Catalyst Driven Idea: BIIB, ARWR, IONS, and DNLI into Ph2 Alzheimer‘s tau data

Research evidence excerpt

Catalyst Driven Idea: BIIB, ARWR, IONS, and DNLI into Ph2 Alzheimer‘s tau data

Idea

July 8, 2026 08:15 PM GMT

Morgan Stanley & Co. LLCMBiotechnology | North America Terence C Flynn, Ph.D.

Equity Analyst

Catalyst Driven Idea: BIIB, Terence.Flynn@morganstanley.comSean Laaman, Ph.D. +1 212 761-2230

Sean.Laaman@morganstanley.com +1 212 761-4947

ARWR, IONS, and DNLI into Ph2 Michael E Ulz

Mike.Ulz@morganstanley.com +1 212 761-4650

Alzheimer's tau data Connor M Massari

Connor.Massari@morganstanley.com +1 212 761-2417

We expect BIIB to present full Diranersen (anti-tau ASO) Ph2 Chris Yu, J.D., Ph.D.

Alzheimer's data at AAIC 7/14. We look to the presentation for EquityChris.L.Yu@morganstanley.comAnalyst +1 212 761-2535

further details on the profile, which also has lateral implications. Avraham Novick

Research Associate

What and when is the catalyst? Diranersen (BIIB080; anti-tau ASO) is being Avi.Novick@morganstanley.com +1 212 761-2231

Michael H Riad, Ph.D.

studied by BIIB in the Ph2 CELIA trial, an 18-month randomized, double-blind, Research Associate

placebo-controlled dose-ranging study in 416 anti-amyloid-naïve early Alzheimer's Michael.Riad@morganstanley.com +1 212 761-1309

Alexander Yevdokimov, Ph.D.patients, evaluating three intrathecal regimens: 60mg Q6M, 115mg Q6M, and 115mg

Q3M. BIIB will present full data from the Ph2 trial at AAIC on July 14, following Alexander.Yevdokimov@morganstanley.com +1 212 761-2167

topline data in May (see our notes HERE and HERE) that showed the trial did not Hailey Horowitz

meet its primary endpoint assessing dose response for change from baseline on the Hailey.Horowitz@morganstanley.com +1 212 761-5264

Clinical Dementia Rating–Sum of Boxes (CDR-SB) at Week 76 and hence all Damien H Kerner

subsequent analyses are nominal.