2025 R&D Update and ASH Data Review December 11, 2025 © Genmab 2025 This presentation contains forward looking statements. The words "believe", "expect", "anticipate", "intend" and "plan" and similar expressions identify forward looking statements. All statements other than statements of historical facts included in this presentation, including, without limitation, those regarding our financial position, business strategy, plans and objectives of management for future operations (including development plans ...

Summary of Corbus Pharmaceuticals Holdings FY Conference Call Company Overview - Corbus Pharmaceuticals Holdings is a drug development company based in Norwood, Massachusetts, with a focus on oncology and obesity [4][5] - The company has a small team of approximately 40 employees and emphasizes its preference for remaining small [4] Key Pipeline Developments ADC Program for Nectin-4 - The company is focusing on its ADC program for Nectin-4, with key milestones expected in the next 18 months [7] - Upcoming regulatory updates and data releases are planned for: - Q1: Regulatory update on pivotal study for Nectin-4 ADC monotherapy in second-line head and neck cancer [5] - Mid-year: Data on monotherapy for head and neck cancer, with a focus on durability [5] - Second half of the year: Data on monotherapy for cervical cancer and combination therapy with Keytruda in front-line head and neck cancer [5][6] CB1 Program for Obesity - The company is preparing to release SAD/MAD data imminently, with a significant study on obese non-diabetics planned for mid-year [6][19] - The phase 1 study design includes a classic SAD/MAD approach, with dosing up to hundreds of milligrams per day to assess safety and pharmacokinetics [19][20] Market Context and Competitive Landscape - The second-line treatment landscape for head and neck cancer is described as grim, with current therapies offering limited efficacy [7][8] - The company aims to differentiate its therapies based on safety profiles, particularly in terms of lower neuropathy and ocular toxicity compared to competitors like Padcev [16][17] Financial Position - Corbus Pharmaceuticals has extended its cash runway into 2028, providing a stable financial foundation for upcoming studies and developments [7] Strategic Focus - The company prioritizes investment in second-line monotherapy for head and neck cancer, followed by cervical cancer, with a wildcard focus on front-line combination therapy [30][32] - The potential for combination therapies with GLP-1 agonists is also being explored, with preclinical data showing promising results [28][29] Additional Insights - The company is cautious about expanding its focus beyond its current pipeline due to resource limitations, although it remains open to exploring other tumor types that express Nectin-4 [10][11] - The safety profile of CRB-701 is highlighted as a potential commercial advantage, particularly its low levels of peripheral neuropathy, which is a significant concern for patients [16][17] Conclusion - Corbus Pharmaceuticals is positioned to make significant advancements in its ADC and CB1 programs over the next year, with a clear focus on regulatory milestones and data releases that could shape its future in the oncology and obesity markets [5][6][30]

Halozyme Therapeutics FY Conference Summary Company Overview - **Company**: Halozyme Therapeutics (NasdaqGS: HALO) - **Event**: FY Conference held on December 02, 2025 - **Key Speaker**: Dr. Helen Torley, CEO Core Business and Technologies - Halozyme is experiencing significant adoption of its technologies, particularly with argenx's VYVGART Hytrulo and the success of DARZALEX SubQ, where 96% of patients in the US utilize the SubQ version [2][4] - The recent acquisition of Elektrofi for its HyperCon technology aims to enhance home delivery of biologic therapies through autoinjectors, expanding Halozyme's portfolio to three leading technologies [2][5] Financial Performance - Halozyme has raised its revenue guidance to $1.3-$1.375 billion, driven by a 50% year-over-year growth in royalties, expected to reach $850-$880 million [4] - EBITDA is projected to grow nearly 50%, reaching between $880 million and $930 million [4] Product Portfolio and Future Growth - Key products driving revenue include DARZALEX, PHESGO, and VYVGART Hytrulo, with expectations for new products like SubQ OCREVUS, OPDIVO, TECENTRIQ, and RYBREVANT to contribute significantly in the coming years [6][7] - DARZALEX is projected to grow from $14-$15 billion this year to $18 billion by 2028, with over 90% of its use being SubQ with ENHANZE [8] - PHESGO is expected to grow to $3-$3.5 billion, while VYVGART Hytrulo is anticipated to reach $4 billion, with projections of $8 billion based on current indications [9] Regulatory Environment and IRA Impact - Concerns regarding the IRA price negotiation have been downplayed, with Halozyme confident that its products will not be significantly impacted due to their classification and the presence of biosimilars [11][14] - The One Big Beautiful Bill Act clarifies that products with multiple orphan indications will not be included in IRA negotiations, benefiting Halozyme's portfolio [12][13] Elektrofi Acquisition Insights - The acquisition of Elektrofi is seen as timely, as the company has secured major deals and is at a value inflection point with products expected to enter clinical trials soon [16][17] - HyperCon technology allows for higher concentration drug delivery, with IP protection extending to the mid-2040s, providing additional revenue opportunities [18][19] Litigation and Patent Portfolio - Halozyme is currently in litigation with Merck regarding its MDASE patent portfolio, which is separate from its ENHANZE portfolio, ensuring no risk to ENHANZE royalties [23][24] - The company is pursuing a permanent injunction and triple damages in the litigation, while remaining open to licensing agreements with Merck [24] Strategic Partnerships and Deal Structure - Halozyme is shifting towards non-exclusive deals for bispecific products, allowing for greater flexibility and collaboration with multiple partners [27][28] - The company aims to continue adding new products and royalty streams to sustain its growth trajectory [10][29] Conclusion - Halozyme is positioned for strong growth driven by its ENHANZE technology and the new HyperCon technology, with a robust pipeline of products and a favorable regulatory outlook [29][30]

