Redmile Group

# Signal Note: Redmile Initiates $230M Position in SRRK Redmile Group's $230M entry into Scholar Rock signals conviction in the biotech's lead program, SRK-181, a myostatin inhibitor in Phase 2 for spinal muscular atrophy (SMA) and other neuromuscular indications. The timing suggests positioning ahead of near-term data readouts, likely including Phase 2 SMA interim or top-line results expected in 2024-2025. Given Redmile's track record in clinical-stage healthcare bets, this represents meaningful institutional validation but carries execution risk tied to efficacy and safety outcomes in a competitive muscle-wasting space.

**Signal Note: Redmile Initiates KRYS Position** Redmile's $167M entry into Krystal suggests conviction in KB103 (an in vivo gene therapy for dystrophic epidermolysis bullosa), which achieved positive Phase 2b data in 2023 with potential BLA submission by end-2024. The timing aligns with regulatory decision points and likely reflects confidence in a differentiated genetic medicine play with meaningful commercial potential if approved.

**SIGNAL NOTE: Redmile initiates $153.5M stake in NRIX** Redmile's entry into Nurix suggests conviction in its pipeline, likely centered on NX-2127 (a Bruton tyrosine kinase degrader for B-cell malignancies) and NX-5948 (a GSPT1 degrader in early development). The $153.5M position size indicates confidence in near-term catalysts, potentially including Phase 2 data readouts or partnership announcements, though NRIX remains pre-commercial with no approved products.

# Signal Note: Redmile Initiates $128M Position in Stoke Therapeutics Jeremy Green's healthcare crossover fund establishing a material 4M+ share stake (~4.3% of float) signals conviction in Stoke's pipeline, likely centered on STOK-001 (antisense oligonucleotide for CDKL5 deficiency disorder), which completed Phase 2 dosing in 2024 with Phase 2b/3 readout expected in 2025. The $128M commitment from a fundamentals-focused investor suggests confidence in clinical data trajectory or regulatory pathway clarity ahead of upcoming trial milestones.

# Signal Note: Redmile Initiates $122.8M Position in Immunome Redmile's substantial entry into IMNM signals confidence in the company's B-cell characterization platform and clinical pipeline, particularly IMM-1-104 for autoimmune disease. The $122.8M stake (representing a meaningful position) from a sector-focused operator suggests conviction around near-term value catalysts, likely including clinical data readouts or partnership announcements within the next 12-18 months. This move carries elevated risk given IMNM's early-stage status but reflects Redmile's thesis on the commercial potential of its platform technology.

# RGNX Signal Note Redmile's $62.9M initiation in RGNX suggests conviction in the company's NAV gene therapy pipeline, likely driven by near-term catalysts in hemophilia B (valoctocogene roxaparvovec) commercial execution or upcoming data readouts in other rare genetic programs. Jeremy Green's healthcare crossover positioning typically indicates a deep-dive thesis on clinical/commercial inflection points rather than speculative risk-taking. The timing warrants monitoring of Q4 2024 hemophilia B uptake metrics and any upcoming Phase 2/3 readouts in the current pipeline.

**SIGNAL NOTE: Redmile initiates $55.3M position in ADCT** Redmile's entry into ADC Therapeutics suggests conviction in the company's lead program loncastuximab tesirine (Zynlonta), an anti-CD19 antibody-drug conjugate approved for relapsed/refractory diffuse large B-cell lymphoma. The $55.3M stake (meaningful but not controlling) indicates confidence in either label expansion potential (DLBCL frontline or other B-cell malignancies) or pipeline progression, though near-term catalysts depend on ongoing clinical readouts. Green's healthcare crossover mandate typically reflects thesis around clinical/commercial inflection points rather than speculative positioning.

