Life science research tools market size, growth and trends ( )

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1 Life science research tools market size, growth and trends ( ) April, nd edition Information contained in this market report is believed to be reliable at the time of publication. DeciBio is not soliciting any action based on the information contained in this report. See appendix section for complete disclosures. DeciBio LLC 1428 Kelton Ave Suite 201 Los Angeles, CA Phone: info@decibio.com

2 Agenda Introduction Executive summary Pure genomics tools Pure proteomics tools Cell biology tools Other analytical technologies Other supplies and technologies Appendix 2

3 Given the current macroeconomic headwinds, DeciBio forecasts that the LS research tools market will grow at ~4% p.a. in the next 5 years Online abstract This report provides an overview of the life sciences research tools market from 2006 to Life sciences research tools companies offer instruments, reagents and services to scientists in academic, BioPharma and applied market laboratories. Top vendors include Agilent, Bio-Rad, EMD Millipore, Life Technologies (Invitrogen / Applied Biosystems), Roche, Sigma-Aldrich and Thermo Fisher; smaller emerging players are highlighted as well (e.g., genomics players [Fluidigm, Raindance, Oxford Nanopore, NABSys, GnuBio]). Segmenting the market by technology, we estimate that the life science research tools market reached $37.4B in 2011, and is expected to grow ~4% p.a. in the next 5 years. Many reports on individual technologies report bullish growth rates of 5%-20% for Academic, BioPharma and Applied market customers (and excluding in vitro diagnostics). While our analysis confirms that applied market might experience double digit growth for many technologies, current market size estimates for these customers do not support an overall market growth of 10%+ for the overall life science research tools sector. This is especially true in light of the current global economic slowdown (including in India and China) and continued sovereign-debt crisis in Europe. A review of public fillings and guidance from the top players in this space as well as an analysis of the funding reality in Academia and BioPharma confirms this outlook. This report evaluates which technologies are expected to capture and loose market share in this mid-single digit growth rate market. In this second edition, we updated our analysis to reflect the most current market sales and trends in 5 broad segments: 1) Pure genomics technologies: qpcr, next generation sequencing (NGS) / third generation sequencing (3GS), microarrays, PCR, CE sequencing, molecular biology tools, digital PCR; 2) Pure proteomics technologies: protein isolation and analysis, ELISA, protein production, western blots and protein microarrays; 3) Cell biology technologies: discovery services, basic cell biology reagents, flow cytometry, transfection and electroporation, media and sera, microscopy, cell culture equipment, whole cell analysis, cells and tissues, high content imaging; 4) Other analytical technologies: liquid chromatography, mass spectroscopy, structural analysis methods, in vivo study, spectroscopy, multiplex technologies, label free technologies; 5) Other supplies and technologies: lab supplies and disposables, glassware, automation, sample preparation, LIMS, magnetic beads. For each of these 35 subsegments, we present an analysis detailing sales of instruments and reagents for 2006, 2011 and In addition, we detail market drivers and moderators, market trends, a high level end-customer breakdown (Academic, BioPharma and Applied markets customers) and key competitors. Many of these technologies are increasingly used for clinical diagnostics purposes. Therefore, we briefly cover the size, growth and trends of the in vitro diagnostics and molecular diagnostics markets. All data are based on manufacturer sales as publically reported, and interviews with life sciences experts in academic, BioPharma and applied market laboratories. 3

4 This report is divided in the following sections Table of contents Introduction 1 Agenda 2 Abstract 3 Table of contents 4 2 nd edition: what s new? 5 Included/excluded technologies 6 Definition (product types) 7 Definition (end-customer types) 8 Methodology 9 Technology timeline 10 Executive summary 11 LS market by category 12 LS market by geography 13 LS market by end-customer 14 LS market by product type 15 R&D funding trends 16 LS players strategic bets 17 LS players and operational excellence 18 Pure genomics tools 19 LS genomics market by technology 20 qpcr 21 Microarrays 22 NGS / 3GS 23 PCR 24 CE sequencing 25 Molecular biology 26 Digital PCR 27 Pure proteomics tools 28 LS proteomics market by technology 29 Protein isolation 30 ELISA 31 Protein production 32 Western blots 33 Protein microarrays 34 Cell biology tools 35 LS Cell biology tools market by technology 36 Discovery services 37 Basic cell biology reagents 38 Flow cytometry 39 Transfection and electroporation 40 Media and sera 41 Microscopy and automation 42 Cell culture equipment 43 Whole cell imaging 44 Cells and tissues 45 High content imaging 46 Other analytical tools 47 LS analytical tools by technology 48 Liquid chromatography 49 Mass spectroscopy 50 Structural analysis 51 Other analytical tools (continued) In vivo study 52 Spectroscopy 53 Multiplex technologies 54 Label free technologies 55 Lab supplies and disposables 56 Overall LS supplies market by technology 57 Basic supplied and disposables 58 Glassware 59 Liquid handling and automation 60 Sample preparation 61 LIMS 62 Magnetic beads 63 Appendix 64 Positioning of key players 65 Revenue guidance from key players 66 NIH funding analysis 67 IVD market 68 MDx market 69 CE instrument decommission 70 NGS market by product type 71 Abbreviations 72 Related DeciBio reports 73 Disclosure 74 4

