VRDN - Wherever Lum' May Roam: Tidbits from Lumvoa Approval Call Offer New Layers of Comfort to Launch & Positioning

Research evidence excerpt

VRDN - Wherever Lum' May Roam: Tidbits from Lumvoa Approval Call Offer New Layers of Comfort to Launch & Positioning

an prescribe with the proprietary TR to Target 112.3%

ViridianCares patient hub open for enrollments (which we learned was within hrs of Friday's Price (Jun. 26, 2026) $17.90 approval), and field team actively engaged.

52-Wk Range $33.78-$13.30

Market Cap ($M) $1,933 A broad, favorable label anchors the launch and, in our view, stands as a key

ADTV 2,026,251 differentiator into the competitive setup. Lumvoa is the first approved TED treatment with

Shares Out (M) 108 a label that includes data for both active and chronic disease, carrying a broad indication

statement covering TED regardless of disease activity or duration, and built on the pivotal Short Interest Ratio/% Of Float 17.0%

THRIVE and THRIVE-2 studies. From the call, we keyed in on mgmt’s mention of Tepezza's Enterprise Value ($M) $1,221 Clinical Studies section, which does not include its chronic data, whereas Lumvoa's label

Cash & Equivalents ($M) $762 carries the full active-and-chronic dataset, which mgmt views (and we agree) as a point of

Total Debt ($M) $50 distinction that gives physicians clarity across the full TED spectrum from the get-go. Net net,

we see the breadth of the label, depth of the supporting data, and pull-through of VRDN's

7 Page Document original value prop of reducing treatment and logistical burden as a strong foundation from

which VRDN can drive uptake across the full spectrum of TED patients, and notably in milder

and chronic patients.

Reasons for this report Lumvoa is priced at parity to Tepezza on a course-of-therapy basis, with mgmt on the

✓ Updating Estimates and PT call confirming a ~$450K WAC est. for the 5-infusion course in a typical 75-kg patient.