Roger That: Weekly Updates and Discussions — MANE, AVBP, TGTX, ORKA, NRIX, REPL

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Roger That: Weekly Updates and Discussions — MANE, AVBP, TGTX, ORKA, NRIX, REPL

USA | Biotechnology EquityJuneResearch27, 2026

Roger That: Weekly Updates and Discussions —

MANE, AVBP, TGTX, ORKA, NRIX, REPL

We highlight forward-looking updates/ tidbits on our coverage/ key comps

and takes from investor/ Co discussions, with key focus during the week:

MANE (female PHL bars/ oppy), AVBP (CDH17 ADC comp data), TGTX (subq

model update), ORKA (long-acting comp readthrough), NRIX (STAT6 comp

readthrough), REPL (BLA resubmission acceptance).

Quite a week into supposedly quiet pre-holiday weeks. XBI reached all-time high since 2021 peak, and

continued to rise, likely supported by highly active M&A/capital market, healthy SMID catalyst hit rate,

increasingly amenable FDA, and R2K rebalance. On macro side, AI trade + rotation out of big tech could

help fund flow, and peace deal negotiation progressing takes crude back to pre-conflict levels, balanced

by potential rate hike upon CPI.

MANE is anticipating imminent Ph2 female PHL data, as mgmt has been on the road with investors.

With many inbound, the bars appeared widely accepted to be slightly lower than male, while drug

could still work quite well, with caveats of small N and open label of Ph2. Female market opportunity

is still underappreciated, at least comparable to male, as females more actively seek/use Tx despite

smaller epi.

CHD17 could be one next big ADC target, and ESMO-GI comp data showed very clean safety and

promising efficacy, boding well for AVBP's early pipeline, which should report FIH data in '26/ '27,

and is not current value, so a good call option, as the key focus remains upcoming Ph3 Exon20 data.

REPL got a new near-term PDUFA date following peers' recent regulatory about-face re-submission