Cell and Gene Therapies Sector Outlook — September 2026

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HEALTH CARE › PHARMACEUTICALS, BIOTECHNOLOGY AND LIFE SCIENCES › CELL AND GENE THERAPIES

Cell and Gene Therapies: Two Markets Under One Label

What buyers and public markets are paying for across platform developers and the commercial-stage supply side, and where the evidence sits.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis EV / Revenue (CY2027E)

Cell and Gene Therapies Coverage | September 2026 | Confidential | Not investment advice

Sources & methodology

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1. 01

   HEALTH CARE › PHARMACEUTICALS, BIOTECHNOLOGY AND LIFE SCIENCES › CELL AND GENE THERAPIES

   This is the cover page for NeuraCap's Cell and Gene Therapies sector outlook, dated September 28, 2026.

   We're opening our Cell and Gene Therapies sector outlook, built on market data as of September 28, 2026, with EV / Revenue on CY2027E consensus as the primary valuation lens. The pages ahead show why this sector trades as two distinct markets rather than one.

   Everything on this page

   HEALTH CARE › PHARMACEUTICALS, BIOTECHNOLOGY AND LIFE SCIENCES › CELL AND GENE THERAPIES Cell and Gene Therapies: Two Markets Under One Label What buyers and public markets are paying for across platform developers and the commercial-stage supply side, and where the evidence sits. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / Revenue (CY2027E) Cell and Gene Therapies Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

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   CONTENTS

   What This Report Covers

   This slide lists the report's five sections plus the appendix, in the order they run.

   We've structured this report so the bottom line comes first — section one carries the full argument, and everything after it builds the evidence behind that finding. From there we walk the landscape, the valuation picture, precedent deals and the strategic implications, so a client can go as deep as they need. The appendix carries the full comparables set, every disclosed transaction and the methodology behind each figure. A client with five minutes gets the conclusion; a client with an hour gets the full evidence chain.

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   CONTENTS What This Report Covers 01 The Bottom Line Two Ways of Being Priced Inside One Sector Label 02 The Landscape Almost the Whole Set Develops Platforms; One Name Carries Commercial Supply 03 Valuation & Situations The Range Runs from Reported Product Sales to Programme Value 04 Precedent Transactions Buyers Have Been Paying for Clinical Validation and Capability 05 Strategic Implications What Moves a Company up This Range 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Cell and Gene Therapies Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

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   01 · THE BOTTOM LINE

   Cell and Gene Therapies Trades as Two Markets: Platform Developers and Commercial-Stage Supply

   This slide summarizes the report's central finding: the sector splits into platform developers and one commercial-stage supply name, with valuation reflecting that split.

   This is the whole argument on one page: forward EV / Revenue across the rated set runs from 1.3x to 50.4x, with 14.4x sitting in the middle, and where a company falls in that range is the question that matters. The platform developers — 46 of the 47 companies — sit at 15.0x, while the single commercial-stage supply name sits at 3.0x. Growth in the reported revenue line doesn't carry the premium here; the ten fastest-growing rated names sit at 10.9x against 21.5x for the ten slowest. So this sector isn't one market with an average — it's two markets, and blending them into a single number would hide the story.

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   01 · THE BOTTOM LINE Cell and Gene Therapies Trades as Two Markets: Platform Developers and Commercial-Stage Supply The full story on one page · figures on EV / Revenue (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / Revenue on CY2027E consensus (28 of 47 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Cell and Gene Therapies Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 The Spread Is the Market, Not Noise Around a Midpoint Forward EV / Revenue runs from 1.3x to 50.4x across the names with an estimate, with 14.4x in the middle. 28 of the 47 companies carry a forward estimate, and where a company sits inside that spread is the question worth answering, not what the average is. 2 Faster Revenue Growth Is Not Where the Premium Sits Today Among the 28 names with a forward estimate, the 10 growing fastest sit at 10.9x in the middle, alongside 21.5x for the 10 growing slowest. With most of the set pre-revenue, a reported revenue line often reflects partnership income, so growth in that line is associated with pricing differently from commercial traction. 3 A Revenue Yardstick Reads Most Clearly Where Product Sales Have Begun The platform developers, 46 of the 47 companies, sit at 15.0x in the middle; the single commercial-stage manufacture and supply name, Takeda Pharmaceutical Company Limited (TAK), sits at 3.0x. Forward profit figures are reported for 4 of the 47 companies, so revenue is the workable yardstick — and a forward multiple already credits the forecast, so a premium that survives it points to durability. 4 Buyers Have Agreed Large Values for Platforms and Manufacturing Capability Across the 9 transactions shown here, large pharmaceutical acquirers recur: Gilead Sciences, Inc. for Arcellx, Inc. at $6.5B and Roche Holdings, Inc. for 89bio, Inc. at $2.2B. Consideration in this sector is typically built as a modest upfront with milestones, royalties and contingent value rights behind it, so a headline value and a trading multiple answer different questions. 14.4x Sector median EV/Revenue CY2027E consensus · EV/Revenue is the lens because only 4 of 47 names carry a meaningful forward EBITDA 38.6x Premium end EV/Revenue vs 1.7x at the discount end top quartile (n=7) against bottom quartile (n=7) on EV/Revenue — the spread the report explains 25 Transactions with disclosed terms 83 recorded in this tier · 3 told as case studies, the full list in the appendix

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   SECTION 02

   02

   This divider introduces the market map section, covering how the sector's two groups are structured.

