Strategic Signals Weekly

Masimo Corporation issued supplemental disclosures to its definitive proxy statement regarding its merger with Danaher Corporation. These disclosures aim to address shareholder litigation and demand letters alleging inadequate information, thereby mitigating risks of delaying the merger. The supplements detail Masimo's prior exploration of strategic alternatives in 2023, where it engaged advisors and contacted potential acquirors, including Danaher, but received no definitive bids, and the subsequent targeted sale process in late 2025 that led to the current merger agreement.

Genprex announced a new Sponsored Research Agreement with The University of Texas MD Anderson Cancer Center to study TROP2 and PTEN biomarkers that may predict patient response to Reqorsa® Gene Therapy, its lead candidate for non-small cell lung cancer (NSCLC) and small cell lung cancer (SCLC). The company also provided updates on its Phase 1/2 Acclaim-1 (NSCLC) and Acclaim-3 (SCLC) clinical trials, reporting positive safety profiles and early signs of efficacy, including prolonged progression-free survival and partial responses in some patients.

Passage Bio, Inc. announced updated interim Phase 1/2 clinical trial data for PBFT02 in frontotemporal dementia caused by progranulin deficiency (FTD-GRN), showing reductions in whole brain and frontotemporal cortex atrophy, stabilization of plasma NfL levels, and robust increases in CSF progranulin. The company has initiated a review of strategic alternatives, including M&A, asset sales, or partnerships, and engaged Wedbush PacGrow as a financial advisor. The FDA indicated a randomized controlled registrational study is required for PBFT02, which the company is evaluating due to ethical, logistical, and financial challenges.

MeiraGTx Holdings plc has completed the initial closing of a strategic collaboration with Hologen Limited. This agreement covers the research, development, manufacture, and commercialization of MeiraGTx's AAV-GAD gene therapy for Parkinson's disease, AAV-BDNF gene therapy for genetic obesity disorders, other CNS-delivered genetic medicines, and a proprietary gene therapy delivery device. The collaboration includes an upfront payment of $200 million from Hologen.

Drug: AAV-GAD, AAV-BDNF · Indication: Parkinson's disease, genetic obesity disorders · Partner: Hologen Limited

Aligos Therapeutics entered into an exclusive, royalty-bearing license agreement with Xiamen Amoytop Biotech Co., Ltd. for its investigational compound pevifoscorvir sodium. Amoytop gains rights to develop and commercialize the compound for Hepatitis B and Hepatitis D co-infection in mainland China, Taiwan, Hong Kong, and Macau. Aligos will receive an upfront payment of $25 million, with eligibility for up to $420 million in future development, regulatory, and commercial milestones, plus tiered high single-digit royalties on net sales.

Drug: pevifoscorvir sodium · Indication: Hepatitis B virus infection in humans, or Hepatitis B virus and Hepatitis D virus co-infection in humans · Partner: Xiamen Amoytop Biotech Co., Ltd.

Eli Lilly and Company has elected to terminate its License and Collaboration Agreement with Rigel Pharmaceuticals, Inc., effective June 15, 2026. The agreement granted Lilly exclusive worldwide rights to develop and commercialize ocadusertib (R552), a RIPK1 inhibitor, for both non-CNS and CNS diseases. Rigel expects to regain full rights to the compound and related programs, and will no longer receive future milestone or royalty payments from Lilly.

Drug: ocadusertib (R552) · Indication: non-central nervous system (non-CNS) diseases, central nervous system (CNS) diseases · Partner: Eli Lilly and Company

Altimmune, Inc. closed a public offering on April 24, 2026, selling 64,250,000 shares of common stock with accompanying warrants and 10,750,000 pre-funded warrants. The offering is expected to generate net proceeds of approximately $211.2 million. The company plans to use these funds to advance the clinical development of pemvidutide, including funding and preparing for its global pivotal Phase 3 trial in MASH, initiating pre-commercial activities, and for general corporate purposes.

Solana Company announced that directors Sherrie Perkins and Paul Buckman will not stand for re-election at the upcoming Annual Meeting. Concurrently, the Board increased its size from seven to nine members and appointed Michel Lee and Sergio Mello as new directors. Mr. Lee brings extensive capital market and investment banking experience, while Mr. Mello is a serial entrepreneur with expertise in digital finance and business development.

Nektar Therapeutics entered into an underwriting agreement for a public offering of 3,532,609 shares of common stock at $92.00 per share, with underwriters fully exercising their option for an additional 529,891 shares. The company anticipates net proceeds of approximately $350.9 million from this offering, which is expected to close on April 23, 2026. This financing aims to bolster the company's capital.

Maze Therapeutics, Inc. announced a public offering of 5,540,000 shares of common stock and pre-funded warrants to purchase 850,000 shares, priced at $23.50 and $23.499 respectively. The company expects net proceeds of approximately $144.7 million, which will be used to advance research and development for product candidates MZE829 (APOL1-mediated kidney disease) and MZE782 (phenylketonuria and chronic kidney disease), as well as for general corporate purposes. These funds are anticipated to extend operations into 2029.

Prelude Therapeutics announced the pricing of a public equity offering, expecting to raise approximately $85.5 million in net proceeds. The offering, led by RA Capital Management with participation from Soleus Capital, will fund general corporate purposes, including research and preclinical and clinical development, extending their cash runway into the second quarter of 2028.