U.S. FIRST TO MARKET

Research evidence excerpt

U.S. FIRST TO MARKET

North America Equity Research

U.S. First to Market 08 July 2026

Top Stories

Init | BridgeBio Oncology (Priyanka Grover, Ph.D.) (BBOT, OW, PT $27.00)

Initiating Overweight - Defining the Next KRAS Era: Early Differentiation with ON/OFF Inhibition

We are initiating coverage of BridgeBio Oncology (BBOT) with an Overweight rating and a December 2027 price target

of $27. In our view, BridgeBio Oncology’s differentiated next-generation precision oncology approach targeting the RAS and

PI3Kα pathways creates an attractive early entry point as we await additional early-stage data. We have a positive outlook on

using specific next-generation ON / OFF inhibitors to target mutant KRAS in both on and off states in cancers, which is based

on the validated molecular biology and the evolving competitive race.

Init | Relay Therapeutics (Priyanka Grover, Ph.D.) (RLAY, OW, PT $28.00)

Initiating Overweight; Zovegalisib Sets Up A Multi-Indication Runway With Breast Cancer And

Vascular Anomalies

We are initiating coverage of Relay Therapeutics (RLAY) with an Overweight rating and a December 2027 price target

of $28. We view zovegalisib, a mutant-selective PI3K inhibitor, as a credible multi-indication growth driver for RLAY shares,

especially with the current data in breast cancer and vascular anomalies. Zovegalisib is currently in phase 3 ReDiscover-2 trial

with fulvestrant in HR+/HER2− advanced breast cancer post CDK4/6 inhibitor and is continuing to be evaluated in phase 1/2

ReDiscover trial in combination with atirmociclib and endocrine therapy in primarily later line patients and is designed to support

future development in frontline patients, primarily the phase 3 trial.

Mentions

AFL | Broadcom Inc (Harlan Sur) (AVGO, OW)