NVCR: TRIDENT Missed Endpoint—No Change to Outlook

Research evidence excerpt

NVCR: TRIDENT Missed Endpoint—No Change to Outlook

Equity Research

Flash Comment — June 18, 2026

Med Tech - Oncology

Novocure Ltd.

TRIDENT Missed Endpoint—No Change to Outlook Equal Weight

Price Target: $17.00

Ticker NVCR

Our Call Upside/(Downside) to Target 18.3%

Top-line results from TRIDENT showed starting Optune early did not lead to a statistically Price (06/18/2026) $14.37

significant improvement in OS in newly diagnosed GBM patients. No change to our model 52 Week Range $9.82 - 18.92

as we do not expect a material impact to the current GBM business. Market Cap (MM) $1,640

Source: Company Data, Wells Fargo Securities estimates, and Factset.

Initial Thoughts NA = Not Available, NC = No Change, NE = No Estimate

TRIDENT missed primary endpoint of overall survival (OS). In the ITT population, the Larry Biegelsen

study arm that started Optune w/ raditiona + chemo had a median OS of 17.7 months, Equity Analyst | Wells Fargo Securities, LLC

Lawrence.Biegelsen@wellsfargo.com | 212-214-8015

compared to 17.5 months in the arm w/o Optune (p=0.519). While the missed endpoint

was disappointing, mgmt. emphasized that the survival results were similarly durable Lei Huang

over the 1-, 2- and 3-year survival rates. TRIDENT enrolled 981 patients after surgery, Associate Equity Analyst | Wells Fargo Securities, LLC Lei.Huang@wellsfargo.com | 212-214-8039

including those who deteriorate during chemo.

Nathan Treybeck

Equity Analyst | Wells Fargo Securities, LLC

TRIDENT and EF-14 enrolled different patients. Some investors may note that the ~17 Nathan.Treybeck@wellsfargo.com | 212-214-8042

months median OS in TRIDENT is below the 20.9 months in the Optune arm in EF-14. Simran Kaur

We note that the two studies enrolled different patients and thus are not comparable.