Biotech - KOL Takeaways from our conversation on MASH with Dr. Joseph Lim

Research evidence excerpt

Biotech - KOL Takeaways from our conversation on MASH with Dr. Joseph Lim

Truist Securities

Equity Research Report June 29, 2026

HEALTHCARE

Biotech - KOL Takeaways from our

conversation on MASH with Dr. Joseph Srikripa Devarakonda, Ph.D.

212-303-4173 Lim Srikripa.Devarakonda@truist.com

We highlight key takeaways from our call with MASH expert Dr. Joseph Lim, Professor

of Medicine, the Director of Clinical Hepatology, and the Vice-Chief of the Digestive

Alexander Xenakis Diseases Section at the Yale Liver Center at Yale University. Key takeaways include: 1)

212-590-0954 Positive experience with Rezdiffra highlighting its convenience and safety; 2) Believes Alexander.Xenakis@truist.com

tx in development (FGF21's) may yield strong efficacy; 3) oral admin / convenience

is important for chronic mgmt; 4) Believes future treatment could be split into "step-

Anna Li up" versus "top-down + maintenance" tx paradigms; 5) Believes that double-and triple-

212-326-6090 incretin agonists will likely be prioritized over current single-target incretins. Anna.Li@truist.com

7 Page Document Takeaways from Dr. Lim as related to names in our coverage:

Madrigal Pharma (MDGL, Buy). Approximately 80% of patients achieve some degree

Reasons for this report of benefit for Rezdiffra, which remains choice therapy due to its efficacy but also its safety profile and convenience (daily oral administration), which Dr. Lim believes

✓ KOL Feedback Included it very important for his MASH patients. Dr. Lim believes that approval in MASH

F4 would substantially increase Rezdiffra usage given it would be the first and only

MASH F4-approved therapy and its highly favorable safety/convenience would support

widespread use.

Inventiva (IVA, Buy). Dr. Lim believes that while current data suggest lanifibranor's