Financial Data and Key Metrics Changes - Total revenue grew by 21% year-over-year, driven by increased recurring revenue, with recurring revenue up 26% [5][22][24] - Operating profit increased by 52%, reflecting strong financial performance despite strategic investments [5][25] - The company ended the first half of 2025 with approximately $3.4 billion in cash, providing flexibility for growth and expansion [5] Business Line Data and Key Metrics Changes - Sales from Epkinly and TIVDAK increased by 54% year-over-year, contributing 25% to total revenue growth [15][22] - Epkinly sales reached $333 million through Q3, representing a 64% year-over-year increase, establishing it as a leader in the third-line setting for diffuse large B-cell lymphoma and follicular lymphoma [17][19] - TIVDAK sales totaled $120 million year-to-date, with strong performance in both new and established markets [20] Market Data and Key Metrics Changes - Epkinly has received regulatory approvals in over 65 countries, with more than 50 countries now having dual indications [19] - The company is preparing for the launch of Epkinly in earlier lines of therapy, particularly in second-line follicular lymphoma, with an estimated 9,000 patients in this segment [42] Company Strategy and Development Direction - The proposed acquisition of Merus is seen as a transformative opportunity, advancing the company's evolution into a global biotech leader and expanding its revenue base [6][30] - The company aims to maximize the potential of its commercialized medicines while accelerating the development of its late-stage pipeline [5][6] - The focus remains on high-impact programs, with ongoing phase 3 trials for rinatabart sesutecan and Petosemtamab expected to drive future growth [7][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the potential of rinatabart sesutecan and Petosemtamab as key growth drivers, with expectations for significant market opportunities [7][36] - The company anticipates continued strong performance and is on track to achieve double-digit revenue and profit growth for 2025 [26][28] Other Important Information - The company has initiated additional phase 3 clinical trials for rinatabart sesutecan, reinforcing its commitment to advancing its innovative pipeline [11][29] - The annual R&D updates and data review will be held virtually on December 11, 2025 [31] Q&A Session Summary Question: Competitive landscape of Petosemtamab and Rinatabart sesutecan - Management remains confident in the positioning of both drugs as best-in-class assets, with ongoing phase 3 trials supporting their development [34][36] Question: Commercial dynamics of Epkinly - The dual indication of Epkinly is beneficial for operationalization, and the company expects significant growth opportunities in earlier lines of therapy [40][41] Question: Termination of clinical development for 1042 - The decision was based on data not meeting internal development standards, leading to a halt in the program [51][52] Question: Confidence in Epkinly's upcoming PDUFA - Management expressed high confidence in the approval process, with no indications suggesting otherwise [55][57] Question: OpEx and profitability outlook for 2026 - The company maintains a disciplined investment approach, with expectations for significant profitability and operational efficiency [62][66]

October 2025 Corporate Presentation Disclaimer This presentation (including any oral commentary that accompanies this presentation) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this presentation that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation statements regarding the planned completion of the transactions contemplated by the transaction ...

