KalVista Pharmaceuticals Corporate Overview January 2026 1 Forward-looking statements This presentation and the accompanying oral commentary contain forward-looking statements that are based on our management's beliefs and assumptions and on information currently available to our management. For this purpose, any statements that are not statements of historical fact may be deemed forward-looking statements. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be ...

Core Insights - BioCryst Pharmaceuticals is focused on developing oral treatments for rare diseases, particularly with its drug ORLADEYO® targeting hereditary angioedema (HAE) [1] - H.C. Wainwright maintains a "Buy" rating for BioCryst, raising its price target from $30 to $32, reflecting confidence in the company's future performance [2] - The FDA's approval of ORLADEYO in an oral pellet formulation is a significant milestone, especially for children, as it addresses a critical need in managing HAE [3] Company Performance - BioCryst's stock is currently priced at $7.60, with a slight increase of 0.33% today, and has fluctuated between $7.57 and $7.92 [4] - The company's market capitalization is approximately $1.6 billion, with a trading volume of 1,923,583 shares today [4] Market Impact - The expanded approval of ORLADEYO is expected to enhance BioCryst's market presence by targeting a younger demographic, positioning the company to capture a larger share of the HAE market [5]

Financial Data and Key Metrics Changes - The company has transitioned from a cash-burning phase to a cash flow break-even profile, with the convertible debt retired and a return to normal capital spending [31][32] - Operating expenses are growing, but the company is showing leverage in its financial model as revenues increase [32][33] Business Line Data and Key Metrics Changes - The core MIGS market has seen double-digit growth over the past year but is projected to decline in the mid-single digits next year [13][16] - The introduction of iDose is cannibalizing some of the stent business, but it is also expanding the overall market opportunity [15][19] Market Data and Key Metrics Changes - The reimbursement landscape for concomitant MIGS is expected to decline in low double digits for 2026, impacting professional fees [20] - Four out of seven MACs are now reimbursing for the professional fee associated with iDose, covering about 70% of Medicare lives [44] Company Strategy and Development Direction - The company is focused on creating differentiated product solutions in large market opportunities, with a shift towards pharmaceutical revenues [9][10] - The strategy includes a strong emphasis on education and awareness for rare diseases, particularly with the launch of Epioxa [62] Management's Comments on Operating Environment and Future Outlook - Management is optimistic about the future, citing strong physician enthusiasm and positive clinical outcomes for iDose [28][30] - The company aims to shift discussions from reimbursement issues to clinical adoption and standard of care improvements in the coming year [84] Other Important Information - The next-generation iDose TREX is in development, designed to carry a larger drug payload and potentially allow for longer duration effects [55][56] - The company recognizes the challenges in treating rare diseases and is committed to transforming its approach to market access and patient education [60][62] Q&A Session Summary Question: What are the expectations for the MIGS market? - The MIGS market has grown but is expected to stabilize next year, with iDose impacting the stent business [15][16] Question: How is the reimbursement landscape evolving? - Four of the seven MACs are now reimbursing for iDose, with ongoing efforts to educate and drive demand for the remaining MACs [44][45] Question: What is the company's path to profitability? - The focus remains on achieving cash flow breakeven in the short term while aiming for operating margins of 30%-35% in the medium to long term [75][76] Question: What are the key challenges in launching Epioxa? - The company is aware of the need for education and awareness in the rare disease space, which requires significant investment and effort [60][62] Question: What will the company be discussing next year? - Management hopes to focus on clinical adoption and the opportunities associated with iDose and Epioxa, moving past reimbursement-related discussions [84]

Financial Performance and Guidance - Mirum Pharmaceuticals expects net product sales of $500-510 million in 2025[7, 100] - The company had a strong financial position with $378 million in cash balance[8, 101] - Mirum anticipates achieving positive cash flow in 2025[8, 100] Approved Products and Pipeline - Mirum has 3 approved ultra-rare medicines[7, 9] - LIVMARLI is approved for Alagille Syndrome (ALGS) and Progressive Familial Intrahepatic Cholestasis (PFIC)[9, 14] - CHOLBAM and CTEXLI are bile acid replacement therapies for rare genetic diseases[9, 26] - Volixibat is in development for Primary Sclerosing Cholangitis (PSC) and Primary Biliary Cholangitis (PBC) with positive interim analysis[9, 44] - MRM-3379 is a PDE4D inhibitor in Phase 2 development for Fragile X Syndrome (FXS)[9, 78] Clinical Trials and Milestones - EXPAND Phase 3 study is enrolling patients with ultra-rare cholestatic pruritus, excluding PSC, PBC, ICP, ALGS and PFIC, with enrollment completion expected in 2026[9, 39, 42] - VISTAS study (PSC) expects confirmatory topline data in Q2 2026[9, 63] - VANTAGE study (PBC) expects enrollment completion in 2026[9, 72]

