Morning Comment Germany-07/15/2026

Research evidence excerpt

Morning Comment Germany-07/15/2026

Morning Comment Germany

15 JUL 2026

Today’s research focus: Heidelberg Pharma

• Heidelberg Pharma – Buy, TP EUR 8 (sponsored research): Heidelberg Pharma published its H1 2026 report this morning. H1 2026

financials came in as expected and FY 2026 financial guidance was confirmed. Its lead clinical asset HDP-101 (pamlectabart tismanitin)

is making good progress:the phase I/IIa clinical trial for the treatment of relapsed or refractory multiple myeloma is progressing as planned.

A total of 16 patients is currently included and the goal is to complete patient enrolment in Q3 or Q4 2026. The press release does not

indicate any safety signals observed so far, which we interpret as positive. More clinical details are expected to be presented at the

International Myeloma Society (IMS) conference, which will be held from 23-26 September 2026 in Glasgow. Link to report

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