Core Insights - The article highlights stocks reaching new 52-week highs, indicating market recognition of strong fundamentals and potential catalysts for growth [1][2]. Company Summaries Cogent Biosciences Inc. (COGT) - Cogent Biosciences plans to file its first New Drug Application for Bezuclastinib by the end of 2025, targeting non-advanced systemic mastocytosis [3]. - A phase III trial comparing Bezuclastinib with Sutent is ongoing, with results expected in the second half of 2025 [4]. - The stock reached a 52-week high of $16.99, up from $7.25 when last featured [5]. Assembly Biosciences Inc. (ASMB) - Assembly Biosciences is advancing four key development programs, with ABI-5366 expected to enter phase 2 studies in mid-2026 [6]. - Interim data for ABI-1179 is anticipated this fall, while ABI-6250 is in a phase 1a trial [7]. - The stock hit a 52-week high of $28, up from $14.53 when last featured [8]. Compass Therapeutics Inc. (CMPX) - Compass Therapeutics is conducting a phase 2/3 study of Tovecimig for advanced biliary tract cancer, with analyses of secondary endpoints expected in Q1 2026 [9][10]. - The stock reached a 52-week high of $4.39, up from $2.91 when last featured [11]. NewAmsterdam Pharma Company N.V. (NAMS) - NewAmsterdam Pharma is developing Obicetrapib as a cholesterol-lowering therapy, with positive data from the BROADWAY trial [12][13]. - The company has completed two additional phase III trials and submitted marketing applications to the EMA [16]. - The stock reached a 52-week high of $39.76, up from $21.56 when last featured [17]. Mineralys Therapeutics Inc. (MLYS) - Mineralys is developing Lorundrostat for uncontrolled hypertension, with a pivotal phase III trial achieving its primary endpoint [19]. - A phase II trial for overweight participants with OSA is ongoing, with topline results expected in 1H 2026 [20]. - The stock hit a 52-week high of $43.88, up from $10.34 when last featured [20]. Kymera Therapeutics Inc. (KYMR) - Kymera is set to report data from its phase I trial of KT-621 this quarter, with phase 2b studies planned for late 2025 and early 2026 [21][22]. - The stock reached a 52-week high of $60, up from $40 when last featured [22]. Insmed Inc. (INSM) - Insmed has two approved drugs and is conducting a phase 3 trial of Arikayce, with topline results expected in 1H 2026 [24][25]. - The stock hit a high of $166.54, up from $76.54 when last featured [26]. Adaptive Biotechnologies Corp. (ADPT) - Adaptive Biotechnologies expects MRD revenue between $190 million and $200 million for 2025, up from $145.5 million in 2024 [28][29]. - The stock reached a 52-week high of $15.94, up from $9.80 when last featured [29]. BridgeBio Pharma Inc. (BBIO) - BridgeBio has upcoming topline results from the FORTIFY and CALIBRATE studies expected in Fall 2025 [30]. - The stock reached a 3-year high of $56.24, up from $25.10 when last featured [31]. Tarsus Pharmaceuticals Inc. (TARS) - Tarsus reported strong sales for Xdemvy, with Q2 2025 sales of $102.7 million, compared to $40.8 million in Q2 2024 [32]. - The stock hit an all-time high of $70.15, up from $25.01 when last featured [34]. Palvella Therapeutics Inc. (PVLA) - Palvella's QTORIN is under development for various skin diseases, with a phase 2 trial expected to report data in mid-December 2025 [35][36]. - The stock reached a 52-week high of $76.76, up from $25 when last featured [36]. Merus N.V. (MRUS) - Merus agreed to be acquired by Genmab for $97 per share, with the deal expected to close in early Q1 2026 [37]. - The stock was at $39.71 when last featured [39]. Nephros Inc. (NEPH) - Nephros reported net revenue of $4.4 million for Q2 2025, marking its third consecutive quarter of profitability [40][41]. - The stock hit a 52-week high of $5.98, up from $2.93 when last featured [42].

Core Insights - Merus N.V. (NASDAQ:MRUS) is highlighted as one of the best biotech stocks to buy, with Barclays initiating coverage and setting a price target of $112 and an Overweight rating [1] - The approval of zenocutuzumab for rare malignancies has validated Merus's platform commercially [1] Group 1: Clinical Developments - Merus's Phase 3 clinical asset, petosemtamab, is undergoing two potentially registration-enabling Phase 3 trials for frontline and previously treated metastatic head and neck cancers [2] - The clinical derisking of petosemtamab in head and neck malignancies, along with potential value creation in colorectal cancer through year-end 2026, presents a significant opportunity for share gain [2] Group 2: Company Overview - Merus N.V. is a biotechnology company focused on developing antibody-based cancer treatments, with key initiatives including Zenocutuzumab and Petosemtamab (MCLA-158) [3]