   Before we look at the numbers, we want to set up how this sector is put together — nearly every name here is building a platform, and one name is supplying the commercial side.

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   SECTION 02 02 THE LANDSCAPE Almost the Whole Set Develops Platforms; One Name Carries Commercial Supply How the two groups in this sector are put together. 02 of 06 Cell and Gene Therapies Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   Nearly the Whole Set Develops Platforms; One Name Supplies the Commercial Side

   This slide groups all 47 approved companies by business segment and shows the median EV / Revenue for each group.

   We've grouped the full universe of 47 companies by what they actually do, then priced each group on the same EV / Revenue basis. The picture is lopsided: one segment holds nearly the entire set, and one name stands alone in commercial supply. That imbalance is itself informative — it tells us where the market's attention, and its multiples, are concentrated.

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   02 · MARKET MAP Nearly the Whole Set Develops Platforms; One Name Supplies the Commercial Side 47 approved companies grouped by business segment · median EV / Revenue (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Cell and Gene Therapies Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 DIVERSIFIED CELL AND GENE THERAPY PLATFORM DEVELOPERS 46 cos median 15.0x Krystal Biotech (KRYS) CG Oncology (CGON) Iovance (IOVA) CRISPR (CRSP) Legend Biotech (LEGN) Precigen (PGEN) uniQure N.V. (QURE) Vericel (VCEL) Dyne Therapeutics (DYN) Mesoblast Limited (MESO) ProKidney (PROK) Beam Therapeutics (BEAM) Taysha Gene (TSHA) Intellia (NTLA) Replimune Group (REPL) Sana Biotechnology (SANA) Candel (CADL) Immatics N.V. (IMTX) Immix Biopharma (IMMX) Vor Biopharma (VOR) Prime Medicine (PRME) 4D Molecular (FDMT) Solid Biosciences (SLDB) Ocugen (OCGN) Autolus (AUTL) Opus Genetics (IRD) Alps Group (ALPS) +19 more 46 of the 47 companies, priced on platform reuse, clinical evidence and manufacturing capability rather than a sales line. COMMERCIAL-STAGE ADVANCED THERAPY MANUFACTURE AND SUPPLY 1 cos 3.0x · 1 rated Takeda (TAK) One name with a marketed base, where a revenue multiple has reported product economics to read against.

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   02 · LANDSCAPE

   The Platform Developers Are 98% of the Set, and Their Range Is the Sector's Range

   This slide shows that platform developers make up 98% of the approved universe and set the sector's valuation range.

   Platform developers are 98% of this set, so their range effectively is the sector's range. When we talk about the sector median or the spread from bottom to top, we're mostly describing how the market prices platform evidence, not commercial execution. That's a useful frame going into the valuation section, because it tells a client what a sector multiple actually represents.

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   02 · LANDSCAPE The Platform Developers Are 98% of the Set, and Their Range Is the Sector's Range Segment view of the approved universe · EV / Revenue (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Cell and Gene Therapies Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/Revenue Names to know What they do — and why it matters Diversified cell and gene therapy platform developers 46 98% 15.0x Krystal Biotech, Inc. (KRYS) · CG Oncology Inc. (CGON) · +44 more Platform value, priced programme by programme. 46 companies, 27 of them with a forward estimate, sitting at 15.0x in the middle of the range. These are ex vivo and in vivo developers whose value rests on platform reuse across indications, owned GMP capacity or CDMO dependence, defensible capsid and editing intellectual property, and durability of response with extended follow-up. Commercial-stage advanced therapy manufacture and supply 1 2% 3.0x n=1 Takeda Pharmaceutical Company Limited (TAK) One name, real product sales. Takeda Pharmaceutical Company Limited (TAK) is the single name in this group, at 3.0x, with -1% revenue growth and a 28% margin. Against a marketed base a revenue multiple reads cleanly, and this name sits near the bottom of the range while the developers are priced on what comes after the next readout.

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   SECTION 03

   03

   This divider introduces the valuation section, covering the spread of EV / Revenue multiples across the approved set.

   Now we move into the numbers themselves — the full range of forward EV / Revenue multiples across the rated set, and what separates the top of that range from the bottom.

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   SECTION 03 03 VALUATION & SITUATIONS The Range Runs from Reported Product Sales to Programme Value Forward EV / Revenue on CY2027E, ranked across the approved set. 03 of 06 Cell and Gene Therapies Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   Clinical-Stage Platforms Hold the Top of This Range; The Product-Sales Name Sits Well Below Them

   This slide ranks all 28 rated companies by EV / Revenue (CY2027E), showing a sector median of 14.4x and where the commercial-stage name sits relative to clinical-stage platforms.

