Aurora Cannabis Inc. (ACB) Earnings

Management highlights

- **Siviriputinib (Ever001) Partnership with Travere Therapeutics** * Travere Therapeutics was selected as the global partner for Siviriputinib (outside Greater China and select APAC markets) due to its strong strategic fit: it is a recognized leader in rare kidney disease with established clinical, regulatory, and commercial nephrology-focused capabilities, and has a proven track record of successful FDA approvals for renal treatments. * Travere will lead development and commercialization in its licensed territories, while Everest Medicines retains rights for its own territories; a joint governance structure coordinates global development, with primary membranous nephropathy (PMN) as the lead indication, and additional immune-mediated kidney diseases (FSGS, minimal change disease, IgA nephropathy) prioritized for future development based on data and regulatory input. * Siviriputinib’s selective reversible covalent BTK inhibition profile delivers rapid reduction of autoantibodies, substantial reduction of proteinuria, improvement in kidney function by week 36, and a differentiated profile compared to existing therapies that makes it suitable for chronic use, supporting its positioning as a "pipeline-in-a-product" across multiple renal indications. - **AI-Enabled mRNA Platform Pipeline** * Everest Medicines is pursuing both off-the-shelf tumor-associated antigen (TAA) mRNA cancer vaccines and personalized neoantigen cancer vaccines (PCV): TAAs target specific tumor types, are scalable, low-cost, and address broader patient populations, while PCVs already have greater existing clinical validation. The lead TAA program EVM-14 targets squamous cell carcinoma, while the lead PCV program EVM-16 has completed a Phase 1 IIT study with promising immunogenicity and efficacy signals presented at AACR 2024. * The next Phase 1b IIT study for EVM-16, evaluating combination therapy with PD-1 inhibitors in first-line non-small cell lung cancer maintenance, will initiate in H2 2024, with data expected in 2027. * Everest Medicines also continues business development efforts to identify and develop additional assets to replicate the successful path of Siviriputinib, following the model of licensing early assets, advancing to clinical proof of concept, and unlocking global value. - **In Vivo mRNA CAR-T Program** * Everest Medicines’ in vivo CAR-T platform uses antibody-conjugated LNPs to deliver mRNA encoding CAR constructs, targeting broader T cell populations to convert personalized autologous CAR-T therapy into an off-the-shelf, scalable, cell-free product that does not require lymphodepletion. * The platform’s proprietary LNP library preferentially targets the spleen over the liver, and modified mRNA sequences silence off-target liver expression; preclinical data in non-human primates has achieved 40% to 80% T cell transfection efficiency, with 40% transfection already delivering compelling B-cell depletion.

Guidance

- The Phase 1b IIT study for the EVM-16 PCV mRNA cancer vaccine will initiate in the second half of 2024, with data readout expected in 2027. - The U.S. IND filing for Everest Medicines’ lead in vivo mRNA CAR-T program remains on track to be submitted before the end of 2024. - Initial clinical data addressing key open questions about in vivo CAR-T efficacy and safety is expected within the next 6 to 12 months from China IIT studies.

Segment performance

No financial performance data for product segments or revenue contribution percentages was disclosed in this webcast transcript, as the session focused on strategic partnerships and pipeline updates rather than quarterly or annual financial results.

Risks & headwinds

No explicit discussion of financial risks, operational failures, or core business risks was presented in this webcast transcript. Key open development uncertainties for the pipeline were noted: the activity of Siviriputinib beyond PMN has not yet been clinically validated, proof of concept data is still required for mRNA cancer vaccine programs, and the in vivo CAR-T field still needs to resolve core hurdles including durable response, long-term safety, and redosing capability.

Analyst Q&A

• Q: Why was Travere the right partner for Siviriputinib, and how are responsibilities split between the two companies? /

  A: Travere is a leader in rare kidney disease with fully dedicated nephrology development, regulatory and commercial capabilities, and a proven track record of gaining FDA approval for first- and second-in-class renal treatments. It matches Everest's view of Siviriputinib as a pipeline-in-a-product across multiple immune-mediated kidney diseases. Travere leads development and commercialization outside of Everest's Greater China and select APAC territory, with joint governance coordinating global development, PMN as the lead indication, and future development sequence guided by data and regulator input.

• Q: What is your confidence in Siviriputinib's mechanism translating to other renal indications, and how does it differentiate from competing approaches? /

  A: Proof of concept in PMN confirms that BTK inhibition targets the dysregulated immune signaling that drives podocyte injury and proteinuria across PMN, FSGS, MCD and IgA nephropathy. Siviriputinib's selective reversible covalent binding delivers potent, targeted B-cell modulation with flexibility for chronic use, creating a differentiated profile vs existing immunosuppressants and other B-cell therapies. A basket trial in other renal indications is already ongoing in China to test this broader hypothesis.

• Q: What are the roles of personalized vs off-the-shelf mRNA cancer vaccines, and when will we get next platform validation data? /

  A: Off-the-shelf TAA vaccines target specific tumor types, are low-cost, immediately available and treat broader patient populations, while PCVs already have more clinical validation. The lead PCV program EVM-16 will initiate a Phase 1b IIT in first-line NSCLC maintenance (combined with PD-1) in H2 2024, with data readout expected in 2027. This indication was chosen to balance faster proof of concept generation with testing the asset in the early-line setting, where PCVs have the greatest commercial potential.

• Q: What is the technical advantage of Everest's in vivo CAR-T approach, and what is the biggest remaining hurdle? /

  A: Everest's antibody-LNP mRNA platform converts personalized autologous CAR-T into an off-the-shelf, scalable, cell-free product that does not require lymphodepletion, a major improvement over conventional ex vivo CAR-T. Preclinically, the platform achieves 40-80% T cell transfection in non-human primates, with even 40% delivering meaningful B-cell depletion. The key open industry-wide hurdle is demonstrating durable complete response, long-term safety, and ability to redose; initial data to address these questions will come in the next 6-12 months, with a US IND filing on track for end of 2024.

• Q: How has global pharma's evaluation of China-origin innovation changed? /

  A: Global pharma has vastly increased their local presence in China, with dedicated search, evaluation, and transaction staff across therapeutic areas, and greater investment in engaging with the local innovation ecosystem for both deal sourcing and competitive intelligence. Beyond this increased access, core evaluation criteria remain unchanged: global pharma prioritizes genuine differentiation, fit with their commercial strategy, strong intellectual property, solid CMC/manufacturability, and credible, trustworthy management teams for partnership deals, as seen with the Travere partnership for Siviriputinib.