Ann: PYC Investor Update Presentation, page-22

Riding the Wave there are more parallels and potential portends even if one can't rule out the danger of a wipeout. The GSK press release dated 13 December 2022 announcing the strategic collaboration with Wave Life Sciences is instructive for two key reasons.

Firstly, the President and CSO for GSK states that oligonucleotide therapeutics are becoming a mainstream modality. Just for a point of reference checkpoint inhibitors became a mainstream modality in what was a paradigm shift in cancer treatment. Secondly, the President and CEO of Wave identified 2022 as the year in which they started to deliver on the promise of their platform with the first data showing translation in the clinic for their next generation drug candidates. One thing is quickly gleaned it all appeared to happen so quickly.

I am reminded that the key to being an overnight success is to diligently work on the fringe of innovation for a good decade. Undoubtedly, something similar happened at Wave and based upon my understanding of due diligence, GSK was running its ruler over Wave long before the first data provided clinical validation.

So, what are the parallels and what does it portend now that PYC has moved into the clinic ? We all draw our own conclusion but two points to consider;

• the President and CEO for Wave noted the importance of building a differentiated oligonucleotide pipeline
• Slide 6 of the PYC Q2 Investor Update notes that we are entering the transactional window

If the data is promising could 2023 be the year.