肥胖追踪：每周新闻摘要和试验更新

7/9/2025DatePos520z/6/Lclosure information, and information regarding the status of non-US analysts on pages 5 - 11 of this report. NCT (link)Tith or WithoutType2Diabetes MellitusNCT0705516 Roger Song, MD, CFA * I Equity Analyst(617) 342-7955 | rsong@jefferies.comFiona Jia, Ph.D. * I Equity Associate+1 (617) 342-7942Ifjia@jefferies.comLiang Cheng, Ph.D. * I Equity Associate+1 (617) 342-7896 Ilcheng1@jefferies.comCha Cha Yang, MS, MBA * IEquity Associate+1 (857) 330-5772Icyang2@jefferies.comNabeel Nissar * I Equity Associate+1 (617) 345-8677 I nnissar@jefferies.com JefferiesWenotesomenear-termcatalyststowatch1) DA-1726 (GLP-1/GCG/subq) Ph1 MAD topline data in 4Q25.Chart 4 - Key upcoming catalysts for incretin-based tx in obesityNon-incretins:1) Bivamelagon (MC4R/oral) EoP2 meeting with FDA and seek scientific advice from CHMP andEMA likely in'25Please see important disclosure information on pages 5 - 11 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. S微信 JefferiesChart 5 - Key upcoming catalysts for non-incretin based obesity txA2D634三TIC-6740TLC-1180MSC-0600NN9538/NNC0638-0L-008-833 and K-757AC47SYNT-10Spstis icPlease see important disclosure information on pages 5 - 11 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. JefferiesRYTM: Co announces positive topline results from bivamelagon (MC4R/oral) Ph2 study in acquiredhypothalamic obesity. Bivamelagon achieved stat sig, up to 9.3% (11.5% pbo-adj) reduction in BMlat 14 weeks. In a post-hoc analysis comparing the randomized Ph2 results to results from priorsetmelanotide trials, biva demonstrated BMI reductions consistent with BMI reductions achieved withsetmelanotide therapy as observed in similar pt populations at comparable dosing durations. Pts inthe 600mg (n=8) and 400mg (n=6) cohorts achieved a mean reduction greater than 2.8 points in theirtherapy due to a serious AE (rectal bleeding). The most common reported AEs were episodes ofdiarrhea and nausea, the vast majority of which were mild or grade 1. There were reports of mild,with FDA and seek scientific advice from CHMP and EMA. Co is also refining formulation of biva toimprove tolerability ahead of initiating Ph3.Ph1 trial is a randomized, double-blind, pbo-controlled study to investigate the safety, tolerability, PK,and PD of single and multiple ascending doses of DA-1726 in obese, otherwise healthy subjects. Nineincluded the effect of DA-1726 on metabolic parameters, cardiac parameters, fasting lipid levels, bodyPlease see important disclosure information on pages 5 - 11 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited ~Weekly Obesity News Digest~ JefferiesCompany Valuation/RisksDisclosures.action or call212.284.2300Analyst Certification:I, Roger Song, MD, CFA, 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 reportI, Fiona Jia, 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 reportI, Liang Cheng, 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 reportI, Cha Cha Yang, MS, MBA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies)and subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations oryiewsexpressedinthisresearchreport.I, Nabeel Nissar, 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 expressedn this research reporAs is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financialinstruments discussed in this report receives compensationbased in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate, but various regulationsas appropriate in the analyst's judg