5 2 nd edition: What s new? Updated content Updated numbers* Incorporated the latest trends in the life science research tools market Added 8 new supplies & technologies to this market: Structural analysis technologies (electron microscopy, NMR and X-ray systems) Spectroscopy Label free technologies Glassware Liquid handling and automation LIMS Added 19 pages, primarily with new analysis, and a description of our methodology and classification Expanded our analysis of key players in this space Updated numbers Updated all market numbers for 2011 market size based on secondary research and latest trends Market growth rate generally adjusted downward given increased focus on funding sources (and economic backdrop [e.g., in Europe]) during our interview campaign Estimated instrument / reagent revenue contribution for 3 technologies based on interviewee feedback Liquid chromatography Mass spectrometry in vivo analysis Reassessed market trends for: NGS in light of recent developments (e.g., $1,000 genome) dpcr given increased visibility of market players and difficulty for the opportunity to materialize (due in part to the lack of clear applications); resulted in decreased overall opportunity size Cell-based discovery services given continued aggressive outsourcing from BioPharma; resulted in increased growth rate estimates Adjusted market size and growth for some markets Microarrays: given identified niche opportunities ELISA: Decreased market size 2010/11 market size (~20%) due to identified analysis bias; accelerated growth due to faster than expected adoption of multiplex ELISA Mass spectrometry: Adjusted market size, given expected use from interviewee feedback Sample preparation: Decreased market growth, given underperformance of market leader (Qiagen) Refined instrument/reagent revenue contributions for some technologies qpcr Laboratory supplies Transfection and electroporation Cell culture equipment * Most significant changes only; additional adjustments have been made based on primary and secondary research data analysis 5

6 This report assesses the WW market size, growth and trends of the life sciences (LS) research tools space; it includes and excludes the following technologies Technologies included* Pure genomic tools qpcr Microarrays Next generation sequencing (NGS) / Third generation sequencing (3GS) PCR CE Sequencing Molecular biology Digital PCR Pure proteomic tools Protein isolation and analysis Protein production ELISA Western blots Protein microarrays Cell biology tools Discovery services Basic cell biology reagents Flow cytometry Transfection and electroporation Media and sera Microscopy Cell culture equipment and plasticware Whole cell imaging Cells and tissues High content imaging (HCI) Other analytical technologies and sample preparation** Liquid chromatography Mass spectroscopy Structural analysis in vivo study Spectroscopy Multiplex technologies Label free technologies Lab supplies and disposables Basic supplies and disposables Glassware Liquid handling and automation Sample preparation LIMS Magnetic beads Technologies excluded In vitro diagnostics Point-of care tests Clinical chemistry Immunoassays / Radioimmunoassays Hematology** / Coagulation assays Microbiology Molecular diagnostics Medical tools and safety Hospital equipment Surgical tools / Safety devices Blood collection products Other life science technologies Synthetic biology (including nucleic acid synthesis) Electrophysiology and patch clamp Single cell analysis Other niche markets*** Combinatorial chemistry Medical devices Source: * Ordered by estimated 2011 market size ** Some of these tools can be used to study both genomics and proteomics *** Small markets such as laser capture microscopy, digital barcoded arrays (i.e., Nanostring) DeciBio analysis 6

