US Pharmaceuticals & Biotechnology: Reading the Yee Leaves" – Smid Bio Fireworks – Here are Some to Watch – COGT, IDYA, JBIO, KOD, MBX, ORKA, TRAX

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US Pharmaceuticals & Biotechnology: Reading the Yee Leaves" – Smid Bio Fireworks – Here are Some to Watch – COGT, IDYA, JBIO, KOD, MBX, ORKA, TRAX

in GIST where we expect bezu to be the new 2L SOC and this could be a $2-3B+ +1-212-713 1139

opportunity with upside too if duration of treatment continues to trend longer (21+ mo Nijat Mammadov, CFA

at last disclosure). There are an estimated ~3K addressable 2L GIST pts — and that Associate Analyst

number could go higher too if duration of therapy continues to trend longer. We think nijat.mammadov@ubs.com

the SM opportunity here is under-appreciated and COGT will be competitive w SNY/ +1-212-821 3089

BPMC Ayvakit supported by depth and breadth of response especially on key secondary

endpoints like bone marrow mast cell clearance — which is potentially understood

better understood by hematologists who we believe are the predominant prescribers of

Ayvakit + this also should help COGT to execute the launch with a targeted sales force.

While we expect there could be a liver monitoring requirement in the label (has

historically been a debate on the drug and stock) we wouldn’t expect this to impact the

launch in a meaningful way especially among a hematologist prescriber base that is used

to regular blood draws, etc.

IDYA: We like IDYA at the current ~$3–4B cap as we believe the stock does not

fully reflect the value of its deep oncology pipeline. The lead program is on track

for NDA submission and approval – co has already pre-submitted components of its NDA

under the Real-Time Oncology Review (RTOR) program and expects to complete the

filing in H2/26, supporting a potential approval by H1/27 for a rare oncology indication

with significant unmet need; we model risk-adjusted peak sales of approximately