ABVX - Digesting Part 2 Data Ahead of Regulatory Next Steps, Layers of Confidence Building: Our Mgmt Check-In

Research evidence excerpt

ABVX - Digesting Part 2 Data Ahead of Regulatory Next Steps, Layers of Confidence Building: Our Mgmt Check-In

rom our touch base, we TR to Target 16.3%

come away with a team we see as well-positioned to be opportunistic, with room to move Price (Jun. 30, 2026) $133.26 on pipeline, partnering, or the commercial build from here.

52-Wk Range $145.31-$7.66

Market Cap ($M) $10,528 Safety overhang continues to ease, though investors still seek to understand

ADTV 1,293,257 carcinogenicity risks - and background comps. With the combined maintenance (i.e., Part

Shares Out (M) 79 1 and Part 2) dataset clearing benchmark thresholds, we sense some easing on concerns

of obe's safety profile and malignancy risk. Of note, mgmt has flagged two carcinogenicity Short Interest Ratio/% Of Float 7.2%

studies underway, one 6-mths in duration, and one 2-yrs, with data likely shared at an Enterprise Value ($M) $9,287 upcoming medical conference (ECCO next yr, by our sense, as the first venue); we also

Cash & Equivalents ($M) $1,241 anticipate a publication in a large medical journal (possibly NEJM) covering the facets

Total Debt ($M) $0 of obe's efficacy and safety, in the near future, while UEG in October is still eyed for

fuller ABTECT data given 2 presentation slots. For us, these developments would serve to

6 Page Document address a recurring point of curiosity for investors - largely beneath the surface - in seeking

to understand obe's novel miR-124 MOA and the implications within the disease. We think

these data could serve as proof points that further defuse the signal, and view mgmt's more

Reasons for this report active disclosure cadence here as constructive for shares.

✓ Updating Estimates and PT Strategic opportunities remain on the table, in our view. From our touch base with