DMRA: Takeaways from the Road: Mgmt Confident '001's Properties and CALR Space Learnings Support High Oppty

Research evidence excerpt

DMRA: Takeaways from the Road: Mgmt Confident '001's Properties and CALR Space Learnings Support High Oppty

RBC Capital Markets, LLC

Brian Abrahams, M.D. (Head of Global Healthcare Research)

(212) 858-7066, brian.abrahams@rbc.com

Kevin Meli, Ph.D. (Senior Associate)

(212) 548-3110, kevin.meli@rbccm.com

Nevin Varghese, Ph.D. (Analyst)

(212) 301-1609, nevin.varghese@rbccm.com

June 30, 2026

Damora Therapeutics, Inc. Outperform

Speculative RiskRESEARCH Takeaways from the Road: Mgmt Confident '001's NASDAQ: DMRA; USD 24.21

Properties and CALR Space Learnings Support High Price Target USD 40.00

Oppty Scenario Analysis*

Our view: We hosted DMRA mgmt on the road, touching on recent Downside Current Price Upside

EHA data, '001's potential clinical development path and opportunities Scenario Price Target Scenario

to improve study design to enable faster PoC, and follow-on antibody 10.00 24.21 40.00 65.00

approaches. We came away believing that mgmt is taking a thoughtful 59% 65% 168%EQUITY approach to developing '001, capitalizing on the path INCY is blazing while *Implied Total Returns

astutely improving upon key study features that could optimize timelines Key Statistics

and dataset quality. The story is still early, but we believe is much more de- Shares O/S (MM): 60.3 Market Cap (MM): 1,460

risked than other preclinical programs given the validation of both targeting Dividend: 0.00 Yield: 0.0%

mCALR with an antibody and PK enhancement from YTE, and believe add'l Avg. Daily Volume: 692,296

clarity from INCY on '989's data and regulatory path and a timeline/scope RBC Estimates

update early-'27 should set the stage for a potential de-risking inflection FY Dec 2025A 2026E 2027E 2028E

with mid-'27 ET/MF data. We would continue to be buyers ahead of that.