2Q Earnings Quick Preview: Sm Commercial (PTCT SNDX VSTM IMCR)

Research evidence excerpt

2Q Earnings Quick Preview: Sm Commercial (PTCT SNDX VSTM IMCR)

USA | Biotechnology EquityJulyResearch14, 2026

KEY STOCKS FEATURED INCLUDE:2Q Earnings Quick Preview: Sm Commercial

TICKER RATING PRICE TARGET(PTCT SNDX VSTM IMCR)

PTCT BUY $100.00

Among our smaller-cap commercial biotechs (PTCT, SNDX, VSTM, IMCR) we're SNDX BUY $37.00

most closely watching PTCT earnings, which we con't to like for the Sephience VSTM BUY $8.00

growth trajectory, increasing earnings power, and optionality on pipeline + BD. IMCR HOLD $34.00

We still like SNDX but think post-SCT maintenance build will reflect in revs more

in 2H26. For our larger-cap commercial preview (ALNY ASND INSM INCY ONC)

see note and Zoom replay.

KEY CHANGES INCLUDE:

Exhibit 1 - Key Prints We're Watching TICKER RATING PRICE TARGET

Khurshid Biotech Coverage: Key Drugs Watch (Sm Commercial)

Company Drug Consensus 2Q JEFe 2Q % Diff Notes Consensus FY26 JEFe FY26 % Diff PTCT BUY $100.00 ($85.00)

IMCR Kimmtrak $ 111 $ 110 0% Growth plateau expected $ 449 $ 448 0%

PTCT Sephience $ 144 $ 145 1% Startmodelformsuggestsconversionstrong 2H $ 602 $ 634 5%

SNDX Revuforj $ 59 $ 60 0% MaintenanceKMT2A + NPM1oppystartsin key $ 255 $ 279 10%

VSTM CO-PACK $ 23 $ 23 2% Mgmtconf worthcommentsnoting at JEF $ 101 $ 101 0%.

Source: Jefferies Research

PTCT: Our upgrade call has played out nicely, and we think

there's still room to go. For Sephience, we're in-line at $145M

based on our start form conversion model

We're not aware of a higher buyside whisper (unlike last qtr where buyside expectations were•

well ahead of cons)

The pt build model we published w/ our upgrade tries to reconcile w/ co-reported •

metrics and forecasts fwd >> this put us in-line at 2Q and above for 3Q/4Q