2Q Earnings Quick Preview: Pre-Commercial Model Tweaks

Research evidence excerpt

2Q Earnings Quick Preview: Pre-Commercial Model Tweaks

USA | Biotechnology EquityJulyResearch21, 2026

KEY STOCKS FEATURED INCLUDE:2Q Earnings Quick Preview: Pre-Commercial

TICKER RATING PRICE TARGETModel Tweaks

KYMR BUY $150.00

Following up on our 2Q previews for Lg Commercial and Sm Commercial, we're RVMD BUY $225.00

publishing pre-2Q model tweaks for a few of our pre-commercial names (KYMR, EYPT BUY $30.00

RVMD, EYPT, SMMT, ABVX). SMMT HOLD $17.00

ABVX BUY $158.00

KYMR: Impressively quick enrollment into Ph2b BROADEN2 study is de-risking for the readout,

execution capabilities, and stock setup

KYMR announced enrollment completion in late June, 7mos after announcing first patient• KEY CHANGES INCLUDE:

dosed

We see this as de-risking in a few ways: (1) Mgmt continues to execute exceptionally well, TICKER RATING PRICE TARGET•

(2) speed of KT-621 development entrenches its first-to-market status, (3) enrollment speed KYMR BUY $150.00 ($110.00)

underscores investigator/patient confidence (esp notable in a skin dz), and (4) stock setup

RVMD BUY $225.00 ($185.00)

improved w/ reduced catalyst vacuum

We analyzed Ph2 atopic derm studies and find KYMR's to be in the upper decile of recent•

industry-run studies (see Exhibit 1)

PT to $150 (from $110) on increased POS•

Exhibit 1 - KYMR's Ph2b is one of the fastest-enrolling atopic derm studies

List includes Ph2 atopic derm studies with N>100

Drug Sponsor Mechanism / Target NCT ID Trial Name Enrolled (N) Start Date PrimaryTimingEndpoint(wks) ProxyEnrollment− (Primaryendpt wks)ComplCompl CompletionPrimaryDate CompletionStudyDate # Sites StartComplto Est(months)Enrollment (N÷months)Throughput Patients / Site / Month