US Biopharmaceuticals: What to expect from our coverage universe in 2026—mid-year catalyst tracker

Research evidence excerpt

US Biopharmaceuticals: What to expect from our coverage universe in 2026—mid-year catalyst tracker

without tolerability issues, it should strengthen TPIP’s IPF: idiopathic pulmonary fibrosis

already compelling value proposition, with clear implications for buy-side forecasts. NMIBC: non-muscle invasive bladder cancer

BIIB: Pipeline execution key to re-engagement story OLE: open-label extension

In contrast, we think Biogen faces a higher bar heading into key Alzheimer’s and lupus PAH: pulmonary arterial hypertension

readouts. Following the messy phase 2 topline for anti-tau ASO BIIB080 in Alzheimer’s, SLE: systemic lupus erythematosus

focus now shifts to AAIC (July 12–15), where investors will be looking not only for TPIP: Treprostinil palmitil inhalation powder

evidence of compelling benefit but also for a clear rationale behind the inverse dose

response—particularly after phase 1 appeared to show a more traditional dose-

dependent effect (see our phase 2 CELIA takes). Separately, while litifilimab could

represent Biogen’s next commercial asset, given arguably mixed phase 2 data and an

increasingly competitive SLE landscape, we think litifilimab needs to show clear clinical

differentiation to support confidence in one of the company’s first attempts to branch

out beyond neurology core.

TYRA/ ABOS/ SNDX: High-impact catalysts across SMids

Beyond these, other potentially meaningful 2H catalysts include readouts from Tyra’s

phase 2 SURF302 in NMIBC (Aug), Acumen’s phase 2 ALTITUDE in Alzheimer’s (late ’26),

and Syndax’s phase 2 MAXPIRe topline in IPF (4Q). For Tyra, SURF302 is the first key

test of the dabogratinib thesis: whether its FGFR3 selectivity can preserve efficacy while

limiting the off-target toxicities that have constrained the class. For Acumen, the debate