Ionis: Tau/Alzheimer’s topline inconclusive, but Ph3 advancement suggests option value

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Ionis: Tau/Alzheimer’s topline inconclusive, but Ph3 advancement suggests option value

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Ionis

Tau/Alzheimer’s topline inconclusive, but

Ph3 advancement suggests option value

Maintain Rating: BUY | PO: 111.00 USD | Price: 75.86 USD

We look to detailed data in July as tau topline inconclusive 14 May 2026

Today, Ionis and partner Biogen (covered by Jason Zemansky) toplined Ph2 results of Equity

diranersen / BIIB080 (tau-targeting ASO) in early Alzheimer’s disease. The press release

Jason M. Gerberry

offers limited data and the optics of missing the primary endpoint on dose response is Research Analyst

mixed. Conversely, Biogen/Ionis advancing the program to pivotal suggest some option BofAS jason.gerberry@bofa.com

value remains. The press release also highlighted reductions in tau pathology (generally

Chi M. Fong

consistent with Ph1b) and a demonstration of slowing clinical decline (on pre-specified Research Analyst

cognitive endpoints) across all studied doses We do not have diranersen forecast broken BofAS chi.fong@bofa.com

out in our model (vs $200m risk-adjusted revenue ascribed in other pipeline). We look to

Dina Ramadane

Ph2 data presentation at the AAIC medical meeting (July 10-15) to better understand the Research Analyst

de-risking value of the Ph2 data and supportive evidence for advancement into Ph3. BofASdina.ramadane@bofa.com

Ionis has offered limited feedback so far pending data presentation, but cautioned us Richard Wagner >>

not to assume inverse dose response even though the lowest dose was called out for its Research Analyst

effect on slowing of clinical decline. We maintain Buy on IONS on upside potential from MLIrichard.wagneriii@bofa.com(UK)

sHTG launch and pipeline catalysts. Melanie Fong

Research Analyst

BofAS

melanie.fong@bofa.com