STIFEL 2026 HEALTHCARE CONFERENCE - KORSANA BIOSCIENCES INC

Explicit Guidance:

• Clinical Data Timelines: Expected release of healthy volunteer data for KRSA-028 by mid-year in the coming year; interim proof-of-concept data in patients expected by the end of next year or Q1 2028.
• Cash Runway: $456 million in cash and marketable securities as of end of September is projected to fund operations into 2029.
• Dosing Targets: Aiming for a 150 mg once-monthly subcutaneous dose to match Trintuximab's brain concentrations.

Business-Segment Outlook:

• Lead Asset (KRSA-028): Anticipates a best-in-class profile for the Alzheimer's treatment market, targeting the elimination of amyloid plaques with faster clearance rates and lower safety risks than current therapies.
• Pipeline Expansion: Actively developing additional discovery programs (unspecified) intended to combine with KRSA-028 to treat more patients, anticipating a future standard of care requiring multi-target approaches similar to oncology.
• Commercial Potential: Projects the Alzheimer's market to be significantly larger than current annualized revenues of existing approved products (>$1B), driven by aging demographics and a large untreated patient population.

Market and Competitive Outlook:

• Market Dynamics: Views the Alzheimer's disease market as being at an "inflection point" with two current disease-modifying therapies that are suboptimal, leaving significant room for improved efficacy and safety.
• Competitive Differentiation: Positions KRSA-028 to outperform competitors by balancing high plaque clearance (via phagocytosis) with reduced safety events (by knocking down CDC and ADCC effector functions), aiming for single-digit or placebo-like rates of ARIA (amyloid-related imaging abnormalities).
• Future Indications: Identifies pre-symptomatic (preclinical) Alzheimer's patients as a high-value future market, where the drug's safety, tolerability, and convenience (sub-Q dosing) are expected to be the primary competitive advantages over current IV-only therapies.
• Platform Utilization: Notes a growing number of transferrin receptor shuttle programs entering the space, but distinguishes KRSA-028 by optimizing the molecular sequence for lower peripheral exposure and higher brain concentration.

Macro / Industry Outlook:

• Regulatory & Clinical Standards: Anticipates that Phase 1-2 studies will be designed to be "Phase 3 enabling," leveraging established precedents for Single Ascending Dose (SAD) and Multiple Ascending Dose (MAD) trials integrated with expansion cohorts.
• Structural Shifts in Treatment: Expects the industry to move toward earlier intervention (pre-symptomatic stages) where the magnitude of benefit from plaque clearance is hypothesized to be greater, driven by retrospective data from current approved therapies.

Strategic Initiatives:

• Clinical Development Plan: Launching a three-part Phase 1-2 study: Part 1 (Healthy volunteer SAD), Part 2 (Early AD MAD), and Part 3 (Expansion cohorts) to characterize safety and select doses for Phase 3.
• Product Design Focus: Engineered KRSA-028 as a subcutaneous, low-volume (1 ml) injection to improve patient convenience compared to current intravenous standards.
• Capital Strategy: Maintaining focus on the lead asset (KRSA-028) to maximize value creation before potentially disclosing or advancing other discovery programs.

Risks and Headwinds to Outlook:

• Safety Uncertainty: Acknowledges that while ARIA rates are expected to be low, the true safety profile (specifically regarding anemia and reticulocyte depletion) will be fully characterized only during the expansion cohorts and Phase 3 trials.
• Efficacy Uncertainty: Notes that while pre-symptomatic trials show promise, the magnitude of clinical benefit in delaying disease onset remains uncertain and is not yet the primary endpoint for immediate trials.
• Competitive Execution: Recognizes that while the shuttle mechanism is accessible, designing a "great drug" with the optimal balance of clearance and safety remains difficult and subject to competitive attrition.

Management Tone on the Future:

• High Confidence: Expresses strong conviction that KRSA-028 can achieve a "best-in-class" profile and that the Alzheimer's market is at a pivotal moment for new entrants.
• Optimism: Uses terms like "huge boon," "gratifying," and "sweet spot" to describe the commercial and clinical potential.
• Focus on Differentiation: Emphasizes that the company is well-capitalized and focused, aiming to be the "eventual winner" in the pre-symptomatic space due to the drug's safety and convenience profile.

Miscellaneous:

• Corporate Status: Describes Corsana as a "relatively new company" that went public in September via a reverse merger and is "very well capitalized."
• Molecule Targeting: KRSA-028 specifically targets pyroglutamate-modified forms of amyloid (pyroglue A-beta), which management views as the optimal starting point for plaque clearance based on correlation data with cognitive decline.