Oppenheimer 36th Annual Healthcare Life Sciences Conference The Pill That Moves The Needle® Forward Looking Statement * Sanofi announced on February 10, 2026, that it had completed its acquisition of Dynavax Technologies Corporation Vaxart Corporate Presentation | February 2026 3 February 25-26, 2026 This presentation contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this press release regarding Vaxart ...

Core Insights - Sanofi has completed the acquisition of Dynavax Technologies Corporation, enhancing its portfolio in adult immunization with Dynavax's hepatitis B vaccine HEPLISAV-B and shingles vaccine candidate Z-1018 [1][2] Acquisition Details - The tender offer for Dynavax's common stock expired on February 9, 2026, and all conditions were satisfied, leading to Sanofi's acceptance of the shares [3] - The acquisition was finalized through a merger, with Dynavax becoming a wholly owned subsidiary of Sanofi, and shares not tendered in the offer will receive $15.50 per share in cash [4] Strategic Implications - This acquisition strengthens Sanofi's commercial reach and development capabilities in the vaccine market, positioning the company for growth in adult immunization [2]

Financial Data and Key Metrics Changes - In Q4 2025, the company achieved net sales of EUR 11.3 billion, reflecting a growth of 13.3% [4][10] - For the full year 2025, sales reached EUR 43.6 billion, representing a 9.9% growth at constant exchange rates, which is at the upper end of the guidance [11][12] - Business EPS growth was strong at 26.7%, with business EPS excluding share buyback growing by 12.2% [10][12] - Free cash flow returned to strong levels at EUR 8.1 billion, representing 18.5% of sales, with a target to sustainably reach at least 20% in the medium term [12][13] Business Line Data and Key Metrics Changes - Newly launched medicines and vaccines grew by 34% in 2025, with full year sales of EUR 1.8 billion for RSV protection [4][10] - Dupixent achieved EUR 4.2 billion in Q4 and EUR 15.7 billion in annual sales, with over 30% increase in patients [5][10] - ALTUVIIIO reached blockbuster status with EUR 1.2 billion in full year sales, and Ayvakit reached $725 million in annual pro forma sales [4][10] Market Data and Key Metrics Changes - The company maintained leadership in influenza and RSV vaccines, with full year sales reaching EUR 7.9 billion [5][6] - Beyfortus grew 9.5% to EUR 1.8 billion, driven by geographic expansion [5][6] - The company expanded its market presence in China, obtaining approvals for several global and China-only medicines [22] Company Strategy and Development Direction - The company is transitioning into an R&D-driven, AI-powered biopharma company, focusing on innovation and strategic acquisitions [3][7] - The completion of the Opella transaction allowed reinvestment into business development and M&A opportunities [3][12] - The company aims to increase its dividend for the 31st consecutive year and has completed a EUR 5 billion share buyback program [15] Management's Comments on Operating Environment and Future Outlook - Management expects 2026 to deliver profitable growth close to 2025 levels, with high single-digit growth in sales [15][16] - The company anticipates a slight decline in vaccine sales in 2026 and plans to optimize its portfolio through divestments [16] - Management highlighted the importance of maintaining a strong capital structure and financial flexibility for future growth opportunities [13][15] Other Important Information - The company co-developed PAS 2090, a global standard for measuring and reducing the environmental impact of medicines and vaccines [8] - The company is focused on expanding its pipeline with strategic acquisitions, including Dynavax Technologies Corporation [7][63] Q&A Session Questions and Answers Question: Can you elaborate on the Dupixent rollout since CSU and COPD? - The Dupixent rollout has shown strong performance with 25% growth year-over-year, culminating in a 32% growth in Q4, driven by new indications [29][30] Question: What is the outlook for Beyfortus in 2026? - Beyfortus had a 9% increase in 2025, and while it's early to provide specific guidance for 2026, the company is optimistic about its performance [33][34] Question: Can you provide more detail on the Amlitelimab case related to Kaposi sarcoma? - Kaposi sarcoma is associated with herpes virus, and while there is a theoretical risk with immunomodulators, the benefit-risk profile remains favorable [46][48] Question: What are the prospects for growth and earnings looking forward to 2027? - The company expects a negative impact from the loss of R&D reimbursement from Regeneron, but this will be offset by increased Amvutra royalties [53][54]

