Hemab Therapeutics Holdings (COAG): Takeaways from Our Virtual Meeting w/ Mgmt on ISTH, Pipeline Updates, and Key Debates

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Hemab Therapeutics Holdings (COAG): Takeaways from Our Virtual Meeting w/ Mgmt on ISTH, Pipeline Updates, and Key Debates

Goldman Sachs Hemab Therapeutics Holdings (COAG)

Additional takeaways

n COAG is well positioned to go all the way to commercialization in the

concentrated bleeding disorders market. Mgmt notes that the bleeding disorders

market is highly concentrated, with ~140 hemophilia treatment centers in US caring

for most bleeding disorder populations. Given the importance of community

relationships, reputation, and innovation in this field, mgmt believes COAG is well

positioned across these dimensions.

n ~10K addressable GT and FVIID patients worldwide, with Hemlibra-like pricing

potential. Mgmt estimates ~10K addressable GT and FVIID patients across the US,

EU, GCC, Japan, and a small portion of the rest of the world. In the US. and GCC

alone, COAG estimates ~3K patients, split roughly evenly between GT and FVIID.

Mgmt mentioned that pricing could be comparable to Hemlibra’s.

n Key risk mitigations in place for sutacimig’s Ph. 3 study. COAG plans to limit

enrollment to patients with fewer than three concurrent venous thromboembolism

risk factors to reduce thromboembolic risk. The study will also enroll patients with a

substantial bleed history and include a 6-month run-in period, to exclude patients

with little to no baseline ATBR. COAG believes these eligibility criteria and the longer

run-in (vs. Ph. 2’s 6+ weeks) will ensure most patients have a sufficient baseline ATBR

to evaluate sutacimig’s efficacy.

n A 50%+ ATBR reduction in GT would be clinically meaningful. Mgmt believes a

50%+ reduction in ATBR will be transformative for GT patients. After discussions

with 40 investigators who shared anecdotal examples of sutacimig’s patient impact,