Morning Summary - Jun 08 2026

Research evidence excerpt

Morning Summary - Jun 08 2026

MORNING SUMMARY

June 8, 2026

Media, Internet & Communications Daily: Daily MIC: NHL Stanley Cup Opens with Largest Audience Since 2019; Meta AI Chief

Sees Opportunity in Consumer Health; The Trade Desk’s Investment Strategy Backs AI-Driven Ad Data

Media, Internet & Communications Daily: MIC Ride Home: Meta Considers Equity Raise - FT; Google Signs Compute Deal with

SpaceX; US States Prep Lawsuit to Block PSKY-WBD Deal - Rpt; Disney Sells Out Game 4 NBA Finals Ads

INITIATION OF COVERAGE

BIOTECHNOLOGY Buy

CLYM — A Derisked Dual-Asset B-Cell Pipeline of Anti-CD19 mAb

and Differentiated Anti-APRIL

Initiate at Buy with $35 PT "Sweeper" with Nephrology Emphasis; CLYM $10.55 Price$35.00Target

Yatin Suneja

212 518 9565, yatin.suneja@guggenheimpartners.com Current Q Next Q Current FY Next FY

$0.0 $0.0 $0.0 $0.0Eddie Hickman, Ph.D.

212 518 9904, eddie.hickman@guggenheimpartners.com

Market Cap (M) Metric Mult Curr Yr. Mult Next Yr.

CLICK HERE TO ACCESS THIS REPORT $842 Rev($)M - -

Published on June 8, 2026

Key Message: We are initiating coverage of Climb Bio, Inc. (CLYM) with a Buy rating and $35 PT. CLYM is a clinical-stage company with differentiated,

dual-asset, B-cell-directed programs targeting immune-mediated diseases with a nephrology emphasis. Lead asset budoprutug is a glycoengineered

anti-CD19 mAb delivering deep B-cell depletion via a mechanism clinically validated by AMGN's Uplizna in autoimmune diseases; Phase Ib (n=5) in

primary membranous nephropathy (PMN) produced 60% complete remission, 100% overall remission, and 100% serologic remission, with 75% of patients

maintaining remission for 3 years off immunosuppression and no drug-related SAEs. The asset is advancing in parallel through Phase II PMN (PrisMN),