Biotech - KOL Takeaways from our conversation with Dr. Brian Carney: the MF Edition

研报英文原文证据摘录

Biotech - KOL Takeaways from our conversation with Dr. Brian Carney: the MF Edition

Truist Securities

Equity Research Report May 20, 2026

HEALTHCARE

Biotech - KOL Takeaways from our

conversation with Dr. Brian Carney: the Srikripa Devarakonda, Ph.D.

212-303-4173 MF Edition Srikripa.Devarakonda@truist.com

We highlight key takeaways in MF specifically below from our conversation with MPN

expert Dr. Brian Carney (replay here; transcript here) who detailed the shifting treatment

Alexander Xenakis paradigm across MF, ET, and PV. We think investors will appreciate these insights

212-590-0954 ahead of EHA data (6/11-14). In terms of EHA, Dr. Carney highlighted the impressive Alexander.Xenakis@truist.com

early signals for Lilly's (LLY, Buy) AJX-101. Dr. Carney also commented on treatment

sequencing for mCALR across MF, combo use, provided a perspective on disease

Anna Li modifying MOAs (i.e., JAK2V617F) and the competitive landscape for MPNs.

212-326-6090

Anna.Li@truist.com

AJX-101 early MF Ph1 data. Dr. Carney characterized Ph1 results for AJX-101 as

6 Page Document "hugely impressive," noting that the early response data in JAK-refractory MF patients

is superior to what is typically observed with first-line JAK inhibitors; we think the 65%

SVR35 (albeit small sample size n=20) has potential for best-in-class vs current SOC

Reasons for this report ~10-20% SVR35. While its current niche would likely be in the 2L+ setting, Dr. Carney

envisions AJX-101 moving into the 1L, potentially challenging the current ruxolitinib

✓ KOL Feedback Included standard. However, given we expect generic rux to enter the market end of 2028,

we could see market segmentation depending on patient needs and level of access.

Compared to mCALR ('989) however, Dr. Carney would prefer to use mCALR ahead