AMLX: Our NEW 2026 Guggenheim BEST IDEA — $6B+ US PBH Market Is AMLX's For the Taking, and LUCIDITY (3Q26) Is Just the Beginning; Increasing PT to $40

Research evidence excerpt

AMLX: Our NEW 2026 Guggenheim BEST IDEA — $6B+ US PBH Market Is AMLX's For the Taking, and LUCIDITY (3Q26) Is Just the Beginning; Increasing PT to $40

ctivity in PBH models — we do not view this

asset as a significant threat to our avexitide/AMLX estimates based on the data available

to date. In vitro studies showed CTFX-2034 was selective for SSTR5, and in vivo NHP

PK studies reported a half-life of 10.3 days for CFTX-2034, with PK predictions by

Confo supporting subQ monthly dosing in humans. CFTX-2034 demonstrated a dose-

dependent increase in glucose and decrease in insulin after a glucose challenge in

healthy rats and reversed glyburide-induced hypoglycemia in healthy rats. In these

studies, CTFX-2034 was administered intravenously for the in vivo studies, and doses

were not disclosed. As per our discussion with presenter and CSO of Confo Therapeutics

Dr. Menet, she believes SSTR5 can be a novel mechanism to address PBH. We continue

to believe avexitide is uniquely well-suited to address the pathophysiology of PBH and

deliver a safe and effective treatment while we await further studies with CFTX-2034 to

better understand the product's profile and potential in PBH.

Vogenx (private) previously reported Phase 2 data for SGLT1i mizagliflozin in PBH during •

an oral presentation at ENDO 2025. Our assessment of mizagliflozin's data and prior

conversations with presenter and LUCIDITY investigator Dr. Helen Lawler support our

high confidence that miza will not be a competitive threat to our avexitide estimates. To

our knowledge, further studies of mizagliflozin in PBH, such as a potential Phase 2b study

that was previously targeted to start 2H25, have not been initiated. In our conversation,

Dr.