1Q26: BBO-8520 + BBO-10203 Combo Study Now Initiated

研报英文原文证据摘录

1Q26: BBO-8520 + BBO-10203 Combo Study Now Initiated

C O M PA N Y N O T E

1 2 M a y 2 0 2 6

BridgeBio Oncology Therapeutics (BBOT) Overweight

CONCLUSION PRICE: US$8.13

This evening, BBOT reported 1Q26 financial results and provided a pipeline update TARGET: US$21.00

across all three clinical stage programs. Most notably, a BBO-8520 (G12Ci) + BBO-10203 Our $21 PT is based on a DCF through 2035E

(PI3K breaker) combo study is now open, with a recent bioRxiv preprint supporting the (15% discount rate) and assumes US/EU future

mechanistic rationale. Additionally, a BBO-10203 + BBO-11818 (pan-KRASi) combo study revenue forecasts for BBO-8520 in 1L KRAS-

is anticipated to initiate later in 2026. Updated data from all three programs continue to be G12C NSCLC (total risk-adjusted sales of

expected in 2H26 and should serve as key catalysts for BBOT shares. Finally, an ASCO $600M) and BBO-10203 in various solid tumors

presentation on LLY's tersolisib (PI3Kαi) may have readthru to '10203. (total risk-adjusted sales of $1.6B).

Biren Amin

• BBO-8520 + BBO-10203 Combo Study Now Open. The BBO-8520 + BBO-10203 Sr. Research Analyst, Piper Sandler & Co.

combo study opened in Apr. '26. A recently published bioRxiv preprint (Parker et 732 284-6909, biren.amin@psc.com

al., bioRxiv, 2026) profiled BBO-8520 vs. sotorasib in KRASG12C NSCLC models, Michael Mazzola, Ph.D.

finding that BBO-8520's more durable ON-state suppression was associated with Research Analyst, Piper Sandler & Co.

212 284-9397, michael.mazzola@psc.com

decreased PI3Kα-AKT activation and that co-disruption of the RAS/PI3Kα interaction

Kailie Briza further enhanced anti-tumor activity, providing mechanistic rationale for the combination. Research Analyst, Piper Sandler & Co.

Updated pembro combination data are expected 2H26.