SEPN - Revisiting model to reflect updated thoughts on pipeline; focus on HP. Reiterate Buy, PT $43 from $35

Research evidence excerpt

SEPN - Revisiting model to reflect updated thoughts on pipeline; focus on HP. Reiterate Buy, PT $43 from $35

et 28.4%

as endogenous PTH replacement therapy to avoid side effects such as hypercalcemia or Price (Jun. 30, 2026) $33.49 overactive bone resorption. Caveat, we are yet to see clinical data.

52-Wk Range $37.34-$10.60

Market Cap ($M) $1,494 SEP-479 Ph1 HV expectations. Based on SEP-786 (1st gen) HV learnings, mgmt has

ADTV 255,354 guided to expect ~1mg/dL increase in serum calcium to show potential therapeutic efficacy

Shares Out (M) 45 based on precedent PTH analogs where starting doses in heatlhy subjects raised calcium

by ~0.5-3 mg/dL; company notes that doses in HVs that increase calcium ~0.5-1 mg/ Short Interest Ratio/% Of Float 9.7%

dL translated to relevant therapeutic pharmacology in HP patients, most likely based off Enterprise Value ($M) $972 Yorvipath. In terms of readout, company expects to provide an update in a few months

Cash & Equivalents ($M) $522 around timing for Ph1 HV readout (currently forecasted for 2H26/1H27) based on SAD data

and expects to report both SAD and MAD data together.

5 Page Document

SEP-479 preclinical differentiation. Mgmt. discussions increased our conviction that

SEP-479 takes a different approach in PTH1R agonism from previous SEP-786 studies with

Reasons for this report a completely different scaffold that enables significantly more potent binding with high oral

bioavailability that potentially supports daily dosing. Preclinical PD studies also support dose

✓ Updating Estimates and PT -dependent increases in serum calcium and decreases in endogenous PTH levels in 7 -day

NHP studies.

Model Update. We updated our model to reflect updated CSU and HP credit. We model