7 Market sizes for each of the 35 technologies are reported as instrument or reagent revenues Product types Instruments (Instruments, service contract and software) Instruments include systems and platforms used for sample preparation or analysis, and that typically require a source of energy (e.g., 110V / 220V, battery)* Example instruments include sequencers, mass spectrometers, PCR thermal cyclers or ph meters Many users purchase a service contract (or annual maintenance agreement) to insure the instrument and guarantee timely repair when necessary Service contracts typically vary from 8-15% of instrument purchase price (per year) Software run complex instruments often required to be connected to a computer for operation and data analysis Reagents (Reagents, consumables and services) Reagents and kits are products that are used (in combination or not with an instrument) in order to analyze a sample Example reagents include PCR primers, antibodies or cells Consumables are products used in order to conduct the experiment, but that are not necessarily directly involved in the analytical process Example consumables include pipette tips, gloves or glassware Services are experiments conducted for a lab by a life science research tools manufacturer (not another laboratory, core facility or CRO) Example services include sequencing services from Complete Genomics, bioproduction services from Life Technologies, discovery services from Millipore Source: * Exceptions exist (e.g., pipettes, some cell counters) DeciBio analysis 7

8 Customers were separated in 3 groups: academic and government labs, BioPharma, and applied markets Customer types Academic and government BioPharma* Applied markets Definition Non-profit customers and centers relying on government funding, primarily from the NIH in the U.S.** Basic and translational research Incentive to innovate: High (very early technology adopter) For profit organizations developing drugs for treatment of diseases such as cancer or Alzheimer s Preclinical research (and some use during clinical trials) Incentive to innovate: Moderate to high (early technology adopter) For profit or government fundedinstitutions and laboratories Testing (and some basic research [e.g., in AgBio]) Incentive to innovate: Moderate (late technology adopter****) Example customers Yale U. professor (academia) USCD associate professor (academia) Missouri U. core lab (academia) NIH post-doctoral fellow (government) Pfizer (large pharma) Novartis (large pharma) Amgen (large biotech) Actellion (small pharma) Covance (CRO) DuPont (AgBio) Vet. diagnostic labs (animal health) Central science lab (biosecurity) IEH labs (food safety) FBI lab services (Forensics) Market size / growth (2011) $xx.xb (~ of total) / ( F CAGR) $xx.xb (~ of total) / ( F CAGR) ~$xx.xb (~ of total) / ( F CAGR) Key trends driving and moderating growth + Continued contribution of ARRA funding spend through Increased awareness of not-for-profit funding alternatives*** - Cutback in funding, given austerity measures in developed countries - Increased uncertainty in funding, given decreased success rate in NIH grant funding (from ~30% to ~20%) Source: * BioPharma includes instrument and reagent purchased by CRO (not price of services charged to Biopharma) ** Centre national de la recherche scientifique (CNRS) in France, National Health Service (NHS) in the U.K. *** Example foundations: HHMI, Gates foundation, Keck / Kavli / Doris Duke foundation) **** Applied market customers adopt technologies xx-xx years after academic customers, but before clinical customers DeciBio analysis 8

9 We used a combination of primary and secondary research to compile data presented in this report Data and analysis Primary research Interviews with 37 experts* 17 academic professors and post-doctoral fellows** from leading institutions worldwide (~60% in the U.S.) 7 lab directors and senior scientists in large Pharma 4 lab directors and senior scientists in small to midsize biotech companies 5 lab directors and scientists in applied markets 4 life science business experts / professionals Interview structure Funding Current and future activity Key players and technologies Trends and unmet needs Secondary research Company financial information 10-K / 10-Q Company presentations Press releases Company technical information Company website Company publications and posters Company technical sheets Other sources PubMed Peer-reviewed publications and scientific posters Government reports and databases (e.g., NIH reporter) Healthcare conferences (e.g., JP Morgan, Cowen) We built a bottom-up market model by technology; growth rates obtained from interviewee feedback and secondary research guidance were triangulated with the reality reflecting the current funding environment*** Source: * Overall: 23 interviews in the U.S., 10 in Europe and 4 in the rest of the world; ** 5 post-doctoral fellows *** All discussion started with discussion of the funding environment, and interviewees were asked to reassess future technology usage based on their current funding (e.g., what would they stop doing to fund new large scale RNA-Seq projects) DeciBio analysis 9

