Not All CALR Mutations are Equal

Research evidence excerpt

Not All CALR Mutations are Equal

Valuation

8x multiple of 2033/34E ww sales of DMR-001 in ET (discounted annually by 30%) + 8x multiple of 2034/35E ww sales of DMR-001

in MF (discounted annually by 30%).

Company Description

Damora Therapeutics (DMRA) is a Waltham, MA-based clinical-stage biotechnology company developing a portfolio of mutant

calreticulin (mutCALR)-targeted antibodies for myeloproliferative neoplasms (MPNs).

Risks to the Attainment of Our Price Target and Rating:

● The most significant near-term risk to our price target is a disappointing mid-2027 Ph 1 POC readout, specifically failure to

demonstrate meaningful improvement over INCA033989's response rates in non-Type 1 mutCALR patients in ET or MF, or failure to

confirm SC Q4W tolerability and pharmacokinetics at doses sufficient to match INCA033989's IV efficacy benchmark.

● INCA033989's first-mover advantage represents a structural commercial risk. We estimate INCA033989 has 2-3 year head start

over DMR-001. If INCA033989 captures the majority of the addressable mutCALR patient population with durable responses before

DMR-001 enters the market, DMR-001's peak penetration assumptions would be difficult to achieve.

● Clinical development timelines are subject to meaningful execution risk. IND submission delays, manufacturing challenges with the

SC formulation, slower-than-expected Ph 1 enrollment, or regulatory requests for additional IND-enabling data could each push the

POC readout timeline beyond mid-2027, compressing the development timeline relative to INCA033989 and extending the period

before any value-creating clinical data is generated.

● Our price target and estimates could prove conservative if DMR-001 demonstrates near-complete response rates across both Type