Roger That: Weekly Updates and Discussions – MANE, AVBP, NRIX, KLRA, UTHR, KYRS

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Roger That: Weekly Updates and Discussions – MANE, AVBP, NRIX, KLRA, UTHR, KYRS

USA | Biotechnology EquityJulyResearch11, 2026

Roger That: Weekly Updates and Discussions —

MANE, AVBP, NRIX, KLRA, UTHR, KYRS

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

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

(female PHL preview), AVBP (CDH17 ADC comp data), NRIX (Mgmt catchup &

setup), KLRA (Ph3 small molecule China data), UTHR (2Q26 EPS preview).

Got right back at it after holiday break. XBI sustained an all-time high, supported by another mega deal +

multiple smaller ones, and partially off-set by a surprising ATTR blow-up, mass media attention on China

biotech threat and likely profit-taking/ sector rotation. War has been on/ off while technical negotiation

continues, but actual market impact is currently dismissive. A three-person shortlist of the next FDA

commissioner candidates has emerged, with each one looking political and/ or industry insider. While

we don't know what will come with new leadership (likely as a team of senior leaders) and for how long,

at least we are no longer reading real-time CRL for the time being. Next week CPI/ early EPS could create

some more volatility to biotech.

Following our detailed preview on MANE imminent Ph2 female PHL readout, we continue to discuss

nuances/ scenarios with investors, given the nature of a small, open-label, non-pbo-controlled dataset,

differences between female and male, and Ph2 to Ph3 translation. We don't see real push-back on the

efficacy/ safety expectations, as investors digest management guidance, historical trial data and real

world practice/ adoption. Regarding the readout timing, we use last Ph3 male precedent of the lead time