Faeth Therapeutics (FTH.O): PIKTOR picking up with narrative supporting date expected in 2H: NDR Takeaways

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Faeth Therapeutics (FTH.O): PIKTOR picking up with narrative supporting date expected in 2H: NDR Takeaways

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16 Jul 2026 16:40:06 ET │ 10 pages

Faeth Therapeutics (FTH.O)

PIKTOR picking up with narrative supporting date expected in 2H: NDR

Takeaways

CITI'S TAKE Buy / High Risk

Price (16 Jul 26 16:00) US$25.94 We hosted Faeth Therapeutics in NYC for an NDR as the company recently

Target price US$55.00 completed its reverse merger and is ramping up for data in 2H (FTH-PIK-

201; 2L advanced endometrial cancer) for its lead program, PIKTOR (multi- Expected share price return 112.0%

node inhibitor of the PI3K/AKT/mTOR pathway). Indeed, as we outline in Expected dividend yield 0.0%

our recent initiation (note here), Faeth has a potentially best-in-class, Expected total return 112.0%

orally administered treatment currently in development for both Market Cap US$669M

endometrial (launch 2030e) and breast cancer (launch 2033e). With

competitor Celcuity's Revtorpyk recently approved in breast cancer, we

believe the approval could be advantageous to increasing MOA awareness

and access. That said, we still believe PIKTOR has opportunity to be Geoff Meacham, Ph.D.AC

differentiated as an oral option with a potentially better tolerability profile. +1-404-443-4701

The company is preparing for phase 2 data from the endometrial program geoffrey.meacham@citi.com

which we think could support confidence across both endo and breast Mary Kate Davis

portfolios. Maintain Buy, $55 TP. +1-212-816-9602

mary.kate.davis@citi.com

Endometrial data on deck Jarwei Fang

+1-212-816-5127

We look forward to the upcoming 2H26 readout from the endometrial trial of jarwei.fang@citi.com

PIKTOR, which serves as the next key clinical catalyst for the program. While we