguments are

now public via our fireside chat at conference). STRO TF ADC comp left sufficient space for '004 to

shine and mgmt team continued to be confident about mid'yr Ph1 udpate to support next steps and

generally agreed with our expectatios in this week fresh preview. ~40 b2b fireside chats during our

2-day HC conference effectively tested our physical limit (and we survived), with key highlights from

TGTX reporting meaningfully de-risking Ph1 BA subq CD20 data (still underappreciated by investors at