   Across the 28 rated companies, EV / Revenue runs from 1.3x to 50.4x with a median of 14.4x, and we use this lens because only 4 of the 47 companies carry a meaningful forward EBITDA estimate. Clinical-stage platforms hold the top of this range, while the product-sales name sits well below them. That gap is the clearest single data point in the deck — it tells us the market is pricing programme potential ahead of realized sales in this sector today.

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   03 · PUBLIC MARKET VALUATION Clinical-Stage Platforms Hold the Top of This Range; The Product-Sales Name Sits Well Below Them EV / Revenue (CY2027E) · all 28 rated companies, sorted descending · sector median 14.4x · EV/Revenue is the lens because only 4 of 47 names carry a meaningful forward EBITDA · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / Revenue on CY2027E consensus (28 of 47 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / Revenue (CY2027E) basis. Panel commentary is a NeuraCap view. Cell and Gene Therapies Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 38.6x CORE · median 14.4x DISCOUNT · median 1.7x Sector median 14.4x WHAT SEPARATES THE TWO ENDS The top sells programme value. The 7 names at the premium end sit at 38.6x in the middle of their band, on revenue lines that are small and often partnership-funded. A forward multiple already credits the forecast, so a premium that survives it is the market paying for what the platform can repeat after the next readout. The bottom sells reported product. The 7 names at the discount end sit at 1.7x, with revenue from marketed therapies and supply. Where sales exist the multiple has something to bite on, and the conversation moves to launch economics — treatment centres activated, vein-to-vein time, cost of goods per dose and payer conversion. The middle is where evidence accumulates. 14 names sit between the two ends, including CRISPR Therapeutics AG (CRSP), Beam Therapeutics Inc. (BEAM) and Allogene Therapeutics, Inc. (ALLO). Platform reputation appears to carry weight in this part of the range alongside the measured drivers, which is why placement here is argued programme by programme.

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   03 · VALUATION DRIVERS

   The Premium Here Sits with Platform Evidence, and Not with the Faster Revenue Lines

   This slide splits the rated set by revenue-growth cohort, showing the faster-growing names at 10.9x against 21.5x for the slower-growing names.

   We split the rated names into faster- and slower-growing cohorts, ten each, and the result runs against intuition: the ten growing fastest sit at 10.9x, while the ten growing slowest sit at 21.5x. Since most of this set is pre-revenue, a reported revenue line often reflects partnership income rather than product sales, so growth there is associated with different pricing — not necessarily better pricing. That's an association we're flagging, not a causal claim, but it changes how a client should read a growth number in this sector.

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   03 · VALUATION DRIVERS The Premium Here Sits with Platform Evidence, and Not with the Faster Revenue Lines Median EV / Revenue (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=10; slower n=10; higher-margin n=0; lower-margin n=0). Driver readings are NeuraCap views on the supplied data — association, not causation. Cell and Gene Therapies Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/Revenue, median per cohort · growth split at 20% · EBITDA-margin split at n/a The Higher Multiples Sit with the Slower-Growing Names in This Set On the 10 names with a forward estimate growing faster than 20%, the middle of the range is 10.9x; on the 10 growing below that line, it is 21.5x. In a group where most companies are pre-revenue, a reported revenue line is often collaboration income, so a low multiple can mark a partnership-funded income line rather than weak commercial traction. Who Owns the Manufacturing Shows up in Cost of Goods and Launch Pace Vertically integrated vector and cell manufacture changes what an acquirer has to build; dependence on a contract manufacturer for drug substance is one of the items that travels with an asset into diligence. In this sector manufacturing is negotiated as its own workstream — tech transfer, supply agreements and comparability after process change. Extended Follow-up Is What the Premium End Is Being Asked For The value drivers named across advanced therapies cluster around durable clinical benefit with long follow-up, platform reuse across indications, and off-the-shelf allogeneic supply that breaks the batch-of-one constraint. A forward revenue multiple cannot see those directly, and they sit behind much of the spread this page shows. Cash Is a Large Part of What a Clinical-Stage Multiple Is Counting For clinical-stage developers the balance sheet is a large share of market capitalisation, so enterprise value net of cash isolates what the market ascribes to the platform, the data and the manufacturing estate. Read that way, a low forward multiple can reflect a funded plan with modest collaboration revenue rather than a discount on the science.

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    03 · SITUATION MAP

    The Premium Half of This Market Is Mostly Platform Names with Slower Revenue Lines

    This slide maps rated companies on EV / Revenue against revenue growth, both cut at the sector median, to show where premium valuation and growth do and don't overlap.

