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 and Boehringer Ingelheim, reflecting strong early development and collaboration success.

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

• Boehringer Ingelheim partnership focuses on a triple-acting molecule targeting NPY2 for deeper, durable weight loss; phase II has started.

• GUB-UCN2, a long-acting urocortin-2 agonist, aims to preserve muscle mass during weight loss and is in a comprehensive phase I/IIa trial.

• UCN2 is being advanced internally to maximize value before partnering, with potential beyond obesity in muscle health.

Market trends and strategic positioning

• Obesity market is evolving toward combination therapies and outcomes beyond weight loss, such as muscle health.

• Competitive landscape in urocortin-2 biology is intensifying, with recent validation from industry deals.

• Discovery platform and translational capabilities are disease-agnostic, enabling expansion beyond metabolic diseases.

• CRO business remains resilient, with recent revenue growth and strategic importance for rapid drug development.

• Synergy between CRO, biotech, and ventures differentiates the business model.