Roger That: Weekly Updates and Discussions — MANE, SABS, CLDX, IRON, KURA, CRVS

研报英文原文证据摘录

Roger That: Weekly Updates and Discussions — MANE, SABS, CLDX, IRON, KURA, CRVS

USA | Biotechnology EquityJuneResearch18, 2026

Roger That: Weekly Updates and Discussions —

MANE, SABS, CLDX, IRON, KURA, CRVS

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

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

(BOS lunch), SABS (comp approval), CLDX (SCF bsAb Ph1 data), IRON (EHA

updates), KURA (EHA updates), CRVS (mgmt catch-up).

A holiday-shortened week but still quite active for biotech. XBI a big jump, mostly driven by anticipation of

more industry-amenable FDA and continued deals, despite potential rate hikes (vs. cuts) this year. While

approvals will still be data-dependent, recent positive activities suggest FDA will likely be more open for

multifaceted submission package vs. rigid on certain aspects (e.g., RCT data). On that end, REPL is a

clear beneficiary, as they will resubmit imminently with recent FDA agreement.

MANE has been very active on investor outreach, with key focus on near-term female PHL readout (we

estimate in ~July). We agreed that the bars should be lower than male based on historical data and

that female opportunity is still underappreciated in current stock, both boding well for meaningful upside

potential with good chance to beat/ exceed the commercial viable efficacy/ safety profile. With proven

decent translation from Ph2 male to Ph3 male, we believe this Ph2 female data will carry sig weight ahead

of Ph3 readout and likely increase strategic value.

We continued to have recap sessions with investors on ADA/ obesity key takes, and highlight GPCR and

MBX as the clear winners, with the stage set for GPCR to solidify small-molecule GLP-1 2nd leading