    We've cut the rated set two ways — above or below the 14.4x sector median, and above or below the covered growth median — to see where premium valuation actually sits. The premium half of this market is mostly platform names with slower revenue lines, reinforcing what the drivers page showed. These are observations about where the market currently sits, not a recommendation to buy or sell any name.

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    03 · SITUATION MAP The Premium Half of This Market Is Mostly Platform Names with Slower Revenue Lines Cut on EV / Revenue vs the sector median (14.4x) (rows) and revenue growth vs the covered median (20%) (columns) · 8 rated names without the second measure are not mapped · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Cell and Gene Therapies Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Growth and Premium Together Above-median multiple · above-median revenue growth 3 names Beam Therapeutics Inc. (BEAM) · Immix Biopharma, Inc. (IMMX) · 4D Molecular Therapeutics, Inc. (FDMT) 3 names sit above 14.4x on multiple with revenue growth above 20%: Beam Therapeutics Inc. (BEAM), Immix Biopharma, Inc. (IMMX) and 4D Molecular Therapeutics, Inc. (FDMT). On this base of 3, the multiple and the revenue line point the same way, and the live question is whether extended follow-up keeps them there. Premium Ahead of the Revenue Line Above-median multiple · below-median revenue growth 7 names Candel Therapeutics, Inc. (CADL) · Immatics N.V. (IMTX) · Prime Medicine, Inc. (PRME) · +4 more 7 names sit above the midpoint on multiple with revenue growth below the covered middle, including Prime Medicine, Inc. (PRME), Fate Therapeutics, Inc. (FATE) and Protara Therapeutics, Inc. (TARA). On these 7, the price rests on programme value ahead of reported revenue, so pivotal data and CMC readiness for buyer diligence carry the burden of proof. Growth Without the Premium Below-median multiple · above-median revenue growth 7 names Krystal Biotech, Inc. (KRYS) · Iovance Biotherapeutics, Inc. (IOVA) · Legend Biotech Corporation (LEGN) · +4 more 7 names combine above-middle revenue growth with a below-middle multiple, including Krystal Biotech, Inc. (KRYS), Iovance Biotherapeutics, Inc. (IOVA) and Legend Biotech Corporation (LEGN). On these 7, the revenue line is doing work the multiple has not yet reflected, and the operating question is launch pace — treatment centres activated, vein-to-vein time and cost of goods per dose. Priced Against a Commercial Base Below-median multiple · below-median revenue growth 3 names Takeda Pharmaceutical Company Limited (TAK) · Vericel Corporation (VCEL) · Capricor Therapeutics, Inc. (CAPR) 3 names sit below the midpoint on both measures: Takeda Pharmaceutical Company Limited (TAK), Vericel Corporation (VCEL) and Capricor Therapeutics, Inc. (CAPR). On this base of 3, pricing tracks a marketed base, so mix, pricing and unit economics matter more here than platform optionality.

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    03 · THE AGENDA

    Four Places Where Value Is Won in Cell and Gene Therapies

    This slide lays out four questions — platform reuse, manufacturing ownership, durability of response and disease-area expansion — that NeuraCap sees as where value is won in this sector.

    From everything on the preceding pages, we see four places where value gets made in this sector: repeatable platform reuse across programmes, ownership of manufacturing versus CDMO dependence, durability of clinical response over time, and expansion into new disease areas like autoimmune disease. These are framed as questions for an owner or acquirer to resolve, not conclusions already reached. Each one is testable against a company's own evidence, which is what makes them useful heading into a negotiation.

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    03 · THE AGENDA Four Places Where Value Is Won in Cell and Gene Therapies NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Cell and Gene Therapies Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 Platform Reuse Rather than One-Asset Dependency Repeatable shots on goal from a single technology stack is the value driver named most often in this sector; value resting on a solitary readout carries the binary into every conversation. In this set the names above the midpoint on multiple are mostly clinical-stage platforms, and platform reputation appears to carry weight alongside the measured drivers. What changes the answer: A second indication dosed from the same stack, or a partner taking rights across more than one programme. Manufacturing Ownership Against CDMO Dependence Owned GMP capacity, internal vector or cell manufacture and control of cost of goods per dose change what an acquirer would otherwise have to build. Where drug substance depends on a contract manufacturer, comparability after process change and supply terms become part of how a counterparty prices the asset. What changes the answer: Tech transfer completed and comparability cleared after a process change, with batch success rates holding. Durability of Response with Longer Follow-up Overall and complete response rates open the conversation; durability and cell persistence are what carry value through an accelerated approval and its confirmatory obligations. In a group priced largely on what comes after the next readout, follow-up duration is the evidence that shifts a company's standing. What changes the answer: Responses holding at extended follow-up, alongside enrolment converting at activated treatment centres. Autoimmune as the Second Act for Cell Therapy The move out of heavily pretreated oncology into immune-mediated disease is present in this set, with Kyverna Therapeutics, Inc. (KYTX) and Cabaletta Bio, Inc. (CABA) among the names working that path. Whether the pivot is evidenced by dosing progress or still aspirational is the distinction a counterparty will test first. What changes the answer: Patients dosed per site per period in the new indication, alongside durability in the treated cohort.

