Perceptive Advisors

# Signal Note: Perceptive Advisors Initiates $588M PRAX Position Edelman's first-time investment in Praxis suggests conviction in the company's lead asset PRAX-114, a precision psychiatry program targeting treatment-resistant depression and potentially other neuropsychiatric indications. The ~2M share position (likely representing 5-10% ownership) signals confidence in either upcoming clinical data readouts or regulatory catalysts; key near-term milestones include Phase 2b TRD results expected in 2024-2025. This is notable given Edelman's track record backing clinical-stage biotech with differentiated mechanisms, though investors should monitor the precision patient selection strategy and competitive positioning against other glutamate-modulating approaches.

**SIGNAL NOTE: Perceptive Advisors Initiates $329M Position in Celcuity** Perceptive's entry into CELC signals conviction in gedatolisib's clinical pathway across hormone-driven cancers, with near-term validation via TNBC phase 2 readout (July 2024) and phase 3 breast cancer data expected mid-2026 ahead of the HR+/HER2- PDUFA (July 2026). The $329M position size—substantial for a clinical-stage play—suggests Edelman's team sees meaningful probability of success in what appears to be a differentiated PI3K/mTOR inhibitor program, though investors should note the multi-year readout cadence and execution risk across oncology indications.

**Signal Note: Perceptive Advisors Initiates $272.6M Position in Rhythm Pharmaceuticals** Edelman's entry into RYTM likely reflects conviction in immasculine (setmelanotide) for rare genetic obesity—the company has FDA approvals for POMC, PCSK1, and LEPR pathway deficiencies and is pursuing additional rare genetic indications with high unmet need and limited competition. The ~$273M stake (meaningful for Perceptive's portfolio) suggests confidence in near-term revenue expansion and/or positive data readouts, though investors should monitor 2024-2025 patient uptake and pipeline advancement for the commercial thesis validation.

# Signal Note: Perceptive Advisors Initiates $230.6M ASND Position Edelman's $230.6M entry into Ascendis signals confidence in the company's late-stage pipeline, likely driven by upcoming readouts for TransCon growth hormone (Phase 3 in children with GHD) and TransCon PTH (Phase 2b in hypoparathyroidism). Perceptive's track record of backing clinical-stage assets with strong efficacy data suggests conviction in ASND's transcon technology platform and near-term catalysts through 2024-2025.

# Signal Note: Perceptive Initiates $176M Position in Apogee Therapeutics Edelman's new 2.3M share position signals conviction in Apogee's clinical pipeline, likely anchored on APG-157 (a selective PI3K-delta inhibitor for atopic dermatitis) which has demonstrated Phase 2b efficacy and is advancing toward Phase 3. The timing suggests positioning ahead of near-term data readouts or trial initiations that could de-risk the lead program and establish proof-of-concept in a large indication.

# Signal Note: Perceptive Advisors Initiates $173M Position in ROIV Edelman's entry into Roivant signals confidence in the company's clinical pipeline, likely driven by upcoming data readouts in mid-stage programs. Key near-term catalysts include Phase 2 results for Serica's rolapitant (GPCR modulator for pruritus) and Aria's programs in ophthalmology, with potential value inflection points through 2024-2025 if efficacy meets expectations. The $173M check size suggests conviction in the commercial potential of one or more assets or a favorable valuation entry point post-market correction.

# Signal Note: Perceptive Advisors Initiates $167.5M Position in Nuvalent Perceptive's entry into NUVL signals conviction in the company's ALK/ROS1 inhibitor portfolio, likely driven by near-term catalysts including potential regulatory decisions on lead candidate NVL-655 and Phase 2 data readouts in ALK+ NSCLC expected in 2024-2025. Edelman's track record backing clinical-stage assets suggests confidence in Nuvalent's ability to compete in the increasingly crowded kinase inhibitor space, where differentiation typically hinges on CNS penetration and resistance mutation coverage. The $167.5M bet represents meaningful conviction but should be contextualized against binary trial outcomes and competitive dynamics from established players (Alecensa, Alunbrig).

