Biotechnology Bi-Weekly Industry Events & M&A Update — August 28 – September 11, 2026

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

HEALTH CARE › PHARMACEUTICALS, BIOTECHNOLOGY AND LIFE SCIENCES › BIOTECHNOLOGY

Readouts Set the Price While Rates Sit Still

This update covers movers, filings, catalysts and M&A activity across biotechnology from August 28 – September 11, 2026.

August 28 – September 11, 2026

Prepared by NeuraCap AI · Confidential

Market data through 2026-09-11 · events and transactions from the two-week period 2026-08-28 → 2026-09-11

Biotechnology Bi-Weekly Update | August 28 – September 11, 2026 | Confidential

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1. 01
   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

   HEALTH CARE › PHARMACEUTICALS, BIOTECHNOLOGY AND LIFE SCIENCES › BIOTECHNOLOGY

   Introduces the biotechnology bi-weekly update covering August 28 – September 11, 2026.

   We open this bi-weekly update on biotechnology, health care's pharmaceuticals and life sciences segment, covering the two weeks from August 28 to September 11, 2026. This page sets up the four questions we answer next: what changed, who moved, what transacted, and what it means — so clients know exactly what ground we cover before we dive in.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE HEALTH CARE › PHARMACEUTICALS, BIOTECHNOLOGY AND LIFE SCIENCES › BIOTECHNOLOGY Readouts Set the Price While Rates Sit Still This update covers movers, filings, catalysts and M&A activity across biotechnology from August 28 – September 11, 2026. August 28 – September 11, 2026 Prepared by NeuraCap AI · Confidential Market data through 2026-09-11 · events and transactions from the two-week period 2026-08-28 → 2026-09-11 Biotechnology Bi-Weekly Update | August 28 – September 11, 2026 | Confidential Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   Clinical Data, Not the Market, Decided the Two-Week Tape

   Summarizes the two-week period, showing sector-wide declines driven by clinical data rather than broad market moves.

   We show that 56 of 75 covered names fell over the period, with a median return of -4.8% against just -0.7% for the S&P 500 — a gap that points to sector-specific mechanics rather than a market-wide move. We highlight how single dated disclosures carried entire equities, with Roivant Sciences Ltd. (ROIV) gaining +17.6% after its Sep 8 PHocus filing while Alumis Inc. (ALMS) fell -59.0% on a Phase 2b miss in lupus. We also flag that strong data did not guarantee a strong print: BridgeBio Oncology Therapeutics Inc. (BBOT) fell -43.4% despite a 75% response rate, so we walk clients through why population fit mattered as much as the headline number. Finally, we note that Treasury yields across the curve, including the 10-year at 4.58%, finished unchanged — so cost of capital was not the variable this period.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE Clinical Data, Not the Market, Decided the Two-Week Tape The two-week period in one page · 75 covered names, close-to-close · August 28 – September 11, 2026 Source: NeuraCap analytics platform (universe, prices, filings, deal tape); publisher-sourced news where linked; market data through 2026-09-11. Driver attributions use calibrated language and are NeuraCap reads of the recorded evidence. Biotechnology Bi-Weekly Update | August 28 – September 11, 2026 | Confidential Sources & methodology 2 1 The Decline Was Broad and Sector-Specific 56 of 75 covered names fell over the two-week period, with a median return of -4.8% against -0.7% for the S&P 500. The gap points to sector mechanics rather than a market-wide move. 2 Single Readouts Carried Whole Equities Roivant Sciences Ltd. (ROIV) gained +17.6% after its Sep 8 PHocus filing, while Alumis Inc. Common Stock (ALMS) fell -59.0% following a Phase 2b miss in lupus. Both moves followed a single dated disclosure. 3 Good Numbers Were Not Automatically a Good Print BridgeBio Oncology Therapeutics Inc. (BBOT) fell -43.4% over the period even as it disclosed a 75% response rate for BBO-8520 plus pembrolizumab and $344.1 million in cash. The read is that population fit matters as much as the response rate. 4 Rates Offered No Signal The 3-month T-bill, 2-year, 10-year and 30-year Treasury all finished unchanged, with the 10-year at 4.58%. Cost of capital was not the variable this period. THE RATE TAPE 3-month T-bill: 4.37% → 4.37% (unchanged) · 2-year Treasury: 4.25% → 4.25% (unchanged) · 10-year Treasury: 4.58% → 4.58% (unchanged) · 30-year Treasury: 4.78% → 4.78% (unchanged) +28.7% Best mover — Cardiff Oncology, Inc. (CRDF) worst: ALMS -59.0% · 18 up / 56 down of 75 covered -4.8% Sector median two-week return vs S&P 500 -0.7% unchanged 10-year Treasury over the two-week period 4.58% → 4.58% 38 Company filings in the window 8-K events read for driver attribution

3. 03
   PUBLIC MARKET MOVERS

   Trial Results and Filings Did the Work Behind the Period's Biggest Moves

   Ranks the period's largest stock moves and links each to the filing or catalyst behind it.

