2Q Preview: ARWR, CRSP, TVTX, RARE, BCRX, AUPH, VALN, ABE0, KPTI, ADCT

Research evidence excerpt

2Q Preview: ARWR, CRSP, TVTX, RARE, BCRX, AUPH, VALN, ABE0, KPTI, ADCT

argins to improve/normalize toward FY25 levels following . EPS ($0.08) ($0.19)

the 1Q one-offs w/ $33.4M in Ixiaro rev (vs. cons. $29M) and $9.5M for Dukoral (JEF $9.5M vs. cons. Source: JEF ests; FactSet; Visible Alpha

$8.3M).

ABEO: 2Q call timing TBD. Stock is up 32% YTD in-line w/ XBI's 30% move -- as of mid-May ABEO has ABEO 2Q 2026 Estimates ($ in MM except share price)

treated 5 pts since launch, w/ pt #6 in manufacturing and ~6 add’l biopsies were expected in 2Q. JEF est Consensus

Estimates

Flow remains concentrated at Stanford+Lurie, but Colorado/Galveston have pts identified, and biopsy Zevaskyn $12.0 $12.2

requests are expected imminently. Funnel visibility improved to >100 pts across QTC+community R&D $3.8 $3.8

channels, w/ mgmt noting pts may avg ~2 rounds of tx w/ no geographic barrier to date. ABEO has SG&A $19.7 $20.2

activated 6 QTCs, remains on-track for ~7 in 2026, and sees ~9–10 feasible longer-term; steady-state . EPS ($0.18) ($0.23)

~1 pt/mo per QTC is viewed as doable. Manufacturing appears de-risked, w/ every valid commercial Source: JEF ests; FactSet; Visible Alpha

biopsy since last fall’s failure yielding viable graft sheets and ~23–26 days skin-to-skin; capacity is ~6

pts/mo today, ramping toward ~10 by YE26. Reimbursement still varies by plan, but policies cover

~95% of commercial lives, w/ no pt attrition or final payer denials; normalized GtN remains mid-

to upper-teens%. Profitability framework unchanged at ~3 pts/mo, w/ path to monthly profitability pot’ly

starting in June, driven by site ramp/QTC expansion.

KPTI: 2Q call timing TBD. TP53wt EC remains the key catalyst (our preview here), w/ XPORT- KPTI 2Q 2026 Estimates ($ in MM except share price)