Core Insights - Sanofi has announced an agreement to acquire Dynavax Technologies Corporation, enhancing its adult immunization portfolio with Dynavax's marketed adult hepatitis B vaccine and shingles vaccine candidate [1][2][3] Company Overview - Sanofi is a biopharmaceutical company focused on R&D and committed to improving lives through innovative medicines and vaccines [12] - Dynavax is a biopharmaceutical company that develops and commercializes vaccines to protect against infectious diseases, with its HEPLISAV-B vaccine approved in multiple regions [13] Acquisition Details - The acquisition involves a cash tender offer of $15.50 per share, valuing Dynavax at approximately $2.2 billion [4] - The transaction has received unanimous approval from Dynavax's board and is subject to customary closing conditions, including regulatory approvals [5][6] Product Information - HEPLISAV-B is a two-dose adult hepatitis B vaccine that offers faster seroprotection compared to traditional three-dose vaccines [2][8] - The shingles vaccine candidate Z-1018 is currently in phase 1/2 clinical development, adding to Dynavax's pipeline [2] Market Opportunity - There is a significant unmet health need for adult vaccinations, with nearly 100 million adults in the US born before 1991 remaining unvaccinated against hepatitis B [3] - Shingles affects one in three adults over their lifetime, highlighting the importance of vaccination in this demographic [3] Financial Impact - The acquisition is not expected to affect Sanofi's financial guidance for 2025 and is anticipated to close in the first quarter of 2026 [7]

Core Insights - Vaxart has entered into an exclusive license agreement with Dynavax for its COVID-19 oral pill vaccine candidate, potentially generating up to $700 million in cumulative proceeds plus royalties [1][4][3] - The company has completed enrollment of approximately 5,400 participants in its COVID-19 Phase 2b trial, with topline data expected in late 2026 and data from a 400-person sentinel cohort anticipated in the first quarter of 2026 [1][9] - Vaxart reported positive data from its Phase 1 clinical trial for its second-generation oral norovirus vaccine, indicating improved protection against infection [1][3] COVID-19 Vaccine Developments - The exclusive agreement with Dynavax includes a $25 million upfront license fee and a $5 million equity investment, with additional potential payments of $50 million and up to $195 million in regulatory milestone payments [4] - Vaxart retains operational and financial responsibility for the oral COVID-19 vaccine program through the completion of the ongoing Phase 2b clinical trial [4] - The company has received $125.9 million in cash payments associated with its COVID-19 vaccine program as of September 30, 2025 [9] Norovirus Vaccine Developments - Vaxart's second-generation oral pill norovirus vaccine constructs have shown significantly stronger antibody responses compared to first-generation constructs [3][9] - The company plans to publish complete results of the Phase 1 study in a peer-reviewed journal and is exploring partnership opportunities for its norovirus candidate [3][9] Financial Results for Q3 2025 - Vaxart reported revenue of $72.4 million for Q3 2025, a significant increase from $4.9 million in Q3 2024, primarily from government contracts [9][15] - Research and development expenses rose to $75.9 million in Q3 2025 from $15.1 million in Q3 2024, mainly due to increased clinical trial expenses [9][15] - The net loss for Q3 2025 was $8.1 million, an improvement from a net loss of $14.1 million in Q3 2024, with a net loss per share of $0.04 compared to $0.06 [9][15] Cash Position and Runway - As of September 30, 2025, Vaxart had cash, cash equivalents, and investments totaling $28.8 million, with a current runway extended into the second quarter of 2027 following the Dynavax agreement [1][9]

Core Insights - Beam Therapeutics Inc. has received FDA clearance for its investigational new drug application for BEAM-302, aimed at treating alpha-1 antitrypsin deficiency (AATD) [1] - AATD is a genetic disorder leading to early emphysema and liver disease, with no approved curative treatments currently available [2] - The company has reported positive initial safety and efficacy data from the phase I/II study of BEAM-302, indicating it was well tolerated and led to dose-dependent correction of the disease-causing mutation [4][5] Company Developments - The phase I/II study of BEAM-302 consists of two parts: Part A focuses on AATD patients with lung disease, while Part B will target patients with mild-to-moderate liver disease [6] - The first patient in Part B is expected to be dosed in the second half of 2025, with additional patients to be enrolled in a fourth-dose cohort [8] - Year-to-date, shares of Beam Therapeutics have declined by 10.6%, contrasting with a 3.3% increase in the industry [3] Market Context - Beam Therapeutics currently holds a Zacks Rank of 3 (Hold), while other biotech stocks like Jazz Pharmaceuticals, Dynavax Technologies, and Krystal Biotech have better rankings [9]

