Biotech: IBD KOL Maintains ABVX's Obefazimod as a Strong Contender to Slot Into a Competitive & Evolving Landscape

Research evidence excerpt

Biotech: IBD KOL Maintains ABVX's Obefazimod as a Strong Contender to Slot Into a Competitive & Evolving Landscape

Truist Securities

Equity Research Report June 16, 2026

HEALTHCARE: Biotechnology

Biotech: IBD KOL Maintains ABVX's

Obefazimod as a Strong Contender to Slot Gregory Renza, M.D.

212-419-4617 Into a Competitive & Evolving Landscape Gregory.Renza@truist.com

Yesterday, we hosted a NYC-based, academic inflammatory bowel disease

(IBD) specialist for a discussion on the landscape and Abivax's (ABVX, Buy)

Anish Nikhanj, Ph.D. obefazimod (obe'). We came away incrementally more constructive - our KOL

212-326-3106 frames obe' as an oral with differentiated, infection-light tolerability and best-in-class Anish.Nikhanj@truist.com

endoscopic remission potential in the refractory UC pool, with Rinvoq a benchmark,

and views the malignancy signal seen in the Part 1 maintenance data as a largely

Supawat Thongthip, Ph.D. coincidental cluster rather than a mechanistic trend, unlikely to gate perception or

212-401-4429 approval. To us, these views bode well for obe', ahead of new data, late-4Q UC NDA, Supawat.Thongthip@truist.com

& a dynamic IBD landscape.

5 Page Document

Please contact us or your Truist Securities sales representative for a replay of

our IBD KOL call.

Reasons for this report We hosted a NYC-based IBD specialist for an investor call, to discuss the evolving

✓ Truist Securities Hosted Event Takeaways therapeutic landscape and ABVX's potential positioning. Our KOL is an academic

IBD specialist managing ~800 unique IBD pts (~50/50 ulcerative colitis [UC]/ Crohn's ✓ KOL Feedback Included

disease [CD]), with ~95% on an advanced biologic or small mol and the majority at

3L/4L+. Our KOL has published widely in IBD and oncology, lending weight to his