US Biopharmaceuticals: CELIA introduces questions on the tau approach but limited reads to our coverage

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US Biopharmaceuticals: CELIA introduces questions on the tau approach but limited reads to our coverage

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US Biopharmaceuticals

CELIA introduces questions on the tau

approach but limited reads to our coverage

Industry Overview

CELIA offers limited reads to our coverage 14 July 2026

Today, Biogen/Ionis’s Ph2 (CELIA) update for diranersen in early Alzheimer’s patients Equity

were early and unlikely to prompt any POS unlock for tau-targeting as a therapeutic United States

approach. While the diranersen low dose arm looks directionally comparable to amyloid- Biopharmaceuticals

targeting approaches with potential safety benefits (no ARIA), the dataset leaves several Jason M. Gerberry

unresolved questions, including the inverse-dose response relationship and uncertainty Research Analyst

around whether alternative delivery approaches could improve results. In our coverage, BofAS+1 646 743 0180

Tau is not a value driver for any of the large caps following setbacks for antibody and jason.gerberry@bofa.com

small molecule approaches. Heading into today, we believe the hope was diranersen Chi M. Fong

Research Analyst

showed an intriguing clinical signal that could be further optimized with new BofAS

technologies aimed at directly delivering drug across the blood brain barrier. We make +1 646 855 5264

chi.fong@bofa.com

no changes to our models or POs. Next, we look to ARWR’s Ph1/2 MAPT update in 4Q

Dina Ramadane

(HV safety, target knockdown, functional assessments) to validate the TRiM CNS Research Analyst

platform and next steps whether pursuit entails AD or other tauopathies. We make no BofAS +1 646 556 0492

changes to ratings or POs for our covered companies. dina.ramadane@bofa.com

Richard Wagner >>