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    SECTION 04

    04

    This divider introduces the precedent transactions section, covering nine deals with disclosed terms.

    Next we turn to what buyers have actually paid — nine transactions, ranging from programme-level purchases to whole-company commitments, that show what's being rewarded in the deal market.

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    SECTION 04 04 PRECEDENT TRANSACTIONS Buyers Have Been Paying for Clinical Validation and Capability Nine transactions, from programme-level purchases to whole-company commitments. 04 of 06 Cell and Gene Therapies Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12

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    04 · DEAL CASE STUDIES

    Large Pharma Has Been the Recurring Buyer, with Royalty and Structured Capital Alongside

    This slide walks through three of the nine disclosed transactions as case studies, including Gilead's $6.5B acquisition of Arcellx and Roche's $2.2B acquisition of 89bio.

    We've picked three of the nine disclosed transactions to walk through in detail — Gilead Sciences' $6.5B acquisition of Arcellx and Roche Holdings' $2.2B acquisition of 89bio among them — because large pharmaceutical acquirers are the recurring buyer here, often alongside royalty and structured capital. Deal multiples here are LTM at announcement, which is a different basis from the CY2027E public multiples we showed earlier, so we're not claiming a spread between the two. What we can say is that the buyer pool and deal structure are consistent across this set, and that's useful context for any negotiation.

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    04 · DEAL CASE STUDIES Large Pharma Has Been the Recurring Buyer, with Royalty and Structured Capital Alongside 3 of 25 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 109 precedent record(s) carry data-quality flags (deal value unit unresolved; duplicate precedent id; no evidence record); figures are shown as recorded in the filing. 58 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Cell and Gene Therapies Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13 Apr-2024 $4.1B Vertex Pharmaceuticals Incorporated acquires Alpine Immune Sciences, Inc. EV / LTM revenue 73.2x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED Vertex Pharmaceuticals Incorporated is a commercial biopharma with cell and gene programmes of its own, and Alpine Immune Sciences, Inc. brought clinical-stage immunology assets into that infrastructure. The transaction suggests a buyer paying for clinical validation in an adjacent modality it can carry through an existing development and commercial engine. HOW THE TARGET WAS VALUED Announced in Apr-2024 at a disclosed $4.1B and 73.2x revenue. That multiple sits far above where this trading set prices forward revenue, which is the arithmetic of a small clinical-stage revenue line rather than a read on commercial scale. Jul-2024 $187M Crosswalk Therapeutics Codexis, Inc. changes hands at $187M for reusable engineering capability. EV / LTM revenue 3.1x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED Crosswalk Therapeutics announced the purchase of Codexis, Inc., whose protein engineering work feeds the editing and delivery toolchain that developers across this sector depend on. The fit suggests a buyer acquiring technology and capability it can apply repeatedly rather than a marketed product with near-term earnings. HOW THE TARGET WAS VALUED Announced in Jul-2024 at $187M and 3.1x revenue. Against a set whose forward pricing sits materially higher, that reads as capability bought against an established revenue base rather than against programme optionality. Dec-2023 $92M Janssen Pharmaceuticals acquires MeiraGTx Holdings plc EV / LTM revenue 13.7x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED Janssen Pharmaceuticals, a large pharmaceutical acquirer, completed a transaction with MeiraGTx Holdings plc, an AAV developer with its own vector manufacturing. The shape suggests a buyer taking programme and manufacturing capability into an existing franchise rather than buying near-term earnings. HOW THE TARGET WAS VALUED Completed in Dec-2023 at $92M and 13.7x revenue. That multiple sits in the same neighbourhood as the middle of this forward trading set, which for a clinical-stage developer means the price tracked programme value alongside a modest collaboration revenue line.

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    SECTION 05

    05

    This divider introduces the strategic implications section, covering what moves a company up the valuation range.

    With the market map and the deal evidence both in view, we turn to what actually moves a company higher in this range — and most of those levers sit inside operating control.

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    SECTION 05 05 STRATEGIC IMPLICATIONS What Moves a Company up This Range The axes a counterparty prices are mostly operating axes. 05 of 06 Cell and Gene Therapies Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14

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    05 · STRATEGIC IMPLICATIONS

    Companies Higher in This Range Tend to Carry Operating Evidence Behind Them

    This slide argues that companies higher in the valuation range tend to carry more operating evidence, and sets out questions for owners, management teams and capital partners.

    Across the names we've looked at, companies higher in this range tend to carry operating evidence behind them — platform reuse, manufacturing ownership, durability of response. For owners, that means benchmarking your own programme against the nearest peers on those axes. For management teams, unit economics behind the launch story are what a buyer can verify. And for capital partners, negotiated deal values and public trading multiples are answering different questions, so neither should be read as a stand-in for the other.

