Immunology and Inflammation Therapeutics Bi-Weekly Industry Events & M&A Update — September 14–28, 2026

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

HEALTH CARE › PHARMACEUTICALS, BIOTECHNOLOGY AND LIFE SCIENCES › IMMUNOLOGY AND INFLAMMATION THERAPEUTICS

Revenue Evidence Earns the Bid While Single-Asset Risk Gets Marked Down

This update covers what moved, what companies announced and what changed in the transaction record across Immunology and Inflammation Therapeutics from September 14–28, 2026.

September 14–28, 2026

Prepared by NeuraCap AI · Confidential

Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28

Immunology and Inflammation Therapeutics Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice

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

   HEALTH CARE › PHARMACEUTICALS, BIOTECHNOLOGY AND LIFE SCIENCES › IMMUNOLOGY AND INFLAMMATION THERAPEUTICS

   Cover slide introducing the bi-weekly Immunology and Inflammation Therapeutics industry events and M&A update for September 14–28, 2026.

   This bi-weekly update tracks what changed, who moved, what transacted, and what it means for Immunology and Inflammation Therapeutics across September 14–28, 2026. We built it so operators, acquirers and advisors can work from the same evidence.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE HEALTH CARE › PHARMACEUTICALS, BIOTECHNOLOGY AND LIFE SCIENCES › IMMUNOLOGY AND INFLAMMATION THERAPEUTICS Revenue Evidence Earns the Bid While Single-Asset Risk Gets Marked Down This update covers what moved, what companies announced and what changed in the transaction record across Immunology and Inflammation Therapeutics from September 14–28, 2026. September 14–28, 2026 Prepared by NeuraCap AI · Confidential Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28 Immunology and Inflammation Therapeutics Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   Buyers of Risk Paid for Commercial Visibility and Stepped Back from Clinical-Stage

   Summarizes the two-week period's headline result: risk buyers rewarded commercial visibility and pulled back from clinical-stage names.

   Across the 14 names we cover, the median move was -5.0% while the S&P 500 returned +0.8%, so the drawdown sat inside the sector rather than the broad market. Two names, Alvotech (ALVO) and Arcutis Biotherapeutics, Inc. (ARQT), carried essentially all of the period's upside, rising +21.8% and +12.6% respectively. The steepest declines concentrated in clinical-stage, single-asset names such as Palisade Bio, Inc. (PALI) at -26.8% and Alumis Inc. (ALMS) at -22.3%. So what: the period reinforces that commercial evidence, not clinical optionality, is what the market is currently willing to pay for.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE Buyers of Risk Paid for Commercial Visibility and Stepped Back from Clinical-Stage The two-week period in one page · 14 covered names, close-to-close · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Driver attributions use calibrated language and are NeuraCap reads of the recorded evidence. Immunology and Inflammation Therapeutics Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 10 of 14 Covered Names Fell; The Median Move Was -5.0% The S&P 500 returned +0.8% over the same window. Our read is that the drawdown sat inside the sector rather than across the broad market. 2 Two Names Carried All of the Period's Upside Alvotech (ALVO) rose +21.8%, with its strongest session of +9.9% on Sep 18. Arcutis Biotherapeutics, Inc. (ARQT) added +12.6%, including an +11.2% single-day gain. 3 The Losses Clustered in Clinical-Stage, Single-Asset Exposure Palisade Bio, Inc. (PALI) fell -26.8%, Alumis Inc. (ALMS) -22.3%, Immunic, Inc. (IMUX) -15.3% and Abivax S.A. (ABVX) -14.7%. Each sits well below the -5.0% median for the covered set. 4 The Transaction Record Grew by One Pending Deal Aethlon Medical, Inc. and North Immunology, Inc. entered the record on Sep 17 as a pending transaction with no disclosed enterprise value. That sits alongside 11 transactions in the trailing record. +21.8% Best mover — Alvotech (ALVO) worst: PALI -26.8% · 4 up / 10 down of 14 covered -5.0% Sector median two-week return vs S&P 500 +0.8% 1 Transactions announced in the two-week period terms not fully disclosed 2 Company filings in the window 8-K events read for driver attribution

3. 03
   PUBLIC MARKET MOVERS

   Visibility Got Rewarded; Binary Clinical Exposure Got Repriced

   Ranks the two-week public market movers and separates moves with a recorded driver from those without one.

