ISTH'26 Takes: HMB-002 VWD Data Shows Early Encouraging Bleed Reductions

研报英文原文证据摘录

ISTH'26 Takes: HMB-002 VWD Data Shows Early Encouraging Bleed Reductions

USA | Biotechnology

Hemab Therapeutics EquityJulyResearch12, 2026

FLASH NOTEISTH'26 Takes: HMB-002 VWD Data Shows Early

RATING BUYEncouraging Bleed Reductions

PRICE $38.03^

COAG's updated HMB-002 data in VWD pts showed a dose-linear PK/PD

translation from cohort A2 (50mg) to newly disclosed cohort A3 (150mg), PRICE TARGET | % TO PT $39.00 | +3%

and notably an early bleed-reduction signal from SAD phase. MAD dosing is 52W HIGH-LOW $38.87 - $23.00

underway w/ efficacy data expected late'26/early'27. We caught up w/ mgmt FLOAT (%) | ADV MM (USD) 71.2% | 10.98

@ISTH for add'l perspectives. Tomorrow, competitor INCY (Star) is expected to MARKET CAP $1.8B

disclose add'l ph.II data from their VWD asset VGA039. TICKER COAG ^Prior trading day's closing price unless otherwise

noted.

Notable update was prelim 'clinical observations' w/ mean ATBR dropping from baseline 20.1

(n=10) to 1.6 (n=9) in the 28 days post-dose SAD cohorts. 8/9 evaluable Type 1 VWD pts had

zero treated bleeds. SAD cohorts were not designed for efficacy assessments, but early proof-

of-mechanism signal is very encouraging setting the stage for next major efficacy and safety

update expected @ASH'27/EAHAD'27 as the MAD cohorts accrue exposure. Bleed diaries were

prospectively collected before HMB-002 dosing via COAG's VELORA Discover NHS (up to ~5.5

months of run-in).

Higher 150mg dose showed greater and more sustained PD responses w/ ≥2.4-fold VWF antigen

and FVIII activity (prior cohort A2 @50mg showed >1.5-fold, which was already therapeutically

relevant change in VWF and FVIII). Peak thrombin generation restored to the normal reference

range (29.0–172.7nM) across all 3 cohorts w/ stable multimer distribution; APTT also shortened