   We rank the two-week's biggest movers close-to-close against a sector median of -4.8% and a materiality bar of ±9.4% sector-relative, so clients can separate noise from signal. We tie each qualifying move to the filing or headline recorded in the window, and where no driver is recorded we say so plainly rather than guess. This page lets clients see which names moved on company-specific news versus broader sector drift — so what matters is knowing which stories are still live heading into the next catalyst.

   Everything on this page

   PUBLIC MARKET MOVERS Trial Results and Filings Did the Work Behind the Period's Biggest Moves Bi-Weekly moves, close-to-close · August 28 – September 11, 2026 · sector median -4.8% · S&P 500 -0.7% · materiality bar ±9.4% (sector-relative) Source: NeuraCap analytics platform (universe, prices, filings, deal tape); publisher-sourced news where linked; market data through 2026-09-11. Attribution links each move only to filings and headlines recorded in the window; where no driver is recorded, the page says so. Calibrated language throughout — NeuraCap reads, not asserted causation. Biotechnology Bi-Weekly Update | August 28 – September 11, 2026 | Confidential Sources & methodology 3 Bi-Weekly return per company · teal above zero, amber below · sector median -4.8% Alumis Inc. Common Stock (ALMS) -59.0% Alumis Inc. Common Stock (ALMS) said on Sep 1 that its Phase 2b LUMUS trial in systemic lupus missed primary and secondary endpoints in the overall population. Shares moved -56.6% that day; the reaction was consistent with that miss. Pipeline concentration around one lead programme means a single miss travels straight to the equity. COMPANY-SPECIFIC BridgeBio Oncology Therapeutics Inc. (BBOT) -43.4% BridgeBio Oncology Therapeutics Inc. (BBOT) disclosed on Sep 8 a 75% response rate for BBO-8520 plus pembrolizumab and $344.1 million in cash. Shares fell -23.7% on Sep 9; the available evidence suggests a narrow read of the data set. Response rates alone do not clear the bar once the focus narrows to a later-line population. COMPANY-SPECIFIC Cardiff Oncology, Inc. (CRDF) +28.7% No notable in-window news was identified that clearly explains the move. At +28.7%, Cardiff Oncology, Inc. (CRDF) finished well above the sector median of -4.8%. In a two-week period where most names fell, upside outliers were few and stood out sharply. UNEXPLAINED Atrium Therapeutics, Inc. (RNA) -24.0% No notable in-window news was identified that clearly explains the move. At -24.0%, Atrium Therapeutics, Inc. (RNA) sat well below the sector median of -4.8%. The downside tail this period ran far deeper than the median return suggests. UNEXPLAINED

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   A Dense Readout and Filing Calendar into the September Conference Run

   Lists the period's highest-impact news events and filings with sourced links and a read on why each matters.