10 While many technologies discussed in this report were invented within the last ~30 years, a few methods have been used for more than a century Key events for selected technologies discussed in this report 1590: Microscopy 1873: Fluorescent microscopy Invention 1971: ELISA Invention 1984: Label free (SPR) Biacore founded 1975: Western blot Invention 1986: qpcr Invention 1990: microarrays Invention 1995: dpcr Invention 1999: NGS 454 Life Sciences founded < : Flow cytometry Invention 1983: PCR Invention 1995: Multiplex techs Luminex founded 1996: HCI** Cellomics founded 1900: Chromatography 1919: Mass spectroscopy 1931: Electron microscopy 1945: NMR Invention 1986: Mag beads Dynal founded 1986: Sample prep First plasmid kit* 2000: Prot. microarrays Invention Genomics Proteomics Cell biology Other techs Source: * Introduced by Qiagen; ** High content imaging DeciBio analysis 10

11 Agenda Introduction Executive summary Pure genomics tools Pure proteomics tools Cell biology tools Other analytical technologies Other supplies and technologies Appendix 11

12 As defined in this report, the worldwide life science research tools market is expected to grow at p.a. from ~$xx.xb in 2011 to reach ~$xx.xb in 2016 WW life sciences research tools market by category ( F)* Billions of dollars $50 Dummy data $ $ $ $ $ E 2016F Other technologies Other analytical techs Source: Cell biology Pure genomics Pure proteomics CAGR ( ) ( F) [Next generation sequencing] is poised to become the key technology to deliver on the promise of personalized medicine and to drive the routine use of genomic[s] in medical practice [ ] We believe that in a not very distant future, infants will be sequenced at birth [ ] And as we get down toward $1,000 genome, we think that, that opportunity is going to break wide open and generate [revenue] greater than the loss from the pricing changes - CEO, Illumina (Earnings call, 02/07/2012) * Excluding IVD (sales of IVD/510(k)/CE-marked tests [see Appendix]) DeciBio analysis Category Other technologies Other analytical technologies Cell biology Pure proteomics technologies Pure genomics technologies Selected Technologies 2011E Market size ($B) CAGR Lab supplies xx xx Glassware xx xx Automation xx xx Sample preparation xx xx LIMS xx xx Magnetic beads xx xx Liquid chromato. xx xx Mass spectrometry xx xx Structural analysis xx xx In vivo study xx xx Spectroscopy xx xx Multiplex techs xx xx Label free techs xx xx Discovery services xx xx Basic reagents xx xx Flow cytometry xx xx Transfection & electroporation xx xx Media and sera xx xx Microscopy xx xx Cell culture equipment xx xx Whole cell analysis xx xx Cells and tissues xx xx High content imaging xx xx Protein isolation & analysis xx xx Protein production xx xx ELISA xx xx Western blots xx xx Protein microarrays xx xx qpcr xx xx Microarrays xx xx NGS / 3GS xx xx PCR xx xx CE Sequencing xx xx Molecular biology xx xx Digital PCR xx xx Attractive Neutral Unattractive

13 And growth in applied markets in the U.S. and abroad, given low- to midsingle digit growth from academic and BioPharma customers WW life sciences research tools market by end customer ( F)* Billions of dollars $50 Dummy data $40 $30 $20 $10 $ E 2016F Applied markets Biopharma Academia CAGR ( ) ( F) We saw a significant slowdown in [the academic and government] market in Q3 [2011, due to] uncertainty around the future of NIH budgets, as well as the budget crisis in many European countries [ ] Turning to Pharma and Biotech, we had a very strong finish to the year in this customer set driven by demand in research, development and manufacturing. In research applications, we had solid momentum in mass spectrometry. [ ] Demand from industrial-implied markets generated strong growth in both revenues and bookings during [Q4 2011]. - CEO, Thermo Fisher (Earnings call, 02/01/2012) Academic and Biopharma customers have experienced a significant decrease in R&D funding during the 2009 recession Key LS technologies used in applied markets include Applied markets tend to be xx-xx years behind academic customers with regards to technology adoption Applied markets considered in this study include: AgBio, Animal health, Biosecurity, Environmental testing, Food safety, Forensics, Human identification, Pharma QA/QC Source: * Excluding IVD (sales of IVD/510(k)/CE-marked tests [see Appendix]) DeciBio analysis 14

