SYRE (Top Pick) - Previewing SKYWAY-RA Study: TL1A in Rheumatic Diseases, Treatment Landscape, and Our Scenario Analysis — RA Presents a Nice Optionality

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SYRE (Top Pick) - Previewing SKYWAY-RA Study: TL1A in Rheumatic Diseases, Treatment Landscape, and Our Scenario Analysis — RA Presents a Nice Optionality

Biotechnology July 24, 2026

Yatin Suneja

yatin.suneja@guggenheimpartners.com SYRE (Top Pick) - Previewing SKYWAY-RA Study: TL1A in Rheumatic

212 518 9565 Diseases, Treatment Landscape, and Our Scenario Analysis — RA Presents a Min Lee, Ph.D.

min.lee@guggenheimpartners.com Nice Optionality

212 823 6744

Iris Gao, Ph.D. Key Message: Ahead of SYRE's SKYWAY-RD Rheumatoid Arthritis (RA) substudy readout in 3Q26, we would like to align the Street in iris.gao@guggenheimpartners.com

212 518 9013 terms of our expectation for SPY072 (longer-acting anti-TL1A mAb). In this piece, we are primarily focused on the TL1A space. Outside

of IBD, we believe this RA readout is a key value-creating inflection for the company. Recall that the company recently announced the

Eddie Hickman, Ph.D. acceleration of the topline readout for SPY072's RA substudy from the ongoing SKYWAY-RD (n~140) study to 3Q26 (from 4Q26). We

eddie.hickman@guggenheimpartners.com think that this rapid recruitment pace underscores a robust demand for next-gen biologics (i.e., anti-TL1As), that offer superior safety, 212 518 9904

convenience, and efficacy profiles, particularly in the TNF-experienced setting (see note HERE). Our base case assumes SPY072

Delma Caiati, M.D., Ph.D. achieves on-par efficacy with currently approved RA drugs (pbo-adjusted ~Δ20% ACR50 at 12 weeks). Given the preclinical & genetic

delma.caiati@guggenheimpartners.com validation of anti-TL1A targeting in RA, coupled with a robust efficacy precedent in IBD across both bio-naïve & bio-experienced patients