NovaBridge Biosciences (NBP) Earnings

Management highlights

- New CEO Strategic Vision * New CEO Dr. Srishti Gupta joined in July 2026, with a core mission to bridge the gap between promising early science and patient access by advancing medicines efficiently through development, regulatory review, financing, and commercialization. * The company's three core strengths are: 1) access to overlooked promising opportunities via industry networks; 2) deep clinical development expertise to deliver meaningful proof-of-concept data; 3) disciplined capital allocation that structures development/financing/partnering strategies around individual asset needs, rather than forcing a one-size-fits-all approach. - Lead Oncology Program (Givastomig for gastroesophageal cancer) * In H1 2026, the company released updated Phase 1b data, initiated a global randomized Phase 2 study, and secured key FDA regulatory milestones: eligibility for the accelerated approval pathway for first-line HER2-negative, CLDN18.2-positive, PD-L1-positive gastroesophageal cancer, plus Fast Track Designation for Givastomig in combination with nivolumab and chemotherapy. * Givastomig has three key differentiators: strong efficacy when added to standard immunochemotherapy, response across a broad range of CLDN18.2 expression levels (supporting use across the wider patient population), and development as a conventional antibody that easily integrates into existing clinical practice. * Updated Phase 1b dose expansion data will be presented at ESMO in October 2026, with a Phase 3 trial targeted to initiate as early as Q4 2026, pending planning and financing. - Lead Ophthalmology Program (VIS 101, via majority-owned subsidiary Visara) * VIS 101 is a tetravalent VEGF-A/ANG2 peptibody designed to deliver robust inhibition and extended treatment durability for retinal vascular diseases, addressing a major unmet need of high treatment burden in current standard of care. * Positive Phase 2a top-line results released in H1 2026 showed improved visual acuity, reduced retinal thickness, durable responses, and a favorable safety profile. A Phase 2b trial is on track to initiate in H2 2026 to define optimal dose ahead of global Phase 3 development. * A specialized experienced ophthalmology leadership team has been assembled to advance the program, and Visara is actively evaluating additional ophthalmology assets to expand its portfolio.

Guidance

- The company's existing $216 million cash position is expected to fund operations through key upcoming milestones, including the Givastomig Phase 3 interim data readout expected in 2028. - The cash runway also supports VIS 101 development through Phase 2b initiation, Phase 2b interim data readout, and planned Phase 3 initiation, plus additional clinical milestones across the broader pipeline. - Givastomig Phase 3 initiation remains targeted for Q4 2026, subject to ongoing planning and financing activities, which is maintained from prior guidance with no upward or downward revision. - VIS 101 Phase 2b initiation is confirmed for H2 2026, with the program on track to advance to global Phase 3 development, consistent with prior timelines.

Segment performance

Novabridge Biosciences does not report separate product segment financial performance in this call. As of June 30, 2026, the company held $216 million in total cash and investments, consisting of $191 million in cash and cash equivalents and $25 million in equity investments at fair value. The company maintains a debt-free balance sheet.

Risks & headwinds

- Forward-looking statements (including all milestone and timeline projections) are inherently uncertain, and actual results may differ materially due to risks and uncertainties associated with biopharmaceutical development, as detailed in the company's Form 20F annual report for 2025 and other SEC filings. - Clinical development of new therapies carries inherent risk: success of early-stage data does not guarantee positive results in larger randomized Phase 2/3 trials or regulatory approval. - The company's future expansion in European market opportunities and women's health is in very early stages, with no finalized partnerships or assets selected, carrying execution and strategy uncertainty. - Separate financing for subsidiary Visara will likely be required to advance through late-stage development, which could result in equity dilution for Novabridge, though management expects value creation to outpace dilution.

Analyst Q&A

• Q: What is Novabridge's differentiation for future growth platforms like European opportunities and women's health? /

  A: Novabridge combines strong business development (BD) for identifying underdeveloped assets with internal clinical development expertise to repeatedly advance assets to key value inflection points. For Europe, the company is pursuing partnerships with local commercial players to bring in innovative assets that fill gaps in reimbursed standard of care, leveraging existing early clinical data from outside Europe and lower-cost manufacturing to fit European national health system price requirements, similar to recent GLP-1 partnership models. For women's health, the company is targeting high unmet need indications including endometriosis, menopause, PCOS, and osteoporosis that have seen limited innovation to date, with strong financing partner interest in the space.

• Q: What criteria eliminate assets from Novabridge's screening funnel, and how has the funnel evolved under new CEO Dr. Gupta? /

  A: Most assets are eliminated based on two key refined criteria. First, clinical feasibility: teams rigorously assess what investment and regulatory pathway is required to reach registration, and only advance assets where a clear path to a meaningful value inflection point is confirmed. Second, commercial viability: a dedicated chief commercial officer evaluates payer access, differentiation from existing standard of care, and clinical adoption barriers; assets without a clear path to reaching patients are dropped. The funnel has shifted from a financial fund-like model to a patient-impact focused model that prioritizes assets that can meaningfully improve patient outcomes.

• Q: What is the strategic path for majority-owned subsidiary Visara, including potential separate financing? /

  A: Novabridge maintains maximum optionality for Visara, with no prescribed one-size-fits-all path. Visara currently has outside shareholders including the asset's originator, and additional financing will be required for late-stage retinal development. Potential paths include a future IPO, as Visara is building a broader portfolio of ophthalmology assets to become a standalone mid-stage ophthalmology company, or a strategic partnership once Phase 2b data is available. Dilution for Novabridge is possible with new financing, but management expects value creation from development will outpace any dilution.

• Q: How does Givastomig differentiate from other emerging CLDN18.2-targeted therapies for first-line gastric cancer, and how does this shape development strategy? /

  A: Unlike competing approaches limited to high CLDN18.2 expression, Givastomig has demonstrated responses across all expression levels, opening access to a much broader patient population. It is also a practical conventional antibody that integrates directly into existing standard of care infusion workflows with no titration or required extended post-infusion observation, lowering operational barriers to adoption in high-volume clinics. Early data shows a 75% ORR at the tested dose, with tumor reduction in 52 of 53 evaluable patients and a preliminary median PFS of 16.9 months. The company also secured clear early regulatory guidance from the FDA that has enabled a lean, efficient Phase 3 design that is on track to read out earlier than many competing programs.