安奈克森（ANNX）：GBS疗法在重要疗效指标上优于IVIg

Andrew Tsai * | Equity Analyst(415) 229-1566 | atsai@jefferies.comMatthew Barcus, Ph.D. * | Equity Associate(415) 229-8703 | mbarcus@jefferies.comJohn Cox, Ph.D. * | Equity Associate+1 (415) 229-8708 | jcox1@jefferies.comBrian Balchin, ACA * | Equity Analyst(415) 229-1522 | bbalchin@jefferies.com Exhibit 1 - Propensity-Matched GBS Patients From IGOS Study Cohort and Phase III GBS-02 30mg/kgPatients Suggest an Adequate Baseline Balance on MRC, GBS-DS, and NFL.Source: Company reportsAnalysis to IGOS is adjusted for: Age, GBS-DS, MRC sum score entry, preceding diarrhea, onset ofweakness to treatmentExhibit 2 - Tanruprubart 30mg/kg Was 3x More Likely to Improve GBS-DS at Weeks 4, 8, and 26.Source: Company reportsExhibit 3 - MRC Sum Score at Week 1 Shows ~10Point Improvement with ANX-005 Patients (N=65)Propensity Matched to IVIg/PE Patients (N=65) inIGOS Study.Source: Company reportsExhibit 5 - Tanruprubart 30mg/kg Demonstrates a Variety of Functional QoL Benefits vs Placebo Patients inEQ-5D-5L Scores.Source: Company reportsPlease see important disclosure information on pages 4 - 9 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Exhibit 4 - Patients on Placebo (N=72) Have anInferior MRC Sum Score at Week 1 to PropensityMatched IVIg / PE Patients (N=72) in the IGOS Study.Source: Company reports Exhibit 6 - Tanruprubart 30mg/kg Patients Exhibit Improved Functional Task Completion by rODS DisabilityScale.Source: Company reportsPlease see important disclosure information on pages 4 - 9 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Company DescriptionAnnexonAnnexon is a clinical-stage biotechnology company developing complement targeting medicines for serious autoimmune, neurodegenerative, andophthalmic disorders.Company Valuation/RisksAnnexonOur PT is based on an NPV analysis of ANNX's pipeline products, including for ANX005 in GBS, ANX005 in HD, and ANX007 in GA. Risks include (1)clinical and or regulatory delays/failures; (2) potential lack of competitive differentiation; (3) distant profitability; and (4) general drug industry risks.Analyst Certification:I, Andrew Tsai, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Matthew Barcus, Ph.D., certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.I, John Cox, Ph.D., certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Brian Balchin, ACA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receivescompensation based in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate, butvarious regulations may prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports are publishedat irregular intervals as appropriate in the analyst's judgement.Investment Recommendation Record(Article 3(1)e and Article 7 of MAR)Recommendation PublishedRecommendation DistributedCompany Specific DisclosuresWithin the past 12 months, Jefferies Financial Group Inc., its affiliates or subsidiaries has received compensation from investment banking services fromAnnexon.Jefferies Financial Group Inc., its affiliates or subsidiaries is acting as a manager or co-manager in the underwriting or placement of securities for Annexonor one of its affiliates.Within the past twelve months, Annexon has been a client of Jefferies Financial Group Inc., its affiliates or subsidiaries and investment banking services arebeing or have been provided.Jefferies Financial Group Inc., its affiliates or subsidiaries has acted as a manager or co-manager in the underwriting or placement of securities for Annexonor one of it