Laidlaw Reiterates Buy Rating on Nuvectis (NVCT) with $35 Price Target

This morning, NVCT reported 2Q26 financial results and a corporate update. Our take is as NXP100 becomes the company’s lead development asset with comfortable financial support, NVCT will soon become a late clinical stage company with a promising and validated CFBi-based paroxysmal nocturnal hemoglobinuria (PNH) therapy. This also helps NVCT to further advance its NXP900 with greater flexibility, while the newly added NXP200 will further enrich its oncology pipeline portfolio. NVCT reported 2Q26 financial results with a net loss of ($7MM) vs. Laidlaw ($6.1M) and the Street ($6.4MM). Net loss/share was ($0.30) vs. ($0.26) for Laidlaw and the Street. NVCT currently has ~$137MM total cash (proforma), which we estimate can support operations into 1H29. After in-licensing NXP-100 (ciprocopan) and NXP200 (paradox-breaking BRAF inhibitor) from Haisco Pharmaceutical Group a month and half ago, NVCT has been transformed into a late clinical stage company with differentiated paroxysmal nocturnal hemoglobinuria (PNH) and cancer therapies. The recent approval of ciprocopan in China as a 1st-line PNH therapy further validates the notion that NXP-100 could be an effective once-daily, oral complement factor B inhibitor (CFBi) in the PNH treatment arena. For the U.S. and other international territories development, NVCT is scheduled to conduct a pre-IND meeting with the FDA in 4Q26 and we estimate clinical study could start in 1Q27. With the recent $115MM financing, NVCT is in a comfortable balance sheet position to advance NXP100 and other assets into later stage clinical development covering multiple event-driven catalysts. NVCT also plans to file an IND of NPX200 in solid tumors in 4Q26 with a potential clinical study in 1H27. Further, NXP900 in combination with osimertinib in advanced, EGFR-mutated and inadequately treated by osimertinib NSCLC study is ongoing. NVCT plans to provide updates in 4Q26. NVCT also plans to start an NXP900 plus an anaplastic lymphoma kinase (ALK) inhibitor combo study, possibly Lorbrena (lorlatinib), in ALK resistant NSCLC in 3Q26. We are reiterating our Buy rating and $35 target price.

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