Gubra (GUBRA) Morgan Stanley 24th Annual Global Healthcare Conference summary

Company overview and business model

• Operates as a clinical-stage bioscience company with three units: biotech, CRO, and ventures.

• Biotech unit focuses on novel peptide therapeutics, advancing assets to clinical proof of concept before partnering.

• CRO unit specializes in metabolic models, supporting both external clients and internal innovation.

• Gubra Ventures invests in adjacent scientific areas, leveraging internal capabilities for external opportunities.

• Value growth is primarily expected from the biotech pipeline.

Pipeline highlights and clinical progress

• Two phase II obesity assets are partnered with AbbVie (ABBV-295, amylin class) and Boehringer Ingelheim (BI 3034701, triple mechanism).

• ABBV-295 showed ~10% weight loss in 12-13 weeks in phase I, with further data expected from ongoing trials.

• BI 3034701 combines incretin biology with NPY2 for potentially deeper, more durable weight loss; phase II has started.

• Proprietary UCN2 program targets muscle preservation during weight loss, with a comprehensive phase I/II-A trial underway.

• UCN2 is being advanced without a partner to maximize asset value, with potential beyond obesity in muscle health.

Market trends and strategic positioning

• Obesity market is evolving toward combination therapies and focus on body composition and muscle health.

• Recent industry deals, such as Genentech and Hanmi in UCN2, validate the scientific approach and increase competition.

• Company aims to selectively expand into other disease areas, leveraging its platform and translational capabilities.

• R&D day in October will detail long-term strategy, discovery focus, and capital allocation plans.