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    05 · STRATEGIC IMPLICATIONS Companies Higher in This Range Tend to Carry Operating Evidence Behind Them NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Cell and Gene Therapies Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15 FOR OWNERS Place Your Programmes Against the Names Nearest You With 28 of the 47 companies carrying a forward estimate and the range running wide, the useful exercise is placing your own platform against the nearest peers on reuse across indications, manufacturing ownership and follow-up duration. Those are the axes a counterparty prices, and most of them sit inside management control. FOR MANAGEMENT TEAMS Unit Economics Travel with the Launch Story Cost of goods per dose, vein-to-vein time, manufacturing success rate and treatment-centre activation are the operating lines that turn an approval into reported revenue. In a set where the bottom of the range holds the names with product sales, how efficiently those sales are produced is the part a buyer can verify. FOR CAPITAL PARTNERS Negotiated Outcomes and Trading Levels Answer Different Questions Pricing convention in advanced therapies anchors on cash plus risk-adjusted programme value, with a modest upfront against milestones, tiered royalties and contingent value rights. Across the 9 transactions shown, disclosed values span programme-level purchases through to whole-company commitments by large pharmaceutical buyers, so no single sector multiple is the reference point a negotiation starts from.

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    SECTION 06

    06

    This divider introduces the appendix, covering the full comparables set, precedent transactions and methodology.

    The rest of this deck is reference material — the full comparables universe, every disclosed transaction, and the methodology behind every figure we've shown.

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    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Cell and Gene Therapies Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16

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    06 · PUBLIC COMPARABLES (1 OF 2)

    Public Comparables on EV / Revenue (CY2027E), Grouped by Valuation Tier

    This slide lists the public comparables with an eligible EV / Revenue (CY2027E) multiple, grouped by valuation tier, the first of two pages.

    This page and the next carry every one of the 28 rated companies, grouped into tiers above and below the 14.4x sector median, with tickers linked to source. It's the full evidence behind the ranked chart we showed earlier, for a client who wants to check any single name. We'd point a client here if they want to verify a specific company's multiple before relying on it elsewhere.

    Everything on this page

    06 · PUBLIC COMPARABLES (1 OF 2) Public Comparables on EV / Revenue (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/Revenue above the sector median (14.4x); amber marks below · 28 rated companies; 19 not rated (no eligible EV/Revenue) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 28 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Cell and Gene Therapies Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17 Company Ticker Segment EV EV/Revenue (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥25.0x · median 38.6x · 7 companies Vor Biopharma Inc. VOR Diversified cell and gene therapy platform developers $504M 50.4x n/a n/a n/a Prime Medicine, Inc. PRME Diversified cell and gene therapy platform developers $499M 47.3x 19% n/a n/a Protara Therapeutics, Inc. TARA Diversified cell and gene therapy platform developers $46M 39.6x -95% n/a n/a Fate Therapeutics, Inc. FATE Diversified cell and gene therapy platform developers $179M 38.6x -17% n/a n/a Solid Biosciences Inc. SLDB Diversified cell and gene therapy platform developers $356M 29.8x n/a n/a n/a Tenaya Therapeutics, Inc. TNYA Diversified cell and gene therapy platform developers $57M 28.6x -50% n/a n/a Opus Genetics, Inc. IRD Diversified cell and gene therapy platform developers $327M 27.4x 3% n/a n/a CORE — 5.4x–25.0x · median 14.4x · 14 companies CRISPR Therapeutics AG CRSP Diversified cell and gene therapy platform developers $3.6B 24.1x n/a n/a n/a Beam Therapeutics Inc. BEAM Diversified cell and gene therapy platform developers $1.5B 24.0x 25% n/a n/a Immix Biopharma, Inc. IMMX Diversified cell and gene therapy platform developers $519M 22.4x 90% n/a n/a 4D Molecular Therapeutics, Inc. FDMT Diversified cell and gene therapy platform developers $391M 21.3x 42% n/a n/a Allogene Therapeutics, Inc. ALLO Diversified cell and gene therapy platform developers $213M 15.9x n/a n/a n/a Candel Therapeutics, Inc. CADL Diversified cell and gene therapy platform developers $674M 15.5x -53% n/a n/a Immatics N.V. IMTX Diversified cell and gene therapy platform developers $632M 15.0x -16% n/a n/a Kyverna Therapeutics, Inc. KYTX Diversified cell and gene therapy platform developers $210M 13.9x 21% n/a n/a

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    06 · PUBLIC COMPARABLES (2 OF 2)

    Public Comparables on EV / Revenue (CY2027E), Grouped by Valuation Tier

    This slide continues the public comparables list, grouped by valuation tier, the second of two pages.

    This completes the rated set of 28 companies; the remaining 19 names in the approved universe carry no eligible EV / Revenue multiple and are listed separately in the companion workbook. Together these two pages are the full evidence base behind the ranked valuation chart earlier in the report. A client checking any single name's multiple can trace it back to source from here.

