US Biopharmaceuticals: 1Q26 Earnings Takeaways/Coverage Updates: CGON, MGTX, EDIT, BTAI, CATX

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US Biopharmaceuticals: 1Q26 Earnings Takeaways/Coverage Updates: CGON, MGTX, EDIT, BTAI, CATX

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US Biopharmaceuticals

1Q26 Earnings Takeaways/Coverage

Updates: CGON, MGTX, EDIT, BTAI, CATX

Price Objective Change

CGON: cohort CX data reinforces widespread value oppty. 15 May 2026

CGON’s initial CORE-008 Cohort CX data look encouraging and broadly supportive of the Equity

thesis that creto can serve as an intravesical therapy backbone in NMIBC beyond United States

monotherapy (see takeaways from our management investor dinner here). The creto + Biopharmaceuticals

gemcitabine regimen showed 3-/6-month HG-EFS of 96.0%/89.5% in the ITT population,

Alec W. Stranahan

85.7% anytime CR in CIS-containing patients, 92.3% anytime CR in efficacy-evaluable Research Analyst

CIS-containing patients, comparable efficacy across concurrent vs. sequential dosing and BofAS +1 646 743 2109

BCG-exposed vs. BCG-unresponsive subgroups, and no grade 3+ TRAEs/deaths. We alec.stranahan@bofa.com

would be careful not to over-interpret given short median follow-up of 6.6 months and a Matthew Guggenbiller

mixed BCG-exposed/BCG-unresponsive population, but the early efficacy compares Research Analyst BofAS

favorably with BOND-003 Cohort C monotherapy in BCG-unresponsive CIS, where +1 646 855 5170

cretostimogene generated a 75.5% anytime CR and 50.7%/42.3% 12-/24-month CR by matthew.guggenbiller@bofa.com

K-M. The data is also numerically favorable vs. TAR-200 (82.4% anytime CR), though we

caveat the study population differences. Overall, we view the readout as a positive early

Abbreviationssignal for combination optionality and TAM expansion, with durability later this year the

AAV: adeno-associated viruskey next question to determine whether adding gemcitabine can meaningfully improve