Paxalisib's Epigenetic Reprogramming Activity Positions It as a Biology Modulator, Not Another PI3K Inhibitor; Early TNBC Signals Validate the Thesis; Initiate at BUY with a $34 Price Target

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Paxalisib's Epigenetic Reprogramming Activity Positions It as a Biology Modulator, Not Another PI3K Inhibitor; Early TNBC Signals Validate the Thesis; Initiate at BUY with a $34 Price Target

July 1, 2026 Kazia Therapeutics Limited

(KZIA, Buy, $34 PT)

Kambiz Yazdi

Paxalisib's Epigenetic Reprogramming Activity Positions It as a Biology (212) 588-6580 kyazdi@btig.com

Modulator, Not Another PI3K Inhibitor; Early TNBC Signals Validate the Company Data

Thesis; Initiate at BUY with a $34 Price Target Closing Price $14.08

Price Target $34.00BIOTECHNOLOGY WHAT YOU SHOULD KNOW: Kazia Therapeutics is a clinical-stage oncology company Market Cap (M) $160.51

advancing paxalisib, an oral brain-penetrant dual PI3K/mTOR inhibitor in-licensed from

Shares Out (M) 11.40 Genentech in 2016, across TNBC, GBM, and pediatric brain cancers. The Company

is also developing NDL2 (PD-L1 degrader), MSETC (SETDB1 inhibitor), and EVT801 Avg Daily Vol-3 Months (M) 0.23EQUITY (VEGFR3 inhibitor) pipeline assets. We project approximately $500M in peak paxalisib Revisions

sales predominantly in TNBC and initiate at BUY with a $34 price target. Previous Current

■ Paxalisib is not simply a broader PI3K inhibitor, it is a biology modulator with Rating - Buy

a differentiated mechanism. Paxalisib is an oral, once-daily, brain-penetrant pan- Price Target - $34.00

PI3K/mTOR inhibitor that goes beyond kinase inhibition by acting upstream of CY26E EPS - (1.67)

EZH2, disrupting both its epigenetic silencing and inflammatory signaling functionsRESEARCH CY27E EPS - (1.63) simultaneously. This reprograms tumor biology by reducing cancer stem cell CY26E REV - 0.25

populations, reversing invasive cell phenotypes, suppressing pro-inflammatory