Core Viewpoint - OptiNose (OPTN) shares surged 52.5% following the announcement of its acquisition by Paratek Pharmaceuticals, which will enhance Paratek's commercial portfolio with OptiNose's approved product, Xhance [1] Company Overview - Xhance is a drug-device therapy for chronic rhinosinusitis (CRS), utilizing a proprietary Exhalation Delivery System to deliver corticosteroids directly to inflammation sites, improving patient outcomes and potentially reducing the need for invasive treatments [2] - The acquisition allows OptiNose to expand Xhance's market reach, addressing challenges in adoption, with Paratek's commercial infrastructure enhancing awareness among primary care providers [3][4] Market Potential - Xhance's label was expanded in 2024 to include CRS without nasal polyps, increasing its market potential nearly tenfold by incorporating primary care providers into its prescriber base [5] - Xhance is now the only approved therapy for CRS patients regardless of nasal polyp status, addressing significant unmet clinical needs [6] Financial Details - Paratek will acquire all outstanding shares of OptiNose for $9 per share in cash, with an additional potential $5 per share based on revenue milestones for Xhance, totaling a deal value of up to $330 million [8] - The upfront cash payment represents a 50% premium over OptiNose's closing share price on March 19, 2025 [8] Transaction Timeline - The acquisition is expected to be completed in mid-2025, pending customary and regulatory closing conditions [9]

Core Viewpoint - Plus Therapeutics, Inc. (PSTV) experienced a significant share price increase of 170.1% following the FDA's conditional acceptance of the proprietary name "Reyobiq" for its lead therapeutic candidate, rhenium Re186 obisbemeda [1] Company Developments - The company will now use the proprietary name Reyobiq for all communications related to the previously adopted generic name rhenium Re186 obisbemeda [2] - Reyobiq is being developed as a novel injectable radiotherapy aimed at delivering targeted high-dose radiation for central nervous system tumors, potentially improving patient outcomes [2] - Plus Therapeutics is focusing on Reyobiq for treating leptomeningeal metastases (LM) and recurrent glioblastoma (GBM) [4] - The FDA granted Orphan Drug Designation to Reyobiq for treating LM in lung cancer patients, a rare complication where cancer spreads to the cerebrospinal fluid [4] - Enrollment for the ReSPECT-LM phase I study has been completed, which will assess the safety and efficacy of Reyobiq in patients with LM [5] - The company is preparing for a phase II single-dose expansion study and a phase I multiple-dose study for Reyobiq in LM patients [5] - Reyobiq is also being evaluated in the phase I/II ReSPECT-GBM study for recurrent glioblastoma treatment [6] Market Performance - Over the past year, shares of Plus Therapeutics have declined by 26.2%, while the industry average has decreased by 6.7% [3]

Core Insights - Johnson & Johnson (JNJ) has received Fast Track designation from the FDA for its investigational drug nipocalimab, aimed at treating moderate-to-severe Sjögren's disease (SjD), a chronic autoimmune condition [1][2] - Nipocalimab has also been granted Fast Track designation for three additional indications: hemolytic disease of the fetus and newborn (HDFN), warm autoimmune hemolytic anemia (wAIHA), and generalized myasthenia gravis (gMG) [3] - The FDA previously granted Breakthrough Therapy designation for nipocalimab in SjD in November 2024, with positive phase II study results announced in February 2025 [4] Drug Development and Regulatory Status - A biologics license application (BLA) for nipocalimab in treating gMG is currently under review, with priority review status granted by the FDA [6][8] - The BLA is supported by data from the phase III Vivacity-MG3 study, with a final decision expected in the third quarter of 2025 [8] - JNJ is also advancing nipocalimab in late-stage studies for chronic inflammatory demyelinating polyneuropathy, HDFN, and wAIHA, as well as mid-stage studies for idiopathic inflammatory myopathy and systemic lupus erythematosus [9] Financial Performance - Over the past year, JNJ's shares have increased by 5.4%, contrasting with a 4.3% decline in the industry [5]

FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Table of Contents As filed with the U.S. Securities and Exchange Commission on December 15, 2023. Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Mary Szela Chief Executive Officer 6272 W. 91st Ave. Westminster, Colorado 80031 (888) 321-5212 (Name, address, including zip code, and telephone number, including area code, of agent for service) Copy to: TRISALUS LIFE SCIENCES, INC. (Exact name of regis ...