RAS-ing the bar: Initiating at OW

Research evidence excerpt

RAS-ing the bar: Initiating at OW

Biotechnology

Adlai Nortye Ltd. (ANL)

EQUITY RESEARCH Initiating Coverage

June 22, 2026

RAS-ing the bar: Initiating at OW Price: $10.10

Price Target: NA We are initiating coverage of Adlai Nortye Ltd. (ANL) with an Overweight

Rating: Overweight rating.

Key Statistics: ●Adlai has turned its focus to the RAS pathway in metastatic pancreatic Symbol NASDAQ: ANL

52-Week Range 0.88 - 17.25 ductal adenocarcinoma (mPDAC), leading with its Ph1 panRAS (ON)

Market Cap 650.4 inhibitor, AN9025. The stock had a great run YTD, up 700% vs. 10% for

ADV (3 mo) 339,341 XBI (one of the best-performing biotech stocks YTD), but we believe

Shares Out (M) 58.7 shares are worth $28/sh, implying a further ~180% upside.

Research Analysts: We are constructive on Adlai shares because:

Li Watsek

212-915-1221 ●AN9025 is an internally developed panRAS(ON) inhibitor that could

Li.Watsek@cantor.com be a fast follower to RevMed's (RVMD, NC) panRAS inhibitor,

Eric Schmidt daraxonrasib (dara). The panRAS(ON)i mechanism has been de-risked 212-294-7724

Eric.Schmidt@cantor.com in mPDAC by dara's unprecedented survival benefit in 2L+ mPDAC.

AN9025 is a potentially third-in-class panRAS(ON) inhibitor, with a

REV ($M) strong preclinical data package suggesting best-in-class potential.

FYE Dec 2025A 2026E 2027E

1H $0.0 $0.0E $0.0 ●Asymmetric risk/reward. RAS-focused companies like RevMed and

2H $5.0 $0.0E $0.0 Erasca (ERAS, NC) trade at substantially higher valuations (50x and 5x

Year $5.0 $0.0E $0.0 Adlai's market cap, respectively). Erasca is only ~6 months ahead of

EPS Adlai, and has IP liabilities that Adlai may be able to avoid. At a market

FYE Dec 2025A 2026E 2027E cap of ~$730M (reflecting its earlier stage), a positive Ph1 readout in