Rising Star in the Game of PHrones; Our Revisit of Key Elements for Mosli in PH-ILD

研报英文原文证据摘录

Rising Star in the Game of PHrones; Our Revisit of Key Elements for Mosli in PH-ILD

J P M O R G A N North America Equity Research

22 July 2026

Roivant Overweight

ROIV, ROIV US

Rising Star in the Game of PHrones; Our Revisit of Key Price (21 Jul 26):$34.96

Elements for Mosli in PH-ILD

SMid Biotechnology

Following our PH-ILD preview (deck / note), questions around mosliciguat’s Brian Cheng AC

upcoming readout in PH-ILD under the Pulmovant umbrella have been (1-212) 622-0449

steadily incoming. Here, we further refine and revisit the key elements from these brian.cheng@jpmorgan.com

questions: 1) contrasting preclinical work for mosli against riociguat and Ron Feiner, PhD, CFA

treprostinil, 2) revisiting the potential read-through from the existing PH-ILD data (1-212) 622-5005

behind riociguat, and 3) revisiting the baseline characteristics of the incoming ron.feiner@jpmorgan.com

PHocus trial that mgmt disclosed at the CY1Q call in May (note). We are Sarah Medeiros, PhD

increasingly confident on the probability of success in mosli’s potential heading (1-212) 622-3957

sarah.k.medeiros@jpmorgan.com

into the PHocus readout in 2H (Sept/Oct in our latest estimate given enrollment J.P. Morgan Securities LLC

completion in Feb). Mgmt’s tone, in our view, is also leaning more positive over

the past 6-12 mos on this particular catalyst. We continue to see up to ~20% upside

if successful and incremental downside (+/-5%) if the study fails. We reiterate

ROIV as our Top Pick for 2026. ROIV is on the Analyst Focus List.

• 1) Preclinical mosli data supports vascular benefits in PH: The early

preclinical work published in 2022 (link) tested mosli in a fairly wide range of

preclinical models, including PH minipig, hypoxic dog, and

bronchoconstricted rat models.