14 In the technology life cycle, instruments generate revenue first, followed by increased reagent pull-through as the instrument installed based expands WW life sciences research tools market by product type ( F)* Billions of dollars $50 Dummy data $40 $30 $20 $10 $- Source: E 2016F Instruments, service contracts and Software Reagents, consumables and Services CAGR ( ) ( F) The instrument:reagent split is an interesting question. What we ve seen in recent years is many companies being willing to compromise on margins for instruments in order to increase placement [ ] Once instruments are placed, reagent pull through can be significant. For instance, just a few years ago, Illumina reported >$500K per year per placed microarray reader, and this number is in the $300K range for their high-end sequencing platforms. And that s not including additional revenues for instrument service contracts - Director, top tier research tool company * Excluding IVD (sales of IVD/510(k)/CE-marked tests [see Appendix]) DeciBio analysis Key analytical Instruments include: Liquid chromatographs (~$xxxm) Mass spectrometers (~$xxxm) Structural analysis instruments, including electron microscopes, NMR and X-ray systems (~$xxxm) Basic instruments, such as balances, pipettes and centrifuges (~$xxxm) Lab automation instruments (~$xxxm) Spectrometers (~$xxxm) Optical and fluorescent microscopes (~$xxxm) NGS sequencers (~$xxxm) qpcr thermal cyclers (~$xxxm) Flow cytometers (~$xxxm) Key reagents include qpcr assays (~$xxxm) Cell based assay discovery services (~$xxxm) Basic cell biology reagents (~$xxxm) Microarray chips (~$xxxm) Protein isolation and analysis reagents (~$xxxm) Media and sera (~$xxxm) Sample preparation kits and reagents (~$xxxm) Cell culture equipment (~$xxxm) ELISA plates (~$xxxm) Molecular biology reagents (~$xxxm) 15

15 Agenda Introduction Executive summary Pure genomics tools Pure proteomics tools Cell biology tools Other analytical technologies Other supplies and technologies Appendix 19

16 The worldwide LS research tools genomics market is expected to grow at p.a., driven by strong double-digit growth in next generation sequencing WW life sciences research tools genomics market ( F)* Billions of dollars $12 $10 $8 $6 $4 $2 $ E 2016F digital PCR Molecular biology CE Sequencing PCR NGS / 3GS Microarrays qpcr Group Technology Key application PCR Sequencing PCR qpcr dpcr NGS / 3GS CE sequencing Standard amplification CAGR ( ) ( F) Gene expression analysis, genotyping Same as qpcr, with lower detection limit de novo sequencing, resequencing, RNA-Seq Sequence validation Other Microarrays Gene expression analysis, genotyping Drivers and moderators Key trends End customers Academic customers (~) BioPharma (~) Applied markets (~) Key competitors Life technologies, Roche, Illumina, Bio-Rad Source: * Excluding IVD (sales of IVD/510(k)/CE-marked tests [see Appendix]) ** Availability of bench sequencers (e.g., Life Technologies, Illumina) with lower throughput than standard NGS platforms DeciBio analysis 20

17 The ~$x.xb qpcr market is expected to grow at p.a., driven by xxx and xxx WW life sciences qpcr market ( F)* Millions of dollars $70 Dummy data $60 $50 $40 $30 $20 $10 $ E 2016F Instruments Reagents CAGR ( ) ( F) Additional growth offset by patent expirations and availability of cheaper alternatives to TaqMan Drivers and moderators Key trends Description and applications: quantitative Polymerase Chain Reaction (qpcr) is a variation of PCR that utilizes reagents (e.g., primers, DNA binding dyes) that are fluorescently tagged in order to follow the reaction in real time. This method is used primarily for genotyping applications mrna levels quantification or nucleic acid monitoring (e.g., viral load analysis). Due to his more quantitative nature, this method has been used widely in clinical settings (not included in market size above; see appendix). Despite the availability of NGS or microarrays, qpcr continues to be used a discovery tool in hypothesis driven experiments [ ] However, people think about it more as a validation tool downstream of microarrays or NGS Source: - Assistant Professor, Harvard Medical School * Excludes MDx revenues; see Appendix; Company 10-Ks and press releases, DeciBio interviews and analysis End customers Academic customers (~), BioPharma (~), Applied markets (~) Key competitors Life technologies (Applied Biosystems), Roche, Bio- Rad, xxx, xxx, xxx 21

18 Agenda Introduction Executive summary Pure genomics tools Pure proteomics tools Cell biology tools Other analytical technologies Other supplies and technologies Appendix 28