    Everything on this page

    06 · PUBLIC COMPARABLES (2 OF 2) Public Comparables on EV / Revenue (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/Revenue above the sector median (14.4x); amber marks below · 28 rated companies; 19 not rated (no eligible EV/Revenue) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 28 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Cell and Gene Therapies Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Company Ticker Segment EV EV/Revenue (CY2027E) Rev growth EBITDA margin Rule of 40 CORE — CONTINUED — 5.4x–25.0x · median 14.4x · 14 companies Krystal Biotech, Inc. KRYS Diversified cell and gene therapy platform developers $9.1B 13.7x 31% 49% 80 Intellia Therapeutics, Inc. NTLA Diversified cell and gene therapy platform developers $1.1B 8.9x n/a n/a n/a Iovance Biotherapeutics, Inc. IOVA Diversified cell and gene therapy platform developers $4.5B 8.2x 39% n/a n/a Lexeo Therapeutics, Inc. Common Stock LXEO Diversified cell and gene therapy platform developers $47M 6.8x n/a n/a n/a Precigen, Inc. PGEN Diversified cell and gene therapy platform developers $2.8B 6.2x 95% n/a n/a Nkarta, Inc. NKTX Diversified cell and gene therapy platform developers $36M 5.5x n/a n/a n/a DISCOUNT — <5.4x · median 1.7x · 7 companies Vericel Corporation VCEL Diversified cell and gene therapy platform developers $2.0B 5.1x 17% 29% 46 Takeda Pharmaceutical Company Limited TAK Commercial-stage advanced therapy manufacture and supply $87.3B 3.0x -1% 28% 27 Capricor Therapeutics, Inc. CAPR Diversified cell and gene therapy platform developers $238M 2.9x -9% n/a n/a Autolus Therapeutics plc AUTL Diversified cell and gene therapy platform developers $346M 1.7x 34% n/a n/a Legend Biotech Corporation LEGN Diversified cell and gene therapy platform developers $3.0B 1.7x 23% 20% 43 REGENXBIO Inc. RGNX Diversified cell and gene therapy platform developers $306M 1.4x 30% n/a n/a Abeona Therapeutics Inc. ABEO Diversified cell and gene therapy platform developers $156M 1.3x n/a n/a n/a

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This slide lists precedent transactions with disclosed terms, newest first, the first of two pages covering 18 of 25 such deals.

    Of the 25 transactions in this tier with disclosed terms, we show 18 across these two pages, newest first, with deal values linked to the underlying filing. Multiples here are LTM at announcement, which a client should read separately from the CY2027E public basis used elsewhere in this report. Together with the case studies earlier, this is the complete disclosed-terms record behind our reading of buyer behavior in this sector.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 25 transactions with disclosed terms in this tier (83 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 109 precedent record(s) carry data-quality flags (deal value unit unresolved; duplicate precedent id; no evidence record); figures are shown as recorded in the filing. 58 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 18 of 25 transactions shown; the rest are in the companion workbook. Cell and Gene Therapies Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Feb-2026 Gilead Sciences, Inc. → Arcellx, Inc. $6.5B n/a n/a Gilead Sciences, Inc. agreed to acquire Arcellx, Inc. at $6.5B in Feb-2026, announced. A buyer with an established cell therapy franchise adding a clinical-stage asset in the same modality is the pattern this record repeats at the top end. Dec-2025 XOMA Royalty Corporation → Generation Bio Co. $65M 4.5x n/a XOMA Royalty Corporation completed the purchase of Generation Bio Co. in Dec-2025 at $65M and 4.5x revenue. Royalty and structured-finance buyers sit alongside pharma in this sector, and they underwrite cash and monetisable economics rather than franchise fit. Oct-2025 Eli Lilly and Company → Adverum Biotechnologies, Inc. $146M n/a n/a Eli Lilly and Company announced the acquisition of Adverum Biotechnologies, Inc. at $146M in Oct-2025. The size points to a programme-level purchase — an AAV asset taken into an existing development engine rather than a platform-scale commitment. Sep-2025 Roche Holdings, Inc. → 89bio, Inc. $2.2B n/a n/a Roche Holdings, Inc. announced 89bio, Inc. at $2.2B in Sep-2025. Whole-company commitments of this size in the record are made for clinical validation ahead of earnings, with the economics layered behind the upfront. Jan-2025 Roche Holdings, Inc. → Poseida Therapeutics n/a 0.7x 8.8x Roche Holdings, Inc. completed the acquisition of Poseida Therapeutics in Jan-2025 at 0.7x revenue and 8.8x EBITDA. Both sit well below where this trading set prices forward revenue, a reminder that negotiated outcomes and trading levels answer different questions. Jul-2024 Crosswalk Therapeutics → Codexis, Inc. $187M 3.1x n/a Crosswalk Therapeutics announced the acquisition of Codexis, Inc. at $187M in Jul-2024. Protein engineering capability feeds the editing and delivery toolchain used widely across this sector, which is capability a buyer can reuse across programmes. Apr-2024 Vertex Pharmaceuticals Incorporated → Alpine Immune Sciences, Inc. $4.1B 73.2x n/a Vertex Pharmaceuticals Incorporated announced Alpine Immune Sciences, Inc. at $4.1B in Apr-2024. A commercial biopharma taking clinical-stage assets in an adjacent modality into an established development and commercial infrastructure. Dec-2023 Janssen Pharmaceuticals → MeiraGTx Holdings plc $92M 13.7x n/a Janssen Pharmaceuticals completed a transaction with MeiraGTx Holdings plc at $92M in Dec-2023. An AAV developer with its own manufacturing estate moving into a large pharmaceutical franchise, programme and capability together. Nov-2023 Homology Medicines, Inc. → Q32 Bio Inc. $64M 16.9x n/a Homology Medicines, Inc. announced a transaction with Q32 Bio Inc. at $64M and 16.9x revenue in Nov-2023. Restructurings and reverse mergers are a live transaction channel in this sector, and small combinations of this shape sit in that lane.

