In Vivo Is In Play: We View the LNP Licensing Deal as Smart and Very Well-Timed; Reiterate BUY

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In Vivo Is In Play: We View the LNP Licensing Deal as Smart and Very Well-Timed; Reiterate BUY

Deal terms - what we know. RNAC retains global rights, likely mitigating any MFN-related risks. WestGene is ultimately due a

single-digit royalty on sales and a backloaded milestone schedule. Importantly, there is no impact to RNAC's cash runway guidance

based on this update.

Descartes-08 looks well-positioned to address prevailing unmet need in gMG. The recent Phase 2b data update showed

sustained clinically meaningful improvements, with an average MG-ADL reduction of 4.8 at 12mo. (vs. 5.5 at 4mo.) and 83%

(10/12) of evaluable patients maintaining clinically meaningful response at 12mo. In three Phase 2a patients who lost response

and required redosing, re-treatment resulted in rapid clinical improvements that translated into sustained minimal symptom

expression out to 2yrs from initial treatment for two of the patients. Based on the Phase 2b results, we think Descartes-08 offers

the possibility of at least ~12mo. dosing intervals, which would represent a meaningful improvement over FcRn antagonistsBIOTECHNOLOGY

(average of ~5 Tx cycles over a median duration of ~1yr in efgartigimod’s Phase 3 OLE [ADAPT+] or chronic Q2W dosing).

In addition, Descartes-08’s safety profile looked consistently clean even over longer time points, with no observations of

hypogammaglobulinemia, increased rates of infection, or ≥Grade 4 AEs. The overall combination of impressive efficacy and safety

as well as durability leads us to believe that Descartes-08 could emerge as the preferred Tx option in gMG. In a recent conversationEQUITY with MG specialist Dr. Howard, he highlighted Descartes-08's safety profile and ability to redose as key differentiators in a chronic