Healthcare: Biotechnology: KOL discussion frames key data from the Alzheimer’s Association International Conference

Research evidence excerpt

Healthcare: Biotechnology: KOL discussion frames key data from the Alzheimer’s Association International Conference

Equity Research

14 July 2026 | 2:33PM EDT

Healthcare: Biotechnology: KOL discussion frames key data from the

Alzheimer’s Association International Conference

We hosted a call with a neurologist attending the Alzheimer’s Association Salveen Richter, CFA

+1(212)934-4204 |

International Conference (AAIC), where the discussion centered on the Phase 2 data salveen.richter@gs.com

Goldman Sachs & Co. LLC

of BIIB/IONS’ tau-targeting antisense oligonucleotide diranersen, which the KOL

Tommie Reerink, CFA

views as encouraging but nuanced, noting: (1) the 26% slowing of decline on the +1(212)357-2470 |

Clinical Dementia Rating - Sum of Boxes (CDR-SB) at the low dose sits on the tommie.reerink@gs.comGoldman Sachs & Co. LLC

threshold for clinical meaningfulness and may have been impacted by the duration, Shrunatra Mishra

small sample size and baseline characteristics (including a lower proportion of +1(332)245-7673shrunatra.mishra@gs.com|

ApoE4 homozygotes and women, alongside lower baseline amyloid PET burden) – Goldman Sachs India SPL

Erdmanfurther, he sees greater benefit on cognitive vs. functional outcomes, though believes Lydia | +1(212)357-6383

both are needed for regulatory and physician receptivity; and (2) the inverse dose lydia.erdman@gs.com Goldman Sachs & Co. LLC

relationship, where greater tau reduction did not translate to superior clinical

Matt Dellatorre, Ph.D.

outcomes, could have been driven by oversuppression of tau (which has an +1(212)855-0830 |

matt.dellatorre@gs.com

important physiologic role) and/or high volume ASO-related reactions (a potential Goldman Sachs & Co. LLC

cause of the greater confusional state at the highest dose).