ABVX (Best Idea) - NMSC/non-NMSC Incidence Rate Falls Within Expected Background Rate; Efficacy Data Highly Robust; We Expect No Black Box & Approval of Both Doses

Research evidence excerpt

ABVX (Best Idea) - NMSC/non-NMSC Incidence Rate Falls Within Expected Background Rate; Efficacy Data Highly Robust; We Expect No Black Box & Approval of Both Doses

June 30, 2026

Yatin Suneja yatin.suneja@guggenheimpartners.com ABVX (Best Idea) - NMSC/non-NMSC Incidence Rate

212 518 9565 Falls Within Expected Background Rate; Efficacy

Min Lee, Ph.D.

min.lee@guggenheimpartners.com Data Highly Robust; We Expect No Black Box &

212 823 6744 Approval of Both Doses Eddie Hickman, Ph.D.

eddie.hickman@guggenheimpartners.com

212 518 9904 Key Message: Yesterday, ABVX announced a highly anticipated Part Two of the 44-

Delma Caiati, M.D., Ph.D. week maintenance readout that evaluates obefazimod (oral, FIC, miR-124 inducer) in

delma.caiati@guggenheimpartners.com ulcerative colitis (UC). On non-NMSCs: Two non-NMSCs cases (MPN and prostate

617 859 4606 cancer, both 50 mg) were reported in Part Two, both drug-unrelated and attributable to

pre-existing risk factors, resulting in 0.48 event rate per 100 PYs, which falls within the Iris Gao, Ph.D.

iris.gao@guggenheimpartners.com mid-lower range of mgmt guidance of 0.30-0.70 (See details below). On NMSCs: Total

212 518 9013 of four NMSCs (two on 25 mg and two on 50 mg; 2 BCC & 2 SCC) were reported in Part

Two, resulting in 0.95 event rate per 100 PYs, which falls in the mid-lower range of mgmt's

guidance of 0.70-1.40 (See details below). Importantly, the balanced NMSC cases

across both doses suggest there is no dose-dependent impact of obefazimod on

ABVX BUY NMSCs.following Onadditionalefficacy:obefazimod(1) Inductionexposurenon-respondersbeyond 8-weeksshowedandcontinued(2) For improvementpatients who

ABIVAX Société Anonyme relapsed during maintenance, retreatment with 50 mg obefazimod recaptured clinical