Takeaways From Our Management Call

研报英文原文证据摘录

Takeaways From Our Management Call

& Co.

made sense considering Ph2 LOTUS data established abdakibart's great attributes and 646 951-0692, dominic.lorenzi@psc.com

reinforced the utility of IL-1β as a therapeutic target. Further, mgmt discussed how they

Changes Previous Current have had productive engagement with the FDA which allowed for a streamlined path to Rating — Overweight

bring AVTX-010 to the clinic (FIH trials). For reference, AVTX only had to complete an Price Tgt — US$60.00

abbreviated toxicology program with just a few remaining in vitro studies to clear a path FY26E EPS — US$(3.53)

to entering the clinic (IND 1H27). Of course, since AVTX has been preparing to develop FY27E EPS — US$(4.09)

a long-acting therapy it also serves as a smart competitive decision where they are now FY26E Rev (mil) — US$0.0

substantially ahead in development. FY27E Rev (mil) — US$0.0

52-Week High / Low US$24.27 / US$4.46

• Overall, AVTX-010 is a smart move to unlock additional pipeline value with IP and Shares Out (mil) 52.6

indication expansion. Notably, AVTX-010's announcement has broad implications on Market Cap. (mil) US$753.3

AVTX's value proposition which include: 1) demonstrates platform value with multiple Avg Daily Vol (000) 1,575

assets where AVTX-010 has its own IP and may further strengthen AVTX's positioning in Div Yield 0.00%

HS while creating opportunities for expansion into additional indications; 2) streamlined Fiscal Year End Dec

development path with abbreviated non-clinical package allowing for a shortened Price Performance - 1 Year

path to the clinic; 3) long-acting attribute reinforces the durability story where it can

potentially improve convenience, adherence, and overall patient experience; and 4) USD25