Financial Results and Business Update for the Quarter Ended December 31, 2025 February 6, 2026 Disclaimer This presentation is intended for the investor community only; it is not intended to promote the product candidates referenced herein or otherwise influence healthcare prescribing decisions. For investor audiences only 2 Forward-Looking Statements This presentation includes forward-looking statements that are subject to substantial risks and uncertainties that could cause actual results to differ materi ...

Core Insights - Pfizer is currently facing challenges in generating growth, with its stock declining since 2021 when it last saw a significant gain of over 60% due to strong demand for COVID products [1][2] - Despite current struggles, Pfizer's management is optimistic about future growth, citing multiple potential catalysts and plans to launch over 20 pivotal late-stage trials in 2026 [3][4] Company Performance - Pfizer's stock has been trading at a deep discount, currently priced at $25.77, down 3.32% on the day, with a market cap of $152 billion [5][6] - The stock is trading at an estimated 9 times its forward earnings, significantly lower than the average S&P 500 stock, which trades at 22 times its estimated future profits [6] Investment Appeal - Pfizer offers a high dividend yield of 6.45%, making it an attractive option for investors seeking safe dividend stocks [6][7] - The potential for positive news from ongoing trials could lead to a rally in Pfizer's stock, which has been undervalued for an extended period [4][8]

Core Insights - Pfizer announced a positive study outcome for a weight-loss drug candidate, indicating potential growth in this therapeutic area [1] - The company also projected a decline in profits, attributing this to the pricing and tariff policies implemented during the Trump administration [1] Group 1: Drug Development - Pfizer's weight-loss drug candidate has shown promising results in a recent study, which could enhance its portfolio in the obesity treatment market [1] Group 2: Financial Outlook - The company forecasts a profit decline, highlighting the adverse effects of the Trump administration's policies on drug pricing and tariffs [1]

Company Overview - Aquestive Therapeutics, Inc. (NASDAQ:AQST) is a pharmaceutical company focused on developing and commercializing innovative products to address unmet medical needs, specializing in oral film-based drug delivery systems [2][4] - Competitors include Teva Pharmaceuticals and Viatris, which also focus on drug delivery technologies [2] Recent Developments - New Street set a price target of $12 for AQST, indicating a potential upside of approximately 193% from its trading price of $4.10 [3] - Despite receiving a Complete Response Letter (CRL) from the FDA for Anaphylm, AQST's stock has increased by 38.98%, rising by $1.15 [3][4] - The CRL highlighted deficiencies in the human factors validation study, temporarily halting discussions on labeling and post-marketing commitments [4] - AQST's stock has shown volatility, with a daily trading range between $3.79 and $4.39, and has fluctuated between a high of $7.55 and a low of $2.12 over the past year [4] Market Position - AQST's market capitalization stands at approximately $500.21 million, with a trading volume of 60.81 million shares on the NASDAQ exchange [4] - The outcome of discussions to address the FDA's concerns regarding Anaphylm is crucial for the company's future, as it represents a significant opportunity in the treatment of anaphylaxis [5]

Core Insights - Avalo Therapeutics Inc. has completed enrollment for the Phase 2 LOTUS trial of its lead drug candidate AVTX-009, targeting approximately 250 adults with moderate to severe hidradenitis suppurativa, with topline data expected in mid-2026 [1] Group 1: Trial and Drug Information - The LOTUS trial will evaluate the efficacy and safety of bi-weekly and monthly dosing regimens of AVTX-009 compared to a placebo [1] - HiSCR75, a key measure for the trial, is defined as a 75% reduction in total abscess and inflammatory nodule count from baseline [3] Group 2: Analyst Insights - Cantor analyst Prakhar Agarwal notes that Avalo's stock could face a significant decline of 85-90% if the trial fails, but there is potential for stock upside if HiSCR75 change is around 18-19% [2] - If the HiSCR75 change is between 20-25%, the stock could rally by 100-150%, while a change of 25-30% could lead to a stock increase of over 200% [3] Group 3: Stock Performance and Ratings - Avalo's stock has underperformed compared to the SPDR S&P Biotech ETF, falling approximately 13% year-to-date, while the ETF has increased by 2% [4] - Recent analyst ratings have been positive, with Guggenheim initiating coverage with a target price of $50.00, and HC Wainwright maintaining a $25.00 target [5][6] - Mizuho has given an 'Outperform' rating with a $39.00 target, and BTIG reiterated a 'Buy' rating with a $40.00 target [6]

Core Insights - Protalix Bio Therapeutics (PLX) has announced a significant regulatory and clinical milestone for its Fabry disease treatment in Europe, indicating positive progress in its drug development efforts [1] Company Overview - Protalix Bio Therapeutics is focused on developing innovative therapies, particularly in the biotechnology sector, with an emphasis on unique mechanisms of action and first-in-class therapies [1] Market Context - The biotechnology sector is characterized by breakthrough science that can lead to substantial returns, but it also requires careful scrutiny due to inherent risks [1]