Core Viewpoint - Genmab A/S has announced a cash acquisition of Merus NV for $97.00 per share, valuing the transaction at approximately $8 billion, which has been approved by both companies' boards [1][3]. Group 1: Acquisition Details - The acquisition price of $97.00 per share represents a premium of about 41% over Merus's closing price of $68.89 on September 26, 2025, and a 44% premium over the 30-day volume-weighted average price of $67.42 [3]. - The acquisition is expected to accelerate Genmab's transition to a fully integrated model, expanding its revenue sources and driving sustained growth over the next decade [3]. Group 2: Strategic Fit and Product Pipeline - Merus is a clinical-stage biotechnology company with a late-stage breakthrough therapy, Petosemtamab, currently in Phase III clinical development [3]. - The acquisition will integrate Petosemtamab into Genmab's late-stage pipeline, aligning strategically with Genmab's expertise in developing and commercializing antibody therapies for oncology [3][6]. - Following the transaction, Genmab will have four proprietary projects expected to lead to multiple new drug launches by 2027 [3]. Group 3: Clinical Development and Market Potential - Petosemtamab is an EGFRxLGR5 bispecific antibody that has the potential to become a first-line and best-in-class treatment for head and neck cancer, having received two Breakthrough Therapy Designations (BTD) from the FDA [3][4]. - Merus is conducting two Phase III clinical trials for head and neck cancer, with top-line interim data expected in 2026 [4]. - Genmab anticipates that Petosemtamab could be launched by 2027, pending clinical results and regulatory approvals, with projected sales reaching at least $1 billion by 2029 [6].

Acquisition Overview - Genmab is set to acquire Merus to deliver the next decade of sustainable growth[1, 5] - The offer price is $97 per share in cash, reflecting approximately $8 billion transaction value[24] - The tender offer for 100% of Merus' common shares is expected to close by early Q1 2026, subject to customary conditions[24] Strategic Rationale - The acquisition aligns with Genmab's 2030 Vision and capital allocation priorities[7] - It advances the shift to a wholly-owned model, positioning Genmab for sustainable long-term growth[7] - The deal is expected to be accretive to EBITDA by the end of 2029, with sustained revenue growth into the next decade[24] Petosemtamab Asset - Petosemtamab has two FDA Breakthrough Therapy Designations (BTDs) in 1L & 2L+ r/m HNSCC[7] - Topline readout of one or both 1L & 2/3L r/m HNSCC Phase 3 trials is expected in 2026[9, 15] - First launch is planned for 2027, with high confidence in multi-billion-dollar annual peak sales potential[7] Financial Impact - Genmab expects to fund the acquisition with a mix of cash on the balance sheet and $5500 million of new non-convertible debt[24] - The company anticipates returning to meaningful growth in 2027[24] - Genmab targets gross leverage of less than 30x within two years post-close[24]

Core Insights - Merus NV's shares increased by 38.2% to $95.21 following Genmab's announcement of an $8 billion all-cash acquisition deal, which includes the addition of the breakthrough therapy Petosemtamab to Genmab's late-stage pipeline [1] Gainers - Steakholder Foods Ltd rose 92% to $8.32 after announcing an agreement to acquire Twine Solutions [4] - JFB Construction Holdings surged 77.4% to $12.15 following a $44 million private placement announcement [4] - Plus Therapeutics gained 24.3% to $0.77 after securing a national coverage agreement with UnitedHealthcare for its CNSide assay [4] - Avalo Therapeutics rose 24.1% to $13.40 after a previous decline of 6% [4] - Enanta Pharmaceuticals gained 22.7% to $9.69 ahead of presenting topline results from its Phase 2b study of Zelicapavir for RSV [4] - Canopy Growth Corp jumped 19.4% to $1.60 [4] - Zura Bio Ltd gained 18.3% to $2.85 after a 15% increase on Friday [4] - Tilray Brands surged 17.4% to $1.35, with first-quarter financial results to be announced on October 9 [4] - Larimar Therapeutics jumped 16.4% to $5.93, with an update on the Nomlabofusp program scheduled for September 2 [4] Losers - MoonLake Immunotherapeutics dipped 86.3% to $8.50 despite achieving statistically significant results in its Phase 3 VELA trials [4] - Maris Tech fell 37.3% to $2.62 after reporting a H1 loss of 30 cents per share [4] - Sunrise New Energy Co Ltd shares dipped 28.1% to $0.88 after a previous 10% gain [4] - Cycurion Inc declined 15.5% to $0.28 after a significant drop of over 30% on Friday [4] - bioAffinity Technologies dipped 14.4% to $4.53 after a 55% increase on Friday [4] - Youxin Technology Ltd fell 13.9% to $0.058 following a 1-for-80 reverse split announcement [4] - Top KingWin Ltd declined 12.8% to $4.07 after a previous 48% increase [4] - Cellectis SA fell 10.4% to $3.01 [4] - Quantum-Si Inc decreased 10.1% to $1.34 after filing for a mixed shelf of up to $300 million [4] - Penguin Solutions Inc fell 8.4% to $24.00 [4]