IVVD

• Clinical Program Update for VYD2311 • The pivotal Declaration study for VYD2311 completed its planned upsizing earlier than expected, and recruitment was temporarily slowed to stretch patient exposure into the anticipated summer COVID-19 wave; full-speed recruitment has resumed, and the study remains on track to finish imminently per prior timelines. • The Independent Data Monitoring Committee (IDMC) reviewed unblinded safety data and recommended reducing post-administration monitoring from 2 hours to 30 minutes, which management views as an encouraging signal of strong product safety and tolerability. • The second study, Liberty, will open for recruitment shortly to directly compare the safety and reactogenicity of mRNA COVID-19 vaccination versus VYD2311 monoclonal antibody prophylaxis. • Preprint safety analysis of adentravimab (a structurally similar predecessor molecule to VYD2311) shows far lower systemic reactogenicity than currently authorized COVID-19 vaccines, with even low levels of efficacy expected to deliver a net public health benefit in terms of reduced overall symptomatic disease burden.

• Scientific Pipeline • VYD2311 has confirmed in vitro virus neutralization activity against the Omicron BA.3.2 variant, consistent with the platform's design targeting immutable regions of the SARS-CoV-2 spike protein. • Beyond COVID-19, the company has disclosed preclinical best-in-class monoclonal antibodies for measles and RSV, and is expanding early discovery into additional pathogens including mumps, rubella, and Lyme disease, leveraging the company's industrial monoclonal antibody discovery and development platform.

• Commercial Development • Existing commercial infrastructure built for Pemgarda will be leveraged and expanded for VYD2311 if approved, despite a different distribution model. • The company is testing AI-powered platforms to disseminate medical information to providers, aiming to improve efficiency and differentiate from traditional pharma sales models, with early results being encouraging. • Direct-to-consumer marketing efforts, still in early stages, are ramping up to build disease and brand awareness, with further expansion planned if VYD2311 is approved.

• Government Affairs and Public Education • Increased engagement with the new U.S. administration and policymakers has found broad cross-ideological support for monoclonal antibody immune supplementation, including from vaccine-hesitant communities that are not anti-medicine and broadly accept the value of prophylactic monoclonals. • The company launched the "Antibodies for Anybody" public education campaign in partnership with Lindsay Vaughn to educate the general public on basic immunology and the role of monoclonal antibodies, addressing widespread public misunderstanding from the prior COVID-19 public health discourse.

• Management reaffirmed that the pivotal Declaration study for VYD2311 remains on track to complete imminently in line with prior timelines, with topline results expected within months of the call. • R&D spending is expected to return to more normalized levels after the completion of the VYD2311 pivotal trial, following elevated Q1 2026 spending to support the study. • Management maintained its expectation that VYD2311 will deliver 70-90% protective efficacy against symptomatic COVID-19, based on preclinical antiviral potency data. • No changes to prior long-term commercial or operational guidance were disclosed in this call.

Only one commercial product segment, monoclonal antibody product Pemgarda, was disclosed in this call. Pemgarda delivered 22% year-over-year revenue growth in Q1 2026. Unlike the traditional seasonal pattern where Q1 revenue sees a major drop from Q3/Q4, Pemgarda did not experience a significant seasonal decline, which management attributed to persistent SARS-CoV-2 circulation and more risk-aware decision-making from vulnerable populations and their care teams. No revenue contribution percentage breakdown for other segments (which are all in clinical/preclinical development) was provided.

• Forward-looking statements related to trial results, regulatory approval, and commercial performance are subject to inherent uncertainties, and actual outcomes may differ materially from expectations, as disclosed in the company's SEC filings including the most recent Form 10-K. • Final requirements for BLA approval are determined by the FDA, and there is uncertainty around what efficacy and safety threshold the agency will require for approval. • Study efficacy outcomes are dependent on real-world COVID-19 attack rates during the trial period, which introduces probabilistic variability to the final results. • The company's public health messaging around the net benefit of monoclonal antibodies relative to COVID-19 vaccines operates in a polarized media environment that has so far refused to cover the company's framing of common ground across ideological divides.

Q: Will the 30-minute post-administration monitoring requirement for VYD2311 be on the final label, and will it impact adoption? Additionally, are there early signs of an emerging summer COVID-19 wave?

A: It is too early to confirm the final label language, but based on existing safety data from the predecessor Evade study, management expects high tolerability and low risk of adverse events, so the monitoring requirement will not be a barrier to adoption. The IDMC's recommendation to reduce monitoring from 2 hours to 30 minutes is already a reassuring signal of safety. On the summer wave, COVID-19's decline has slowed significantly from recent low levels, which historically precedes a new rise, and the study is positioned to take full advantage of the expected surge to complete enrollment on time.

Q: What level of vaccine efficacy (VE) is clinically meaningful, commercially viable, and sufficient for BLA approval of VYD2311? How should we interpret the single-dose and multi-dose study arms?

A: Final BLA requirements are set by the FDA, but the study is designed to deliver 70-90% VE, far higher than the minimum threshold. Even at 15% VE, VYD2311's extremely low reactogenicity means it would still deliver a positive net benefit compared to existing vaccines that cause multiple days of symptoms in most recipients. For the study arms, the multi-dose arm was added at the FDA's request to demonstrate multi-dose safety, with a one-month dosing interval selected to offer maximum flexibility to patients. Management expects to see lower breakthrough infection rates in the multi-dose arm, consistent with prior correlative protection modeling.

Q: What is the current standard for post-vaccination monitoring, have any cases of anaphylaxis been observed in the ongoing trial, and what is the current state of COVID-19 surveillance for outbreak response?

A: Current COVID-19 vaccine labels no longer require specified post-administration waiting time, and VYD2311 is expected to fall into the same category. Management declined to share unblinded safety data from the ongoing trial to preserve trial integrity, but notes the structurally similar predecessor adentravimab had no significant safety events. COVID-19 surveillance is more than sufficient for targeted outbreak response: while sequencing volume is lower than in 2021, wastewater monitoring still provides clear, actionable data on the timing and location of circulation. Management's long-term vision is to use this surveillance data to enable rational, timed prophylaxis that matches monoclonal dosing to local community transmission, a major shift from current annual blanket vaccination guidelines.