March 30th, 2026 4:30 PM Eastern Time Fourth Quarter & Year-end 2025 Operating & Financial Results Conference Call / Webinar NASDAQ :LTRN Forward Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, among other things, statements relating to: future events or our future financial performance; the potenti ...

Group 1 - Brendan completed a Ph.D. at Stanford University in organic synthesis in 2009 [1] - He worked for Merck from 2009 to 2013 and has experience in biotech startups including Theravance and Aspira [1] - Brendan is a co-founder of 1200 Pharma, which spun out of Caltech and received significant investment in the 8 figures [1] Group 2 - The company has a beneficial long position in the shares of CORT, indicating a positive outlook on the stock [2] - The author expresses personal opinions and is not receiving compensation from any mentioned companies [2] Group 3 - Seeking Alpha emphasizes that past performance does not guarantee future results and does not provide specific investment recommendations [3]

Core Insights - The article discusses Neumora Therapeutics (NMRA) and its upcoming study, Kostal-1, which is focused on Major Depressive Disorder (MDD) treatment [2]. Company Overview - Neumora Therapeutics is highlighted as a company in the biotech sector, with a focus on developing treatments for mental health conditions [2]. Analyst Background - The author, Terry Chrisomalis, has extensive experience in the biotech sector and runs the Biotech Analysis Central service, which provides in-depth analyses of pharmaceutical companies [2]. - The service includes a library of over 600 biotech investing articles and a model portfolio of more than 10 small and mid-cap stocks [2].

Core Insights - Fortress Biotech, Inc. and its subsidiary Cyprium Therapeutics announced the sale of Cyprium's Rare Pediatric Disease Priority Review Voucher for gross proceeds of $205 million, marking a significant corporate transaction for both entities [1][2] Financial Impact - Fortress expects to receive over $100 million from the PRV sale, which will enhance its financial flexibility for business development and advancing its portfolio [2] - Cyprium is eligible for tiered royalties on net sales of ZYCUBO® and up to approximately $128 million in aggregate sales milestones from Sentynl Therapeutics [3] Product Development and Approvals - Fortress' portfolio has achieved three FDA approvals in the last 15 months for products Emrosi™, UNLOXCYT™, and ZYCUBO® [2] - ZYCUBO® was approved by the FDA on January 12, 2026, for the treatment of Menkes disease in pediatric patients [4] Corporate Structure and Strategy - Cyprium is a majority-owned subsidiary of Fortress, focusing on novel therapies for Menkes disease and related disorders [4] - Fortress operates with a model aimed at acquiring and advancing biopharmaceutical assets to enhance long-term shareholder value through various revenue streams [5]

Core Viewpoint - Nutriband has selected a commercial worldwide brand name for its lead product, an abuse deterrent fentanyl transdermal system, and will submit it to the FDA for approval [1][3] Group 1: Product Development - Nutriband's lead product utilizes AVERSA™ abuse deterrent technology, which aims to prevent the abuse and misuse of transdermal fentanyl [2][7] - The product has the potential to achieve peak annual US sales between $80 million to $200 million, with plans for development in major medical markets worldwide [3][9] Group 2: Branding and Regulatory Support - The company has partnered with Brand Institute, Inc. to develop the brand name and visual identity for the product, leveraging their expertise in pharmaceutical branding [2][5] - Drug Safety Institute, a subsidiary of Brand Institute, will provide regulatory services and support, staffed by former officials from major health agencies [6][11] Group 3: Intellectual Property - Nutriband's AVERSA™ technology is protected by a broad international intellectual property portfolio, with patents issued in 46 countries [7][8]