19 The ~$xxm ELISA market is expected to grow at p.a., driven by continued conversion of competitive to sandwich ELISA, as well as adoption of kits WW life sciences ELISA market ( F)* Millions of dollars $70 Dummy data $60 $50 $40 $30 $20 $10 $- Source: E 2016F Instruments Reagents CAGR ( ) ( F) An increasing number of companies offer ELISA kits, and quality is improving. We don t bother home brewing anymore. We recently tried CST PathScan kits and the results are extremely reproducible Description and applications: Enzyme-linked immunosorbent assay (ELISA), is an analytical biochemistry assay that uses reagents (often an antibody) attached to a plate to detect the presence of a substance (often a protein) in a sample. ELISA is a common tool and is used in applications ranging from basic research (especially for protein quantification), quality control (detection of contaminants) all the way to clinical diagnostics (not included in market numbers above) - Associate Professor, UCSD * Excluding IVD (sales of IVD/510(k)/CE-marked tests [see Appendix]); Company 10-Ks and press releases, DeciBio interviews and analysis Drivers and moderators Key trends End customers Academic customers (~) BioPharma (~) Applied markets () Key competitors Life Technologies, Techne (R&D Systems), BD Biosciences, Millipore, Cell Signaling Technologies 32

20 Major abbreviations used in this report 3GS: Third generation sequencing AgBio: Agricultural biotechnology ARRA: American Recovery and Reinvestment Act ATCC: American Type Culture Collection BRIC: Brazil, India, China CE Sequencing: Capillary electrophoresis sequencing CAGR: Compound annual growth rate CGH: Comparative genomic hybridization CNV: Copy number variation COLD PCR: Co-amplification at lower denaturation temperature-pcr CMO: Contract manufacturing organization CRO: Contract research organization Dx: Diagnostics ELISA: Enzyme-linked immunosorbent assay GPCR: G protein-coupled receptors HCI: High content imaging HHMI: Howard Hughes Medical Institute HLA: Human leukocyte antigen HPLC: High-performance liquid chromatography HPV: Human papillomavirus HTS: High throughput screening IVD: in vitro diagnostic KO: Knock-out LGC: Large genome center LIMS: Laboratory information management system LS: Life sciences MALDI-TOF: Matrix-assisted laser desorption/ionization-time of flight mirna: micrornas MDx: Molecular diagnostics MHC: Major histocompatibility complex MRSA: Methicillin-resistant Staphylococcus aureus NA: Nucleic acid ncrna: non-coding RNAs NGS: Next generation sequencing NIH: National institute of Health NMR: Nuclear magnetic resonance OEM: Original equipment manufacturer p.a.: Per annum PCR: Polymerase chain reaction PGM: Personal genome machine Pharma QA/QC: Pharma quality assurance and quality control POC: Point-of-care QA / QC: Quality assurance / quality control qpcr: quantitative PCR R&D: Research and Development RNA: Ribonucleic acid ROW: Rest of world RUO: Research use only SNP: Single nucleotide polymorphism SPR: Surface plasmon resonance TBD: To-be-determined UCSD: University of California San Diego UCSF: University of California San Francisco UHTS: Ultra-high throughput screening WW: Worldwide 72

21 If interested in this report, consider the following DeciBio reports Find related DeciBio reports on our website: Next Generation Sequencing: Market Size, Segmentation, Growth and Trends by Provider ( Fluidigm Due Diligence: Company Profile, SWOT Analysis and Market Opportunity ( Molecular Diagnostics: Market Size, Segmentation, Growth and Opportunities ( Molecular Diagnostics: Market Size, Segmentation, Growth and Opportunities ( Qiagen Due Diligence: Company Profile, SWOT Analysis and Market Opportunity ( 73

22 Disclosures Information contained in this market report is believed to be reliable at the time of publication. However, DeciBio does not warrant its accuracy or completeness. Opinions, estimates and other information constitute the judgment of DeciBio, and can be subject to change without notice. DeciBio is not soliciting any action based on the information contained in this report. This report is provided for informational purposes only and should not be construed as a call for action. DeciBio and its collaborators may own equity and/or securities related to any company cited in this report, and engage in transactions inconsistent with this report. This report and any access to it are intended to the buyer only. This report is published by DeciBio, LLC. All rights reserved. Reproduction or redistribution of this report in any form is prohibited without the prior consent of DeciBio, LLC. This report may contain digital controls and custom watermarks for tracking purposes. Please inquire about site license pricing for your institution by contacting admin@decibio.com before sharing this document. Gold edition 74