# Signal Note: Perceptive Advisors Initiates $163.5M Position in Travere Therapeutics Edelman's new 4.3M share stake in TVTX signals conviction in Travere's clinical pipeline, likely centered on the company's late-stage programs in rare kidney diseases where unmet medical need and limited competition support premium pricing. The $163.5M position size reflects confidence in near-term catalysts, potentially including upcoming Phase 3 readouts or FDA decisions on lead candidates targeting IgA nephropathy and other glomerular diseases. Perceptive's entry merits monitoring given Edelman's track record with clinical-stage assets and Travere's regulatory pathway visibility into 2024-2025.

# Signal Note: Perceptive Advisors Initiates $121.9M EXAS Position Edelman's entry into Exact Sciences signals confidence in the company's non-invasive cancer screening platform, particularly Cologuard (colorectal cancer) and Galleri (multi-cancer detection), as adoption accelerates post-Medicare coverage expansion. The $121.9M position (1.2M shares) represents meaningful conviction from an investor with a strong track record backing clinical-stage assets, suggesting confidence in either Galleri's commercialization trajectory or pipeline catalysts (ongoing clinical data readouts for additional cancer types).

# Signal Note: Perceptive Advisors Initiates $118M Position in Protagonist Therapeutics Edelman's new 1.35M share stake in PTGX likely reflects conviction in PN-943, the company's oral antagonist for eosinophilic gastroenteritis (EG), which has shown clinical promise in a space with limited approved therapies and potential rapid uptake given unmet need. The timing suggests positioning ahead of Phase 2b readout or regulatory feedback on the lead program, with earlier-stage assets in inflammatory bowel disease and other GI indications providing additional optionality. This represents a meaningful bet (~$118M) by a manager with strong clinical-stage track record, warranting monitoring of trial timelines and data releases.

# Signal Note: Perceptive Advisors Initiates $114.8M Position in Inhibrx Perceptive's entry suggests conviction in Inhibrx's clinical-stage pipeline, likely centered on INBRX-109 (DR5 agonist) for solid tumors and INBRX-105 (CTLA-4/OX40 bispecific) in oncology, both in early-stage development. The ~$115M position (meaningful for a stage investor) implies confidence in near-term clinical readouts or partnership catalysts that could de-risk the platform. Near-term value drivers include Phase 1b/2 data on lead assets and potential licensing deals that validate the bispecific antibody technology.

# Signal Note: Perceptive Advisors Initiates $110.6M Position in Edgewise Therapeutics Edelman's established track record in clinical-stage biotech lends credibility to this new 4.5M-share stake in EWTX, likely signaling conviction in the company's lead program EDG-5506 (a skeletal muscle activator) for limb-girdle muscular dystrophy (LGMD). Key near-term catalysts include Phase 2b data readouts expected in 2024-2025, which will determine whether EDG-5506 can demonstrate clinically meaningful functional improvements in this severe, underserved indication. The $110.6M position size suggests Edelman views the risk-reward favorable ahead of these pivotal efficacy milestones.

# Signal Note: Perceptive Advisors Initiates $109M Position in Immatics Edelman's entry into IMTX signals conviction in the company's TCR-engineered T-cell platform, likely driven by upcoming clinical data readouts—particularly PRAME-directed IMM760 in melanoma and solid tumors (Phase 2 expected 2024-2025) and WT1-directed programs. The $109M stake size suggests confidence in multiple near-term catalysts and the differentiated mechanism versus CAR-T approaches that dominate current cell therapy portfolios.

Perceptive Advisors' $100.5M initiation in SYRE signals conviction in the company's lead program, SPY527, a selective TRPV1 antagonist in development for neuropathic pain—an indication with high unmet need and commercial potential. Edelman's track record of backing clinical-stage assets suggests confidence in near-term catalysts, likely including Phase 2b efficacy readouts expected in 2024-2025. The 3M+ share position (substantial ownership stake) indicates this is a core conviction bet rather than a tactical position.

**Signal Note: Perceptive Advisors Initiates $100M+ Position in AMLX** Edelman's entry signals conviction in Amylyx's commercial execution of AMX0035 (sodium phenylbutyrate/taurursodiol) for ALS, which generated $16.8M revenue in 2023 following its accelerated FDA approval in late 2022. The $100M+ position size (8.3M shares) suggests confidence in sustained uptake, pending the company's ability to navigate payer coverage and the 2024 Phase 2 data readout for other neurodegenerative indications.