AAIC 2026 Alzheimer’s Wrap: BiIB/Eisai, DNLI, JNJ, ROG

研报英文原文证据摘录

AAIC 2026 Alzheimer’s Wrap: BiIB/Eisai, DNLI, JNJ, ROG

USA | Biotechnology EquityJulyResearch19, 2026

AAIC 2026 Alzheimer's Wrap: BIIB/Eisai, DNLI,

JNJ, ROG

Select data at AAIC 2026: (1) BIIB's diranersen (IT ASO tau) shared supportive

Phase II CELIA data (here, here, here), which has (+) read-across to DNLI's

DNL628 (here, here, here). (2) BIIB's real world Leqembi (abeta) data

shows clinical benefit persists beyond 18 months. (3) Roche's tronti (abeta

brainshuttle) sustains amyloid clearance w/ lower ARIA rates (<5%) out to 1

year, though elevated microhaemorrhage events have emerged. (4) We hosted

a neurologist.

** See 25+ pages inside for details on Eisai/BIIB's Leqembi, ROG

trontinemab and more. Contact us for AAIC slides and posters **

(1) BIIB's diranersen's (IT ASO intracellular tau)Phase II CELIA showed 60mg Q6M generated the

strongest cognitive efficacy trends (CDR-sb, iADRS etc) despite reducing less CSF t-tau and tau

PET, suggesting there may be a "sweet spot" for the amount of tau lowering needed. (a) Acute

confusional state AEs observed within 7 days on the higher dose arms may be off-target, as they

did not follow tau-lowering kinetics. (b) 24-month Phase II CELIA data by YE:26 (e.g. CTAD 2026)

should help inform efficacy durability, trial duration, and endpoint selection for the Phase III design.

(c) Base case is to pursue 60mg Q6M into Phase III (at a minimum), which could be longer than

18-month CELIA. (d) Meanwhile JNJ's posdinemab (tau mAb antibody), an extracellular tau whose

Phase II 'AuTonomy' data failed in Nov 2025, showed no slowing of clinical decline/spread of tau

NFT tangles, although NFT accumulation could be modestly reduced in regions with higher tau

burden. In any case, these data reinforce the intracellular tau thesis.