Summary of Biomea Fusion Fireside Chat (March 30, 2026) Company Overview - **Company**: Biomea Fusion (NasdaqGS: BMEA) - **Lead Program**: Icovamenib, a novel menin inhibitor aimed at treating Type 1 and Type 2 diabetes, with potential to preserve and enhance pancreatic beta cell function [2][12] Core Industry Insights - **Industry Context**: The diabetes treatment landscape has seen limited innovation, particularly in the context of menin inhibitors, which have primarily been associated with oncology [1][4] - **Market Opportunity**: Biomea has a relatively small market capitalization but significant potential for growth due to the large unmet need in diabetes treatment [2] Key Mechanism of Action - **Mechanism**: Icovamenib targets menin, a scaffold protein that regulates pancreatic islet growth. Down-regulating menin can restore beta cell function, leading to increased insulin production and improved glucose control [12][14] - **Research Basis**: Initial studies from Stanford University indicated that menin plays a crucial role in beta cell lifecycle, and its inhibition could lead to beneficial effects in diabetes [12][40] Clinical Development and Results - **Clinical Trials**: Ongoing studies include COVALENT-111 (Type 2 diabetes) and COVALENT-112 (Type 1 diabetes), with plans for COVALENT-211 and COVALENT-212 [116][117] - **Efficacy**: In early trials, a 1.5% reduction in A1C was observed after 12 weeks of dosing, indicating significant glucose control [50][49] - **Durability of Effect**: The sustained effect of icovamenib is hypothesized to be due to the maturation of newly created beta cells, which continue to function even after treatment cessation [57][66] Synergistic Effects - **Combination Therapy**: Icovamenib shows synergistic effects with GLP-1 receptor agonists, enhancing insulin production in patients who previously did not respond to GLP-1 therapy [74][75] - **Patient Selection**: Targeting patients who are overweight or obese and have failed GLP-1 therapy could optimize treatment outcomes [80][82] Market Positioning - **Competitive Landscape**: Icovamenib aims to fill a gap between existing diabetes treatments and insulin dependency, potentially preventing patients from progressing to more severe treatment options [96][109] - **Regulatory Considerations**: The company anticipates that demonstrating efficacy in patients who would otherwise require insulin will be crucial for FDA approval [113][114] Future Directions - **Upcoming Data**: Results from ongoing trials are expected to be released by the end of the year, with a focus on refining patient selection criteria based on BMI and diabetes subtype [204][205] - **Type 1 Diabetes Research**: A proof-of-concept study is underway to assess icovamenib's effects in Type 1 diabetes patients, exploring its potential even in patients with minimal beta cell function [220][221] Additional Insights - **Patient Demographics**: The impact of gender and BMI on treatment response is being studied, with preliminary findings suggesting that higher BMI may correlate with reduced efficacy of icovamenib [123][124] - **Dosing Considerations**: The company has established dosing protocols to minimize variability and enhance drug exposure in clinical settings [187][188] This summary encapsulates the key points discussed during the fireside chat, highlighting Biomea Fusion's innovative approach to diabetes treatment through icovamenib and its potential impact on the market.

Core Insights - Incyte (INCY) reported 54-week data from its late-stage STOP-HS program, showing substantial and sustained efficacy of povorcitinib in patients with moderate-to-severe hidradenitis suppurativa (HS) [1][10] Clinical Trial Overview - The STOP-HS clinical trial program consists of two phase III studies, STOP-HS1 and STOP-HS2, evaluating the efficacy and safety of povorcitinib in adult patients with moderate to severe HS [2] - Both studies include a 12-week double-blind, placebo-controlled treatment period, followed by a 42-week double-blind extension period [2] Efficacy Results - Across both STOP-HS1 and STOP-HS2 trials, treatment responses remained durable through week 54, with up to 71.4% of patients achieving Hidradenitis Suppurativa Clinical Response 50 (HiSCR50) [3] - Higher response thresholds were also notable, with up to 57% reaching HiSCR75 and up to 29% achieving complete response (HiSCR100) [3] Safety and Patient Outcomes - Povorcitinib delivered consistent reductions across key inflammatory lesion types, with complete lesion clearance observed in up to 20% of patients [4] - The safety profile remained consistent with prior data, with both dose levels well tolerated over 54 weeks, supporting a favorable long-term benefit-risk profile [4] Regulatory Status - The new drug application and marketing authorization application for povorcitinib are under review by the FDA and the European Medicines Agency, respectively [7] - The latest data from the STOP-HS program reinforce povorcitinib's potential as a differentiated oral JAK1 inhibitor [7] Pipeline and Future Expectations - Incyte expects top-line phase III data for povorcitinib in vitiligo and prurigo nodularis in mid-2026 and fourth-quarter 2026, respectively [8] - Incyte's efforts to develop new drugs to diversify its portfolio and add incremental revenue streams are notable [11] Financial Performance - Incyte's lead drug Jakafi accounts for the majority of revenues, with shares surging 50.6% in the past year compared to the industry's 14.7% growth [11] - Sales in all indications continue to be strong, with encouraging uptake of new drugs like Pemazyre, Monjuvi, and Tabrecta contributing to top-line growth [13]

