Cadisegliatin Reaches Higher Altitudes; Increasing Our Price Target to $57

Research evidence excerpt

Cadisegliatin Reaches Higher Altitudes; Increasing Our Price Target to $57

ut. We view cadisegliatin’s profile Q2 - 0.00 -

as potentially well-matched to treat adolescents with T1D, a subgroup where Q3 - 0.00 -

hypoglycemia management remains fragile, and we believe that cadisegliatin’s role

Q4 - 0.00 - is not mutually exclusive with "high science" approaches.

CY REV 0.00 36.84 4.00

■ T1D Adolescents: Notably, pediatric clinicians were particularly enthusiastic,

EPS (GAAP) expressing genuine optimism about cadisegliatin's potential to meaningfully

improve outcomes for adolescent patients who carry a disproportionate CY Dec 2025A 2026E 2027E

burden of unrecognized hypoglycemia. Adolescent T1D is still defined Q1 - 1.94A -

by volatility, creating room for cadisegliatin as a pragmatic adjunct and Q2 - (1.13) -

potential complement to other modalities. Pubertal insulin resistance Q3 - (1.29) -

(growth hormone/IGF-1 driven) and real-world adherence friction remain Q4 - (1.32) -

persistent challenges for the adolescent T1D population, contributing to

CY EPS (3.20) (1.80) (4.18) amplified glycemic variability and unpredictable insulin needs. We believe

that the combination of cadisegliatin’s clinical effects and safety profile Source: FactSet, BTIG Estimates and Company

make it a compelling opportunity for this population. Documents reported as $ currency.

FY = Fiscal Year CY = Calendar Year

■ Metabolic Adjunct: As a metabolic adjunct, cadisegliatin could also

complement emerging curative modalities such as cell therapy, islet

replacement, and gene therapy. Clinical outcomes of these early-stage

approaches may vary due to graft durability and immune constraints,

meaning a subset of patients may achieve improved control without full

insulin independence.