ASND, BBIO, INCY, RYTM, SEPN, VRDN — Key Takeaways + Physician Checks from ENDO 2026

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ASND, BBIO, INCY, RYTM, SEPN, VRDN — Key Takeaways + Physician Checks from ENDO 2026

Equity Research

Multi Company Update — June 17, 2026

Biotechnology

ASND, BBIO, INCY, RYTM, SEPN, VRDN — Key

Takeaways + Physician Checks from ENDO

Our Call Derek Archila

We attended the ENDO mtg June 13-16 where we came away increasingly bullish on Equity Analyst | Wells Fargo Securities, LLC

Derek.Archila@wellsfargo.com | 617-603-4353

RYTM's IMCIVREE Ph2 PWS data and early HO launch trajectory, with KOL checks

Simone Nasroodin, PharmDsuggesting differentiated efficacy + stronger-than-appreciated commercial uptake

Associate Equity Analyst | Wells Fargo Securities, LLC

potential. Simone.Nasroodin@wellsfargo.com | 212-214-6412

Hao Shen, PhD

Real-world experience sets a low bar in PWS. Docs outside specialized centers do not Associate Equity Analyst | Wells Fargo Securities, LLC

prescribe VYKAT due to AE concerns and the only modest hyperphagia benefit, leaving Hao.Shen@wellsfargo.com | 212-214-8047

room for IMCIVREE. KOLs view IMCIVREE as the primary efficacy backbone in future Jacob Goell, PhD

combo regimens for pts on sub-therapuetic VYKAT with minimal weight loss. Beyond Associate Equity Analyst | Wells Fargo Securities, LLC

weight, docs highlighted fat loss with lean mass preservation, reductions in antipsychotic Jacob.Goell@wellsfargo.com | 650-245-0208

use and improvements in mood and physical activity as key differentiators. Paloma Suckoo

Paloma.Suckoo@wellsfargo.com | 212-214-3312

Potential IMCIVREE PWS Ph3 design & expectations. KOLs favor stratifying by VYKAT

exposure and continuing DEXA use to separate fluid shifts from fat loss, with edema likely

normalizing during a 1yr study. One KOL favors separate trials, assigning a 95% and 70%