Financial Performance - Q3 2025 total revenue reached $169 million, a 17% increase[4,59] - Galafold revenue in Q3 2025 was $138.3 million[9,13] - Pombiliti + Opfolda revenue in Q3 2025 was $30.7 million, representing a 42% increase[26] - The company anticipates surpassing $1 billion in total revenue in FY 2028[5] - Non-GAAP net income for Q3 2025 was $54.2 million[59] Galafold Performance - Galafold revenue grew 15% in Q3 2025[11] - Approximately 2,730 individuals are currently being treated with Galafold[9] - Galafold holds a 69% share of treated amenable patients[9] Pombiliti + Opfolda Performance - Pombiliti + Opfolda revenue is expected to grow 50-65% in FY 2025[4,28] - The number of naïve starts for Pombiliti + Opfolda doubled in the first 9 months of 2025 compared to FY 2024[31]

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Core Insights - Omeros Corporation has entered into a significant agreement with Novo Nordisk, which is expected to enhance its position in the biopharmaceutical industry [1][4] - The company has set a bullish price target of $20, indicating a potential upside of approximately 92.68% from its current trading price [2][3] - Omeros' stock has experienced a remarkable increase of 150.24%, reflecting growing investor confidence in the company's future prospects [2][3] Financial Details - Omeros will receive $340 million in upfront and near-term milestone payments, with the potential to earn up to $2.1 billion from the agreement [5] - The market capitalization of Omeros stands at approximately $698.3 million, with a trading volume of 96.89 million shares, indicating strong market interest [5] Strategic Agreement - The agreement with Novo Nordisk involves the sale and licensing of Omeros' clinical-stage MASP-3 inhibitor, zaltenibart, aimed at treating rare blood and kidney disorders [4][5] - Novo Nordisk will have exclusive global rights to develop and commercialize zaltenibart for all indications, which could transform the treatment landscape for rare diseases [4][5]

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Summary of Disc Medicine Conference Call Company Overview - **Company**: Disc Medicine - **Focus**: Development of treatments for diseases related to red blood cell metabolism, specifically through manipulation of iron and heme metabolism [5][6] Key Programs 1. **Bidipertin** - **NDA Filing**: Scheduled for October 2025 with expected acceptance in December 2025, leading to a PDUFA date in 2026 [5] - **Patient Data**: Approximately 6,000 engaged patients identified from a claims database, with a total of 14,000 diagnosed patients [8][9] - **Market Strategy**: MSLs (Medical Science Liaisons) are engaging with physicians to confirm patient existence and raise disease awareness [10][13] - **Patient Education**: Emphasis on educating patients about the new therapy post-approval, with a focus on transitioning from clinical trials to commercial therapy [19][20] 2. **DISCO-974** - **Indication**: Targeting anemia of myelofibrosis (MF) with data cuts expected to be presented at ASH [6] - **Competitive Landscape**: Comparison with luspatercept, which failed in Phase 3 trials, highlighting the potential for DISCO-974 to address anemia more effectively across various patient subgroups [46][48] 3. **Chronic Kidney Disease (CKD) Anemia** - **Phase 1b SADMAD Program**: Data expected to be presented at ASN or ASH, focusing on iron mobilization and hemoglobin response [61][62] - **Future Trials**: Plans for a Phase 2 trial to confirm efficacy based on initial data, with a focus on identifying responding populations [63][64] Regulatory and Market Considerations - **Regulatory Alignment**: Confidence in the design of the Apollo confirmatory trial based on successful Phase 2 data, with a focus on minimizing placebo effects [38][41] - **Market Entry Strategy**: Anticipation of a gradual launch process, with emphasis on payer approval and physician engagement [22][24] - **Patient Population**: Targeting a significant unmet need in rare diseases, with a focus on educating both patients and physicians about new treatment options [19][57] Competitive Landscape - **Comparative Analysis**: Insights drawn from other rare disease launches, particularly Solano in rare obesity, and the challenges faced by luspatercept in treating anemia [33][46] - **Market Size**: Potential to address a population of approximately 22,000 anemic patients in the U.S. [56] Additional Insights - **Patient Advocacy**: Strong support from patient advocacy groups, which aids in raising awareness and sharing patient success stories [37] - **Data Presentation**: Upcoming data presentations at ASH are expected to provide further clarity on the efficacy and competitive positioning of DISCO-974 and other programs [56][65] This summary encapsulates the key points discussed during the conference call, highlighting the strategic direction and anticipated developments for Disc Medicine.