Core Viewpoint - Vertex Pharmaceuticals is positioned for significant growth in 2026 due to several catalysts and potential regulatory advancements, despite having underperformed compared to the S&P 500 last year [1] Group 1: Late-Stage Pipeline - Vertex Pharmaceuticals has a strategy focused on developing medicines for high unmet needs, having dominated the cystic fibrosis market for over a decade [2] - The late-stage pipeline includes zimislecel for type 1 diabetes, inaxaplin for APOL-1-mediated kidney disease, and povetacicept for IgA nephropathy, all of which could lead to significant breakthroughs [2][4] - Zimislecel has shown promise in clinical trials by restoring insulin-producing capacity or reducing insulin dependence, with potential approval applications this year [3] - Inaxaplin is in a phase 2/3 trial, with plans for an interim analysis and possible accelerated approval if results are positive [3] - Povetacicept also aims for accelerated approval based on interim analysis results from its late-stage study [4] Group 2: Financial Outlook - Vertex Pharmaceuticals is expected to maintain strong financial results, with ongoing market opportunities in cystic fibrosis and the launch of Journavx, a pain medicine [5] - Casgevy, a gene-editing therapy for rare blood diseases, is anticipated to contribute modestly to financial results [5] - The company has additional pipeline candidates, although it may encounter clinical setbacks similar to those experienced last year [5]

Core Insights - Aspire Biopharma Holdings, Inc. has entered into a partnership with Microsize to enhance the development of its lead drug candidate, a sublingual aspirin formulation for emergency treatment of heart attacks [1][2][3] Company Overview - Aspire Biopharma is focused on developing a patent-pending sublingual delivery technology that aims to improve drug effectiveness and reduce side effects by delivering drugs directly into the bloodstream [7] - Microsize has over 30 years of experience in particle size engineering and specializes in micronization and solubility enhancement for pharmaceuticals, operating from FDA-inspected GMP facilities [6] Collaboration Details - The partnership with Microsize will support the clinical trial of Aspire's 162 mg sublingual aspirin, which will compare its efficacy against the current standard of care [2][4] - This collaboration is a strategic move for Aspire, as it secures essential expertise for ongoing product development and regulatory submissions, including a planned New Drug Application by the end of 2026 [3][5] Clinical Trial Information - The upcoming clinical trial will involve 32 healthy volunteers and will evaluate the serum thromboxane B (TxB) inhibition of the sublingual aspirin compared to two chewed 81 mg aspirin tablets [4]

Core Insights - The FDA has cleared Serina Therapeutics' Investigational New Drug (IND) application for SER-252, an investigational therapy for advanced Parkinson's disease, marking a significant milestone for the company [1][2][3] Company Overview - Serina Therapeutics is a clinical-stage biotechnology company focused on developing drug candidates for neurological diseases and other indications, utilizing its proprietary POZ Platform for drug optimization [4] - The company is headquartered in Huntsville, Alabama, on the campus of the HudsonAlpha Institute of Biotechnology [4] POZ Platform Technology - The POZ technology is based on a synthetic, water-soluble polymer called poly(2-oxazoline), designed to enhance drug loading control and precision in drug release rates via subcutaneous injection [5] - This technology aims to improve the efficacy and safety profiles of various drug modalities, including small molecules and RNA-based therapeutics [5] - Serina plans to advance additional applications of the POZ platform through partnerships, including a non-exclusive license agreement with Pfizer for lipid nanoparticle drug delivery formulations [6] SER-252 Development - SER-252 is an investigational apomorphine therapy developed using the POZ platform, intended to provide continuous dopaminergic stimulation (CDS) to reduce levodopa-related motor complications in Parkinson's disease [7] - Preclinical studies suggest that SER-252 may offer CDS without causing skin reactions, addressing a significant unmet medical need in the treatment of advanced Parkinson's disease [7]

Core Insights - Insmed will present four abstracts on treprostinil palmitil inhalation powder (TPIP) at the PVRI 2026 congress, highlighting the Phase 3 PALM-PAH study design and Phase 2b study results in pulmonary arterial hypertension (PAH) [1] Group 1: Presentation Details - The presentations will include the Phase 3 PALM-PAH study design and an encore of the topline results from the Phase 2b study of TPIP in PAH [1] - A new Functional Respiratory Imaging analysis from the Phase 2b study and data on the pulmonary vasodilatory effect of TPIP in rat models will also be presented [1] - Specific presentation details include moderated poster discussions scheduled for January 30 and 31, 2026, covering various aspects of TPIP research [1] Group 2: About TPIP - TPIP is a dry powder formulation of treprostinil palmitil, designed for once-daily administration in patients with PAH and other pulmonary disorders [1] - The investigational drug has not yet received approval for any indication [1] - The Phase 2b study involved 102 adult participants across 44 sites, focusing on the efficacy, safety, and pharmacokinetics of TPIP [1] Group 3: About PAH - PAH is a serious and progressive disease characterized by high blood pressure in the pulmonary arteries, affecting approximately 35,000 patients in the U.S., 40,000 in the EU5, and 15,000 in Japan [1] - Common symptoms include shortness of breath, chest pain, dizziness, fatigue, and weakness, with untreated PAH often leading to debilitating and fatal outcomes [1] Group 4: About Insmed - Insmed is a global biopharmaceutical company focused on developing first- and best-in-class therapies for serious diseases [1] - The company has a diverse portfolio of approved and investigational medicines, particularly in pulmonary and inflammatory conditions [2] - Insmed has been recognized as a top employer in the biopharmaceutical industry, emphasizing its commitment to employee satisfaction and innovation [2]