   Alvotech (ALVO) led the group, up +21.8% with its strongest session at +9.9% on Sep 18, while Arcutis Biotherapeutics, Inc. (ARQT) added +12.6%, including an +11.2% single-day gain. On the downside, Palisade Bio, Inc. (PALI) fell -26.8%, Alumis Inc. (ALMS) -22.3%, Immunic, Inc. (IMUX) -15.3% and Abivax S.A. (ABVX) -14.7%, each well below the sector median of -5.0%. The materiality bar for this period sits at +11.7% on a sector-relative basis, so moves inside that band read as noise rather than signal. So what: the dispersion shows the market pricing commercial visibility and clinical-stage risk very differently within the same sector.

   Everything on this page

   PUBLIC MARKET MOVERS Visibility Got Rewarded; Binary Clinical Exposure Got Repriced Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median -5.0% · S&P 500 +0.8% · materiality bar ±11.7% (sector-relative) Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. 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. Immunology and Inflammation Therapeutics Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 3 Bi-Weekly return per company · teal above zero, amber below · sector median -5.0% Palisade Bio, Inc. (PALI) -26.8% No notable in-window news was identified that clearly explains the move. At -26.8%, it ran far below the -5.0% median for the covered set. Small-cap developers between catalysts can travel a long way from the sector median in either direction. UNEXPLAINED Alumis Inc. (ALMS) -22.3% No notable in-window news was identified that clearly explains the move. At -22.3%, the decline was well below the -5.0% sector median. Single-asset, single-indication exposure remains the sharpest source of price swings in this sector. UNEXPLAINED Alvotech (ALVO) +21.8% Shares moved following Alvotech's Sep 15 presentation at the Morgan Stanley 24th Annual Global Healthcare Conference and a reported brokerage average target price of $8.50 on Sep 21. A Discount-tier name can re-rate quickly when the commercial story is already visible in the numbers. COMPANY-SPECIFIC Abivax S.A. (ABVX) -14.7% The move followed Abivax S.A.'s Sep 21 business update and first-half 2026 results, which named a new Chief Medical Officer and a Chief Technical Officer to advance commercial supply readiness. Its best session came Sep 28 at +6.4%. Building commercial supply leadership ahead of launch reads as preparation, and the market prices the wait. COMPANY-SPECIFIC

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   Access Promises Are Being Tested in Court While Enrollment Clocks Keep Running

   Highlights the two-week period's highest-impact news and industry catalysts, each linked to its source.

   The period's dominant catalyst is a legal test of patient-access commitments, playing out alongside enrollment timelines that continue to run regardless of the litigation. Each event on this page links back to its underlying filing or article, and the 'why it matters' read is ours, not an assumption of outcome. So what: access risk is now a live variable for names whose commercial story depends on assured reimbursement.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS Access Promises Are Being Tested in Court While Enrollment Clocks Keep Running The two-week period's highest-impact events · titles link to the underlying filing or article · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. "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. Immunology and Inflammation Therapeutics Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 14 · NEWS · Newsfile Corp ARS Pharmaceuticals faces a securities class action with an October 5, 2026 deadline The claim centres on what investors were told about a payer coverage date. In this sector, formulary position and time to first fill decide launch value, so the dispute lands on the industry's core economics. Access timing is a disclosure-sensitive variable, not a background detail, for any name approaching launch. Sep 14 · NEWS · Newsfile Corp A second firm notice reminds ARS Pharmaceuticals investors of the same October 5 deadline Multiple notices in a single window point to an active lead-plaintiff process rather than an isolated filing, which extends the period over which the matter stays in front of the market. Litigation overhang can sit on a Discount-tier valuation long after the underlying access question is settled. Sep 15 · 8-K · SEC EDGAR Coya Therapeutics (COYA) enrolls its 100th patient in the Phase 2/3 ALSTARS trial of COYA 302 Full enrollment of 120 patients is expected and topline data is anticipated in early Q2 2027. Enrollment pace is the clearest signal a clinical-stage developer can give between readouts. Operators who can show a trial filling on schedule shorten the distance to a registrational readout. Sep 15 · NEWS · PRNewsWire AbbVie's Allergan Aesthetics takes aging biology and exosome science to the 2026 Science of Skin Summit An R&D-led scientific programme from a Core-tier incumbent shows where a diversified owner is putting research attention alongside its established immunology footprint. Incumbents keep seeding adjacent science while their core franchises mature, which shapes the acquisition bid over time. Sep 15 · NEWS · Business Wire Investor notice covers ARS Pharmaceuticals losses above $100,000 from the March to June 2026 window The notices define a specific purchase window tied to the coverage timeline. That fixes the period the market will scrutinise as the case proceeds. A defined claim window gives the sector a concrete reference point for how coverage guidance is judged after the fact. Sep 15 · NEWS · GlobeNewsWire SBS Law opens the lead-plaintiff window in the ARS Pharmaceuticals securities case The procedural step keeps the matter live into the fourth quarter and adds a known calendar item for a name already carrying an access dispute. Known legal dates become part of how the market frames the next set of commercial updates.

