ANNX: NDR Recap—Takeaways from Our Investor Meetings with Management; Reiterate Top Pick

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ANNX: NDR Recap—Takeaways from Our Investor Meetings with Management; Reiterate Top Pick

further underpins our 55% POS. Derek Archila

Equity Analyst | Wells Fargo Securities, LLC

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

Vona's TPP highly attractive beyond potential BCVA benefit. If vona wins on BCVA in

Simone Nasroodin, PharmDPh3, we believe it will become SOC in GA and forecast ~$4B in peak sales. Mgmt indicated

Associate Equity Analyst | Wells Fargo Securities, LLC

vona's low-viscosity and 25µL volume is also very user-friendly vs. Syfovre/Izervay. The Simone.Nasroodin@wellsfargo.com | 212-214-6412

low volume offers potential for life-cycle management, or a higher dose version to extend Hao Shen, PhD

dosing regimen to Q2M or Q3M. Further, its clean safety and lack of pegylation should Associate Equity Analyst | Wells Fargo Securities, LLC

allow broad treatment, including patients with GA and wAMD. Hao.Shen@wellsfargo.com | 212-214-8047

Jacob Goell, PhD

Mgmt sounded positive on tanruprubart's FORWARD GBS data and BLA filing. Data are Associate Equity Analyst | Wells Fargo Securities, LLC

expected in early Fall, and commentary suggests they are consistent with the Ph3 from Jacob.Goell@wellsfargo.com | 650-245-0208

a PK/PD and efficacy perspective. Recent FDA interactions have been constructive, and Paloma Suckoo

mgmt is tracking to filing the BLA in the US prior to vona's Ph3. We think emergency use Associate Equity Analyst | Wells Fargo Securities, LLC

requests for tanrupru in the US signal the high unmet need. In the EMA, they are through Paloma.Suckoo@wellsfargo.com | 212-214-3312

Day 120 and inspections are completed, setting up a 1H27 approval.

Thoughts on the stock. Shares are up +20% YTD, trailing the XBI's +28%, and we see