Initiating Overweight – A Pipeline for Bleeding Disorders with the X-Factor

We are initiating coverage on Hemab Therapeutics (COAG) with an Overweight rating and $70 December 2027 price target (PT). Hemab has an emerging pipeline of early to mid-late stage assets all designed to address the need for subcutaneous prophylactic (preventive) therapies to treat underserved bleeding disorders. Lead asset sutacimig (FVIIa x TLT-1 bispecific) has generated compelling phase 1/2 data in Glanzmann thrombasthenia (GT) and is expected to enter phase 3 in 2H26. In parallel, a phase 2b POC study of sutacimig is ongoing in Factor VII deficiency (FVIID), with interim data expected in late 2026/early 2027. We model blockbuster potential for sutacimig in GT and FVIID combined (~$1.1B WW by 2040). Second lead asset HMB-002 (VWF-stabilizing antibody) is being developed for Von Willebrand Disease (VWD), with phase 1/2 single dose data demonstrating early proof of concept and initial multiple dose data expected late 2026/early 2027. We model multi-billion revenue potential for HMB-0