5. 05
   M&A & STRATEGIC ACTIVITY

   One Pending Transaction Joins the Record, with Terms Not Disclosed

   Details the one pending transaction that joined the M&A record during the two-week period, with no enterprise value disclosed.

   Aethlon Medical, Inc. and North Immunology, Inc. entered the record on Sep 17 as a pending transaction, adding to a trailing record of 11 deals. No enterprise value was disclosed, so the pricing comparison set for the sector is unchanged this period. So what: acquirers should treat this addition as a record update, not yet as new pricing evidence.

   Everything on this page

   M&A & STRATEGIC ACTIVITY One Pending Transaction Joins the Record, with Terms Not Disclosed 1 transaction announced · September 14–28, 2026 · figures link to the filing Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. 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. Immunology and Inflammation Therapeutics Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 5 Sep 17 n/a Aethlon Medical, Inc. Aethlon Medical, Inc. moves on North Immunology, Inc. in a pending transaction EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The record shows the transaction as pending as of Sep 17 with no stated consideration. HOW THE TARGET WAS VALUED No enterprise value, EV/Revenue or EV/EBITDA is reported for this transaction, so no multiple can be read from it. The trailing record carries 11 transactions and no reported median EV/EBITDA.

6. 06
   WHAT IT MEANS

   What This Two-Week Period Changes for Operators, Buyers and Advisors

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

   For operators, the period rewards commercial proof points like patient starts, formulary position and prior-authorization approval rates. For acquirers, the reference set gained one pending deal but no new pricing data, since Aethlon Medical, Inc. and North Immunology, Inc. disclosed no enterprise value. For advisors, the clearest read is the separation between commercial visibility and clinical-stage exposure: 10 of 14 covered names fell at a -5.0% median move, while ALVO rose +21.8% and ARQT +12.6%. So what: the operating and deal implications both point toward evidence quality, not asset stage, as the current basis for value.

   Everything on this page

   WHAT IT MEANS What This Two-Week Period Changes for Operators, 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, transaction records); publisher-sourced news where linked; market data through 2026-09-28. This page is analytical interpretation drawn from the two-week period's recorded evidence. It is not investment advice. Immunology and Inflammation Therapeutics Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / Revenue (CY2026E) median 7.9x 16 companies in the study 3 valuation tiers Standing thesis: Immunology and Inflammation Therapeutics spans clinical-stage developers and adjacent commercial models FOR OWNERS & OPERATORS Commercial Proof Points Set the Bid The names that traded higher this period were those with a visible commercial story. The KPIs behind that are patient starts and refill persistence, formulary position and covered lives, prior-authorization approval rate and time to first fill FOR ACQUIRERS The Reference Set Gained One Pending Deal and No New Pricing Data Aethlon Medical, Inc. and North Immunology, Inc. add a pending transaction to a trailing record of 11, but with no disclosed enterprise value the comparison set for pricing is unchanged. FOR ADVISORS Lead with Access Economics and Evidence Quality The period's dominant theme is that the market separated commercial visibility from binary clinical exposure: 10 of 14 covered names fell; the median move was -5.0%, while ALVO rose +21.8% and ARQT +12.6%.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   Explains the sources, methodology and important notices behind this bi-weekly update.

   Every figure in this update links to the filing, price record or publisher article it was taken from, and driver attributions use calibrated language reflecting NeuraCap's read of the recorded evidence. Sources are admitted in a fixed reliability order — SEC filings, press releases, then established outlets — with no video or social platforms used. So what: readers can trace any claim in this deck back to its original public record.

   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 · September 14–28, 2026 · market data through 2026-09-28 Every figure in this update links to the record it was taken from; the publishers and filings drawn on for the period are listed above. Immunology and Inflammation Therapeutics Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice 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 record (SEC 8-K extractions) exactly as recorded; each figure links to its citation. Treasury rates come from the platform’s Treasury series and are shown only when the 10-year moved at least ten basis points over the window (it did not in this window, so no rate figures appear). 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. 2 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). Operational and strategic developments (deals, partnerships, launches, expansion, guidance, leadership, regulatory outcomes) are shown first; capital-return mechanics and conference appearances are limited to one each. 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_20260929T180857Z_555_prod (market data as of 2026-09-28) — 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: newsfilecorp.com · sec.gov · prnewswire.com · businesswire.com · globenewswire.com

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