Buy Rating on Amylyx: Avexitide’s High Unmet Need, Strong PBH Opportunity, and Clear Phase III Catalyst Support UpsideWe recently hosted a live call with a KOL who treats ~500 PBH paen ts and serves as at her instuon to discuss the disease burden, current treatment landscape, and clinical potenal of avexide in post-bariatric hypoglycemia; key takeaways from our discussion can be found below. The KOL emphasizes that PBH can significantly impair day-to-day acvies and may be life- threatening/require hospitalizaon in severe cases. Moreover, she esma tes that approximately 50% of PBH paen ts remain inadequately controlled despite dietary intervenon + off-label pharmacologic therapy and experience an “atrocious” quality of life, underscoring the need for novel therapies. As a reminder, Amylyx (Nasdaq: AMLX) expects to complete enrollment of the Phase III LUCIDITY trial, evaluang the safety/efficacy of 90mg SC QD avexide vs. placebo in 75 paen ts with PBH following with topline data ancipa ted in Q3 2026.