# Signal Note: Redmile Initiates $51M Position in Cogent Biosciences Redmile's new stake in COGT (1.44M shares, 5.1% of float) signals conviction in Cogent's pipeline, likely centered on seribantumab for NF1-PN, which showed positive Phase 2 data in 2023 and is advancing toward a potential NDA filing. The timing suggests confidence in near-term catalysts, though seribantumab faces competition from other NF1 candidates and the indication's commercial potential remains moderately sized ($200-400M peak sales estimates). Watch for regulatory interactions and Phase 3 readouts over the next 12-18 months to validate the thesis.

# Signal Note: Redmile Initiates $50.5M Position in ANNX Redmile's new $50.5M stake in Annexon signals conviction in ANX007, a C1q inhibitor targeting complement-driven neuroinflammation across multiple CNS indications including Alzheimer's disease and generalized myasthenia gravis (gMG). The timing likely reflects anticipated near-term catalysts, potentially including Phase 2 data readouts or regulatory updates on its lead programs in 2024-2025. Green's crossover mandate and selective healthcare deployment suggest confidence in valuation and clinical/commercial inflection point ahead.

# Signal Note: Redmile Initiates BEAM Position Redmile's $35.6M entry into Beam Therapeutics signals conviction in the company's base editing pipeline, particularly BEAM-101 for sickle cell disease (SCD), which is tracking toward potential 2025 clinical readouts. This follows Beam's recent $350M+ financing round in late 2024 and positions Redmile ahead of anticipated Phase 2 efficacy data that could validate the base editing platform's clinical utility versus competing ex vivo gene therapies (Casgevy, Lyfgenia). The timing suggests Green's team sees valuation attractive relative to near-term catalysts and regulatory pathway clarity for severe genetic diseases.

**Signal Note: Redmile Initiates $30M Position in Neurogene (NGNE)** Redmile's entry suggests conviction in Neurogene's gene therapy pipeline, likely driven by upcoming catalysts in CNS-directed programs (e.g., NGN-401 for GM1 gangliosidosis and NGN-201 for frontotemporal dementia). The $30M position size indicates meaningful risk appetite for a clinical-stage biotech, positioning Redmile ahead of potential Phase 2 data readouts and regulatory interactions that could de-risk valuation.

# Signal Note: Redmile Initiates 8.3M Share Position in Absci (ABSI) Redmile's $28.8M entry into ABSI signals conviction in the company's AI-driven antibody discovery platform, which has demonstrated potential to reduce development timelines versus traditional methods. The timing suggests confidence ahead of near-term clinical readouts or partnership announcements, though ABSI's pipeline remains early-stage with limited Phase 1 data publicly available. Green's healthcare crossover expertise indicates focus on platform durability and partner validation rather than near-term revenue catalysts.

# Signal Note: Redmile Group Initiates NUVB Position Redmile's $28.3M entry into Nuvation Bio signals conviction in the company's clinical pipeline, likely anchored on NUV-422 (GLP-1 receptor agonist for metabolic dysfunction-associated fatty liver disease/MASLD) which is progressing through Phase 2b. Green's healthcare crossover expertise suggests confidence in the commercial thesis around obesity/metabolic disease, though near-term catalysts depend on 2024-2025 trial readouts and regulatory feedback on the competitive GLP-1 landscape.

# Signal Note: Redmile Initiates IDEYA Position Redmile's $25.7M entry into IDEAYA suggests conviction in the company's synthetic lethality platform, likely tied to upcoming clinical catalysts in PARP-inhibitor-resistant cancers where IDEAYA's DNA damage response programs offer differentiation. The $25.7M bet represents meaningful conviction from a systematic healthcare crossover investor, signaling either confidence in near-term data readouts or valuation inflection ahead of competitive pressures in the synthetic lethality space.

**Signal Note: Redmile initiates $20.2M position in STTK** Redmile's entry into Shattuck Labs signals conviction in the company's dual-signaling platform for immuno-oncology, particularly ahead of clinical readouts for its lead program SL-172154 (Agonist/Antagonist) in solid tumors. The $20.2M stake (~5.5M shares) represents meaningful conviction from a healthcare-focused crossover investor, likely positioning for near-term data catalysts and potential partnership validation in a competitive cell therapy space.