Industry Overview - The drug and biotech sector is currently facing multiple challenges, including potential tariffs on pharmaceutical imports, pipeline setbacks, and regulatory risks [1][2][10] - Despite these challenges, the industry's focus on innovation and positive developments in drug pipelines suggests a favorable long-term outlook [2][5] Financial Performance - The drug and biotech sector had a better-than-expected second quarter, with most large drugmakers reporting strong quarterly results and optimism for continued growth in the second half of 2025 [2] - The Zacks Large Cap Pharmaceuticals industry has collectively risen 1.1% year to date, outperforming the Zacks Medical Sector's decline of 0.5%, but underperforming the S&P 500's rise of 12.0% [15] Valuation Metrics - The industry is currently trading at a forward 12-month price-to-earnings (P/E) ratio of 14.71X, compared to the S&P 500's 22.95X and the Zacks Medical Sector's 19.36X [18] Key Players - Eli Lilly (LLY), Johnson & Johnson (JNJ), Novartis (NVS), Pfizer (PFE), and Bayer (BAYRY) are highlighted as strong candidates for investment due to their robust revenue streams and profitability [3] - Johnson & Johnson's Innovative Medicine unit saw a 2.4% sales increase in the first half of 2025, driven by key products and new drug launches [21] - Bayer's growth is fueled by key drugs like Nubeqa and Kerendia, with plans to launch new drugs in 2025 [27] - Pfizer has strengthened its oncology position with the acquisition of Seagen and is focusing on cost cuts to save $7.7 billion by the end of 2027 [32][34] - Novartis maintains strong momentum with a diverse portfolio and is solidifying its presence in gene therapy, despite facing generic competition [38] Innovation and M&A Activity - The sector is characterized by aggressive mergers and acquisitions (M&A), with large pharmaceutical companies acquiring innovative small and mid-cap biotech firms to expand their pipelines [7][8] - Recent notable M&A deals include Sanofi's acquisition of Blueprint Medicines for approximately $9.5 billion and Merck's offer to acquire Verona Pharma for around $10 billion [9] Future Outlook - The industry's focus on innovation, particularly in areas like rare diseases, oncology, and obesity, is attracting investor attention and is expected to drive growth [6][8] - Continuous investment in R&D and the adoption of new technologies such as AI and gene editing are seen as key to maintaining competitive advantage [5]

Group 1: Intuitive Surgical - Intuitive Surgical is a leader in robotic-assisted surgery (RAS) devices, primarily driven by its da Vinci system, which allows for minimally invasive surgeries across various medical fields [4] - The company has faced challenges such as a decline in bariatric surgeries and tariffs, but its long-term prospects remain strong due to a resilient business model and consistent growth in revenue [5][9] - The addressable market for Intuitive Surgical is underpenetrated, with over half of its revenue coming from instruments and accessories tied to procedure volume, benefiting from an aging global population [7][8] - Intuitive Surgical has outperformed the market for 25 years, indicating potential for significant capital growth for younger investors [9] Group 2: Moderna - Moderna is considered a riskier investment compared to Intuitive Surgical but has substantial upside potential, particularly due to its successful COVID-19 vaccine and innovative mRNA platform [10] - The company has achieved several clinical and regulatory successes, including approvals for vaccines against RSV and ongoing trials for vaccines targeting influenza and cancer [11][13] - Despite a recent lag in stock performance due to declining sales from its coronavirus vaccine franchise, Moderna's pipeline remains promising, with potential candidates for various cancers and an early-stage HIV vaccine [12][14] - If Moderna successfully mainstreams mRNA vaccines over the next five years, it could lead to significant stock upside, making it a consideration for younger investors who can tolerate volatility [14]

TABLE OF CONTENTS As filed with the U.S. Securities and Exchange Commission on June 6, 2023. Registration No. 333-272082 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 2 to FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 TRANSCODE THERAPEUTICS, INC. (Exact name of Registrant as specified in its charter) 2834 (Primary Standard Industrial Classification Code Number) (I.R.S. Employer Delaware (State or other jurisdiction of incorporation or organization) ...

Washington, D.C. 20549 Amendment No. 1 to FORM S-1 TABLE OF CONTENTS As filed with the U.S. Securities and Exchange Commission on June 5, 2023. Registration No. 333-272082 UNITED STATES SECURITIES AND EXCHANGE COMMISSION REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 TRANSCODE THERAPEUTICS, INC. (Exact name of Registrant as specified in its charter) 2834 (I.R.S. Employer Delaware (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) ...