INCY/HALO: HALO INCYtes another ENHANZE Deal

Research evidence excerpt

INCY/HALO: HALO INCYtes another ENHANZE Deal

J P M O R G A N North America Equity Research

20 July 2026

INCY/HALO

HALO INCYtes another ENHANZE Deal

This morning, HALO and INCY announced a global collaboration and license Biotechnology - Large Cap

ACagreement to support the development of subcutaneous formulations of ‘989 Jessica Fye

(mCALR) using the ENHANZE technology. (1-212) 622-4165

jessica.m.fye@jpmorgan.com

For INCY, we view this agreement as a practical, likely low-upfront cost approach Abdul Tahlil

to fully exploring how to optimize delivery/dosing of ‘989, particularly in the (1-212) 270-9644

context of the inbound investor questions we hear about early-stage competition abdul.tahlil@jpmorgan.com

with potentially less-frequent dosing. Based on our most recent conversation with Silvia Luo

INCY, the current formulation and SC bioavailabilty seen in HVs already enables (1-212) 622-0000

them to progress the SC formulation of ‘989 as planned for the 1L MF phase III. silvia.luo@jpmorgan.com

INCY expects the range of doses evaluated (750 – 2500mg IV) to be available as Jose Lora, Ph.D.

SC in CALR patients (work ongoing). The phase IIIs for 2L ET and 2L MF will be (1-212) 270-4831

jose.n.lora@jpmorgan.com

IV.

Adam Ferrari, Ph.D.

From a HALO perspective, another deal in-hand so close to the ENHANZE LOE (1-212) 622-1717

adam.ferrari@jpmorgan.com

reinforces that the company can continue to lock in new deals and derive royalties J.P. Morgan Securities LLC

off of their longstanding, de-risked, legacy technology. Note that the royalty rate

from Incyte was not disclosed in the press release, potentially opening up the

question of whether it differs from recent deals. Among recently announced deals, INCY, INCY US