中小盘2Q财报总结：MNPR, SANA, ADAG, BCYC, TCRX

研报英文原文证据摘录

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M

Idea

August 14, 2026 09:03 PM GMT

Morgan Stanley & Co. LLC

Biotechnology | North America

Maxwell Skor

Equity Analyst

SMID-cap 2Q Earnings WrapUp: MNPR, SANA, ADAG, BCYC,

TCRX

Selena Zhang

Research Associate

Biotechnology

North America

Industry View

Attractive

What’s Changed

Monopar Therapeutics (MNPR.O)

From

To

Price Target

$115.00

$130.00

$12.00

NA

Bicycle Therapeutics Plc (BCYC.O)

Price Target

Key Takeaways

MNPR anticipates completing the NDA submission within the next few months

for ALXN1840 in Wilson disease.

SANA continues to expect to file an IND for SC451 and to begin the Ph1/2 trial as

early as this year.

ADAG's randomized Ph2 trial in MSS CRC is ongoing, with results expected 1H27.

BCYC recently presented data updates on nuzefatide pevedotin and the EphA2

pipeline at AACR 2026.

TCRX updated data on patients treated in Cohort C of the ALLOHA study are

expected 4Q26.

Monopar Therapeutics (MNPR, OW, PT $130): (1) ALXN1840: MNPR anticipates

completing the NDA submission within the next few months for ALXN1840 in

Wilson disease (press release). Recall, the FDA granted Rare Pediatric Disease (RPD)

designation to ALXN1840 in June. MNPR presented analyses from the Ph3 FoCus

study of ALXN1840 at EAN 2026 and AAN 2026 showing significant neurologic

benefit versus standard-of-care therapy in Wilson disease patients with neurologic

symptoms, in addition to sharing data from Ph2 studies showing ALXN1840

produced improvement in daily copper balance, stabilized liver disease, and provided

clinically meaningful improvements in neurologic symptoms and quality of life. Even

with the rise in MNPR stock in recent weeks, ~+17% in the month of July, we see a

binary set up where MNPR stock increases +15%-20%+ on acceptance of NDA

submission, down >50%-60%+ on delays on NDA acceptance, such as requests for

additional data (see our Month Ahead note HERE). (2) Financials: Ended 2Q26 with

CCE of $134.3M, expected to provide a runway through at least December 31, 2027,

including: (1) regulatory and potential commercial activities for ALXN1840; (2)

…