   We surface the two-week period's highest-impact events, each linked to its underlying filing or article so clients can verify the primary source themselves. Every 'why it matters' line is our calibrated read, built on a fixed source hierarchy of SEC filings, press releases and established outlets. Heading into the September conference run, this page gives clients the dense readout and filing calendar they need to anticipate the next round of catalysts — so what's coming is as important as what already happened.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS A Dense Readout and Filing Calendar into the September Conference Run The two-week period's highest-impact events · titles link to the underlying filing or article · August 28 – September 11, 2026 Source: NeuraCap analytics platform (universe, prices, filings, deal tape); publisher-sourced news where linked; market data through 2026-09-11. "Why it matters" lines are NeuraCap reads; each event links to its source. Sources are admitted in a fixed reliability order (SEC filings, press releases, established outlets); video and social platforms are never used. Biotechnology Bi-Weekly Update | August 28 – September 11, 2026 | Confidential Sources & methodology 4 Sep 11 · 8-K · SEC EDGAR ACADIA Pharmaceuticals Inc. — Material Contract & Commercial Agreement (Entry Into) ACADIA Pharmaceuticals Inc. (ACAD) disclosed that a court preliminarily approved a settlement of the Kanner derivative suit, requiring governance reforms for at least four years. Resolved litigation clears a diligence item that counterparties routinely price. Sep 10 · 8-K · SEC EDGAR EyePoint Pharmaceuticals, Inc. — Investor Communication, Presentation & Reg FD Disclosure EyePoint Pharmaceuticals, Inc. (EYPT) posted updated investor materials covering its DURAVYU Phase 3 trials, NDA timeline and market opportunity. For a pre-approval name, the timeline is the number investors underwrite. Ahead of a filing, the catalyst calendar is watched as closely as the data itself. Sep 10 · 8-K · SEC EDGAR Disc Medicine, Inc. — Investor Communication, Presentation & Reg FD Disclosure Disc Medicine, Inc. (IRON) reported initial Phase 2 RESTORE-PV data for DISC-3405, with 61.5% of participants remaining phlebotomy-free and fewer phlebotomy events alongside stable hematocrit control. Endpoints that cut procedure burden travel well with payers and with strategic buyers. Sep 10 · 8-K · SEC EDGAR Prelude Therapeutics Incorporated — Investor Communication, Presentation & Reg FD Disclosure Prelude Therapeutics Incorporated (PRLD) cleared its IND for PRT13722, a first-in-class oral KAT6A degrader, with Phase 1 enrolment expected in the fourth quarter of 2026. First-in-class mechanisms earn early attention, but the value step arrives at first data. Sep 9 · 8-K · SEC EDGAR Ascendis Pharma A/S — Investor Communication, Presentation & Reg FD Disclosure Ascendis Pharma A/S (ASND), a Premium-tier name in our sector study, reported Week 52 reACHin data showing stabilisation or improvement in foramen magnum stenosis and linear growth in infants with achondroplasia. Premium tiering in this sector tracks durability of effect, not the first data cut. Sep 9 · 8-K · SEC EDGAR Ascendis Pharma A/S — Compensation & Benefit Arrangement Ascendis Pharma A/S granted employee warrants at an exercise price of $270.09 per share in the same window as its reACHin update. Talent retention sits beside data risk on the cost side for commercial-stage names.

5. 05
   M&A & STRATEGIC ACTIVITY

   A Quiet Transaction Table with the Period's Deal News Coming from a Closing

   Reviews the M&A tape for the period, noting a quiet two weeks against a trailing base of 40 recorded deals.

   We show a quiet transaction table for this window, with the period's deal news coming from a closing rather than a new announcement, set against a trailing tape of 40 recorded deals. We disclose LTM multiples at announcement where available and give our read on why each deal happened, so clients can gauge whether current valuations are stretched or grounded. We do not re-present old transactions as news, so what clients see here is genuinely new — a discipline that keeps the deal table a reliable signal rather than a recap.

   Everything on this page

   M&A & STRATEGIC ACTIVITY A Quiet Transaction Table with the Period's Deal News Coming from a Closing August 28 – September 11, 2026 · trailing tape: 40 recorded deals Source: NeuraCap analytics platform (universe, prices, filings, deal tape); publisher-sourced news where linked; market data through 2026-09-11. Deal multiples are LTM at announcement where disclosed; "why the deal happened" is a NeuraCap read of the recorded evidence. No old transactions are re-presented as news. Biotechnology Bi-Weekly Update | August 28 – September 11, 2026 | Confidential Sources & methodology 5 No Material Transactions Announced No material sector transactions were announced during the period. The one transaction record in the window was Tarsus Pharmaceuticals, Inc. (TARS) disclosing on Sep 10 that it had closed an acquisition on September 4 for $270,000,000 in cash plus stock and milestones. A quiet two-week period is information: buyer appetite, financing conditions and seller expectations all read through the tape’s silence. The trailing tape below still frames what buyers have paid. 40 Recorded deals on the trailing tape the reference set buyers and sellers price against

6. 06
   WHAT IT MEANS

   What a Data-Driven Two Weeks Means for Owners, Buyers and Advisors

   Translates the two-week period's evidence into implications for owners, buyers and advisors.