Core Insights - Bristol Myers' (BMY) cardiovascular portfolio includes blockbuster drugs Eliquis and Camzyos, with recent positive results from the SCOUT-HCM study for Camzyos in adolescents with obstructive hypertrophic cardiomyopathy (oHCM) [1][2] Group 1: Study Results and Drug Efficacy - The SCOUT-HCM study met its primary endpoint, showing a statistically significant reduction in the Valsalva left ventricular outflow tract (LVOT) gradient at week 28 compared to placebo, indicating Camzyos' effectiveness [2] - Camzyos also showed improvements in multiple secondary endpoints at 28 weeks, with a safety profile similar to placebo, supporting its potential as the first cardiac myosin inhibitor for treating adolescent oHCM [2] Group 2: Market Potential and Sales - Camzyos is currently approved for adults with symptomatic New York Heart Association (NYHA) class II–III obstructive hypertrophic cardiomyopathy, and broader approval could significantly boost sales, which exceeded $1 billion in 2025, reflecting a 77% year-over-year increase [3] - Eliquis, another key drug in BMY's portfolio, is co-developed with Pfizer and is a major revenue contributor [4] Group 3: Clinical Trials and Competitors - BMY discontinued the late-stage Librexia study for milvexian after an interim analysis indicated it was unlikely to meet primary efficacy endpoints, although two other late-stage studies are ongoing with results expected in 2026 [5][6] - Cytokinetics received FDA approval for aficamten for obstructive HCM, marking a significant competitive development in the market [7] Group 4: Financial Performance and Valuation - BMY shares have gained 8% year-to-date, contrasting with a 3.4% decline in the industry [10] - The company is trading at a price/earnings ratio of 9.41x forward earnings, which is higher than its historical mean but lower than the large-cap pharma industry's average of 16.74x [12] - The Zacks Consensus Estimate for 2026 EPS has increased to $6.26 from $6.24, and for 2027, it has risen to $6.09 from $6.05 [13]

Core Viewpoint - Soleno Therapeutics, Inc. is facing a securities class action lawsuit alleging that the company and its officers concealed material safety risks associated with its product DCCR during the class period from March 26, 2025, to November 4, 2025 [2][7]. Group 1: Company Overview - Soleno's sole commercial product, VYKAT XR, was approved by the FDA on March 26, 2025, to treat hyperphagia in individuals with Prader-Willi syndrome [2]. - The lawsuit claims that Soleno made materially misleading statements regarding DCCR's safety profile and commercial viability, while concealing evidence of serious adverse events [5]. Group 2: Legal Proceedings - The U.S. District Court for the Northern District of California has set May 5, 2026, as the deadline for institutional investors to apply for lead plaintiff appointment in the class action [2]. - The action alleges violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of all purchasers of Soleno common stock during the specified class period [7]. Group 3: Institutional Investor Considerations - Institutional investors who acquired SLNO shares during the class period may have fiduciary obligations to evaluate the pursuit of a lead plaintiff role [3]. - The PSLRA favors institutional investors with the largest financial interest in the relief sought by the class, and lead plaintiffs have the authority to select and oversee class counsel [7][8].

Core Viewpoint - XRTX is a late-stage clinical pharmaceutical company focused on developing innovative therapies for gout and progressive kidney disease, with three advanced clinical products in its pipeline [1] Group 1: Reverse Stock Split - A reverse stock split is scheduled for April 6, 2026, at a ratio of 1 new share for every 5 old shares to enhance stock price and market perception [2][4] - The consolidation was initially set for March 27, 2026, but was delayed to ensure necessary approvals from the TSX Venture Exchange and Nasdaq Stock Exchange [2] Group 2: Current Financials - XRTX currently trades at $0.37, reflecting a 2.37% decrease with a $0.009 change, and has fluctuated between $0.35 and $0.39 today [3][4] - The company has a market capitalization of approximately $515,342 and a trading volume of 47,554 shares on the NASDAQ exchange [3][4] - The stock has a 52-week high of $1.41 and a low of $0.35 [3][4] Group 3: Clinical Pipeline - The advanced clinical pipeline includes XRx-026 for gout treatment, XRx-008 for Autosomal Dominant Polycystic Kidney Disease (ADPKD), and XRx-101 for acute kidney and other organ injuries related to respiratory virus infections [1][4]