Q-em. in case you missed it. biotech monthly recap. spring cleaning

Research evidence excerpt

Q-em. in case you missed it. biotech monthly recap. spring cleaning

Biotechnology - Immunology

Genetic Medicines - Market Weight

Immunology - Market Overweight

Q-em. in case you missed it. biotech monthly recap. spring June 17, 2026

cleaning

The Wolfe Byte

We published major catalyst previews with implications for AstraZeneca & Ionis. Thesis updates for VRTX, VERA,

CRNX, APGE & ANAB, along with many debate shifts following clinical data. Thematic & earnings reports, as well

as views on other recent updates.

Upcoming Catalysts

Baby Steps: How many baby steps to achieve good 6MW? Catalyst: Safety aside, base case 22m delta We engineered

a method to predict mosliciguat 6MW data using PVR in PAH, but further adjusting down efficacy due to challenges

with PH-ILD. Stock valuation is stretched, but we still see further upside from CLE NIU PH-ILD

ALNY IONS BBIO: CARDIO-TTRansform stock scenarios (June edition...Psst, might change next month) With the

AstraZeneca CARDIO-TTRansform result in H2, we believe "overall success, combo fail" is most likely. While we argue

for 'long ALNY, long IONS, neutral-short BBIO', prevailing buyside feedback suggests 'long ALNY, tbd IONS, short-

then-long BBIO' (webcast)

Catalyst: ATTR-CM AstraZeneca+Ionis. Combo at 20.3% odds. Good for IONS ALNY. Unclear on BBIO. Cumulatively,

20.3% odds of achieving stat sig on the combo. Low odds of best case scenario, but the overall risk-reward here suggest

the following tactical stock calls for this event (likely Sep-Oct?): long IONS, long ALNY, uncertain-or-short BBIO

Catalyst: Incoming Arrow(head). We think IONS will be hit. Arrowhead Q3 data in acute pancreatitis will be the next

big event to readthrough to Ionis. We see 74% odds of IONS stock down, 26% odds up. A series of catalysts upcoming

on IONS.