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    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This slide continues the precedent transactions list, newest first, completing the 18 of 25 shown.

    This completes the transaction list shown in the body of the report; the remaining deals, along with records carrying data-quality flags, sit in the companion workbook for a client who wants the complete ledger. Together, these two pages carry all 18 of the 25 disclosed-terms transactions referenced earlier in this report. A client tracing any single deal's value or multiple can do so from the linked filing shown here.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 25 transactions with disclosed terms in this tier (83 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 109 precedent record(s) carry data-quality flags (deal value unit unresolved; duplicate precedent id; no evidence record); figures are shown as recorded in the filing. 58 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 18 of 25 transactions shown; the rest are in the companion workbook. Cell and Gene Therapies Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Nov-2023 Regeneron Pharmaceuticals, Inc. → Decibel Therapeutics, Inc. $74M n/a n/a Value shown as recorded in the filing; deal value unit unresolved. Mar-2023 Adaptimmune Therapeutics plc → TCR2 Therapeutics Inc. $124M n/a n/a Value shown as recorded in the filing; deal value unit unresolved. Jul-2022 Syros Pharmaceuticals, Inc. → Tyme Technologies, Inc. $222M n/a n/a Value shown as recorded in the filing; deal value unit unresolved. Feb-2022 The Blackstone Group L.P., Canada Pension Plan Investment Board and KIRKBI Invest A/S → Gyroscope Therapeutics n/a n/a 12.0x Value shown as recorded in the filing; deal value unit unresolved. Sep-2021 ARYA Sciences Acquisition Corp IV → Caritas Therapeutics, LLC $242B n/a n/a Value shown as recorded in the filing; deal value unit unresolved. Nov-2020 Sumitovant Biopharma → Urovant Sciences n/a 0.7x n/a Value shown as recorded in the filing; deal value unit unresolved. Oct-2020 Cleveland BioLabs, Inc. → Cytocom, Inc. $26M 40.6x n/a Value shown as recorded in the filing; deal value unit unresolved. Oct-2020 Biospecifics Technologies Corp → October 2020 n/a n/a 45.0x Oct-2020 Covis Group S.à r.l. → October 2020 $647M 0.7x 8.8x Value shown as recorded in the filing; deal value unit unresolved.

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    This slide documents the report's sources, valuation basis, exclusions and data-quality notes.

    Every figure in this report traces back to a source — SEC filings, consensus estimates or market prices as of September 28, 2026 — and this page is where we document what was excluded and why. We'd point a client here first if they want to check how a specific multiple or deal figure was built before using it elsewhere. This is also where we set out the plausibility gates that determine which multiples get plotted versus excluded.

    Everything on this page

    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Cell and Gene Therapies Coverage | September 2026 | Confidential | Not investment advice 21 VALUATION BASIS Primary valuation basis: EV / Revenue on CY2027E consensus (28 of 47 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / Revenue on CY2027E is the lead convention: it is the sector-appropriate prior for Cell and Gene Therapies and it clears the coverage gate with 39 of 47 companies (83%). EV / EBITDA, P / E are carried as a cross-check. A revenue lens is used rather than a profit multiple because forward EBITDA is reported for 4 of 47 companies. DATA QUALITY & EXCLUSIONS 268 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 1205 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (1204) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    In This Set, the Premium Sat with Platform Evidence and the Discount with Reported Sales.

    This closing slide restates the report's conclusion and points to companion tables for full detail.

    In this set, the premium sat with platform evidence and the discount with reported sales — that's the finding we'd want a client to carry out of this deck. The companion tables alongside it carry the full universe, the exclusion ledger and the source index for any figure worth tracing further.

    Everything on this page

    In This Set, the Premium Sat with Platform Evidence and the Discount with Reported Sales. NeuraCap AI — Cell and Gene Therapies Coverage September 2026 · Prepared by NeuraCap AI · Confidential Cell and Gene Therapies Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 22

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