First Read US Pharmaceuticals & Biotechnology: BIIB, DNLI, shuttles: Tau overall remains promising on totality of efficacy on multiple endpoints on all dosing arms

Research evidence excerpt

First Read US Pharmaceuticals & Biotechnology: BIIB, DNLI, shuttles: Tau overall remains promising on totality of efficacy on multiple endpoints on all dosing arms

Global Research

14 July 2026ab

First Read

EquitiesUS Pharmaceuticals & Biotechnology

BIIB, DNLI, shuttles: Tau overall remains Americas

promising on totality of efficacy on multiple Pharmaceuticals

endpoints on all dosing arms MichaelAnalystYee

michael.yee@ubs.com

+1-305-536 9101

Dina ElmonshedBiogen presented full Phase II CELIA data in early Alzheimer's today at AAIC for tau

Analyst

ASO diranersen which showed reduction of tau across all doses and cognitive benefit

dina.elmonshed@ubs.com

that was strongest for the low dose 60 mg Q6M. +1-212-649 8276

Kyle Yang, CFA

5 takeaways as relates to dira's profile but also to Denali and other tau shuttle Associate Analyst

approaches: kyle.yang@ubs.com

+1-212-713 1458

1. All doses have similar large 50-65% tau knockdown and fairly similar PET Matthew Hagood

knockdown and similar CSF knockdown. This confirms target engagement and dira Associate Analyst

is the first drug to show not just slowing of accumulation but reduction in tau pathology matthew.hagood@ubs.com

in the brain but important to note it is not clear that there is a dose response on tau +1-212-713 1107

reduction with dira treatment based on today's data. Madeleine Lee

Associate Analyst

madeleine.lee@ubs.com

2. Efficacy generally consistent: all doses have fairly similar and positive and

+1-212-713 1476

overlapping confidence intervals of positive effects on endpoints including

ADAS-Cog 13, iADRS, MMSE, etc. ADAS-Cog and MMSE are even nominally stat sig too Roy Zawadzki, PhD

Associate Analystfor all doses. Only CDR-SB seems to show more separation of effect sizes but the

roy.zawadzki@ubs.com