PYC - General Discussion, page-9

PYC-003 has greater target specificity than RGLS8429, but the evaluation framework and regulatory approach that Regulus have set out provides a useful pathway for PYC to follow. PYC’s drug combined with their proprietary delivery technology has shown encouraging preclinical results in reaching the target cells.

PYC-003 is shaping up as the most valuable asset in PYC’s development pipeline. The combination of delivery efficiency and functional capability bodes well for translation to clinical development. We have included PYC-003 in our biotech-style risk-adjusted DCF valuation of PYC, leading to an increase in our valuation to $0.30. We retain our Speculative Buy recommendation.