   We translate the period for the people who act on it: owners face a live operating question in the gap to their next readout, with rates offering no help since the 10-year Treasury held at 4.58%. We show acquirers that misses like Alumis Inc. (ALMS) at -59.0% and BridgeBio Oncology Therapeutics Inc. (BBOT) at -43.4% reset entry points faster than any negotiation could. We advise advisors to price the data package against the population, not the headline, since Roivant Sciences Ltd. (ROIV) gained +17.6% while BBOT fell -43.4% despite a 75% response rate — so what looks like good data can still be a bad print, and vice versa. These are observations drawn from the recorded evidence, not investment advice.

   Everything on this page

   WHAT IT MEANS What a Data-Driven Two Weeks Means for Owners, Buyers and Advisors The two-week period translated for the people who act on it · NeuraCap view · observations, not recommendations Source: NeuraCap analytics platform (universe, prices, filings, deal tape); publisher-sourced news where linked; market data through 2026-09-11. This page is analytical interpretation drawn from the two-week period's recorded evidence. It is not investment advice. Biotechnology Bi-Weekly Update | August 28 – September 11, 2026 | Confidential Sources & methodology 6 Sector study 2026-09-15 EV / Revenue (CY2027E) median 4.5x 85 companies in the study 3 valuation tiers Standing thesis: Biotechnology dominates the sector, while commercial durability and asset risk divide its pricing FOR OWNERS & OPERATORS The Gap to the Next Readout Is the Live Operating Question Rates gave no help or hindrance: the 10-year Treasury finished unchanged at 4.58%, so data was the variable. FOR ACQUIRERS Misses Reset Entry Points Faster than Any Negotiation Alumis Inc. Common Stock (ALMS) at -59.0% and BridgeBio Oncology Therapeutics Inc. (BBOT) at -43.4% show how quickly a cash-adjusted enterprise value resets around one disclosure. FOR ADVISORS Price the Data Package Against the Population, Not the Headline Two names reported positive numbers and went opposite ways: Roivant Sciences Ltd. (ROIV) gained +17.6% while BBOT fell -43.4% despite a 75% response rate.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   Explains the sources, methodology and disclosures underlying the update.

   We close by laying out exactly how this bi-weekly update is built, so clients know what rests on filings, on prices, and on our own calibrated read. This transparency lets clients weigh our conclusions with full knowledge of the underlying evidence — so trust in the numbers is earned, not assumed.

   Everything on this page

   SOURCES & METHODOLOGY Sources, Methodology and Important Notice How this bi-weekly update is built and what each kind of statement rests on · August 28 – September 11, 2026 · market data through 2026-09-11 Typeface note: NeuraCap brand face is Kallisto Medium; this build renders in a standard sans (Arial). Biotechnology Bi-Weekly Update | August 28 – September 11, 2026 | Confidential 7 OBSERVED DATA Bi-Weekly stock moves are computed close-to-close over the stated window from the platform’s price series. Deal records, values and multiples come from the platform’s transaction tape (SEC 8-K extractions) exactly as recorded; each figure links to its citation. Treasury rates are the platform’s rate tape. UNIVERSE QUALITY The update universe is the platform’s approved company set for this sector, subject to a $100M market-cap floor so small, loosely related names cannot dominate the statistics. 11 names below the floor were excluded from movers and statistics for this window. EVENTS & NEWS Company events are in-window 8-K filings; news items are publisher-sourced headlines fetched for the window (and any externally supplied items, marked as such). Every event links to its source. The deck never asserts an event that has no linked record. SOURCE HIERARCHY News is admitted in a fixed order of reliability: SEC filings first, then company press releases and investor-relations communications, then transaction documents, then established outlets (Reuters, CNBC, The Wall Street Journal, Barron’s and peers). Video and social platforms — including YouTube — are never used as sources. DRIVER ATTRIBUTION A stock move is linked to an event only when the event falls inside the window, and only in calibrated language ("the move appears to reflect…", "shares moved following…"). Where no driver is recorded, the page says so and compares the move to the sector median instead. ANALYTICAL INTERPRETATION "Why it matters", "why the deal happened" and the what-it-means page are NeuraCap analytical views drawn from the recorded evidence, and are labeled as such. INHERITED CONTEXT The standing sector view (thesis, valuation lens, sector median and tiering) is inherited from the NeuraCap sector study run_20260916T015855Z_553_prod (market data as of 2026-09-15) — distilled, never re-derived. That report’s own sources page governs its content; this update reads the period against it. IMPORTANT NOTICE This report is informational only. It is not investment advice, not a recommendation to buy or sell any security, and not an offer of any kind. Readers should perform their own diligence before acting on anything described here. Linked sources this two-week period: sec.gov

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