Obesity Tracker Weekly News Digest and Trial Updates

Equity Research USA | Biotechnology August 15, 2026

Obesity Tracker: Weekly News Digest and Trial Updates A few notable developments in obesity this week. LLY filed lawsuits against multiple entities allegedly marketing retatrutide for research purposes while facilitating human use. United Biotech announced an active IND for its oral small-molecule GLP-1 program. Ascletis moved ASC35/ASC36 (long acting Amylin + GLP-1/GIP) fixed dose combo program to two Ph1, adding to growing industry interest in combination approaches beyond monotherapy. Bottom line. This week's obesity news flow reinforce that the competitive landscape continues to evolve along several important themes - the still very heated oral Tx race, the emphasis on long acting/ combo strategy, and much complicated commercial dynamics in a consumer sentiment- driven market.

Lilly this week escalated efforts to combat a growing black market for retatrutide, filing lawsuits against multiple entities allegedly marketing the drug for research purposes while facilitating human use, following recent compassionate-use disclosures and the launch of an early-access program ahead of the anticipated regulatory filing. We think the development underscores how much positive sentiment has already accumulated around retatrutide prior to approval, with physicians, patients, and intermediaries increasingly treating the drug as the next major obesity launch. While this reinforces Lilly's perceived leadership position following best-in-class efficacy data, it also highlights the commercial challenges that may accompany launch, including demand management, reimbursement, patient selection, and ensuring appropriate use as efficacy approaches what many view as "medical bariatric" territory.

United Biotech announced that its oral small-molecule Glp-1 program has received an active IND, marking another entrant into an increasingly crowded oral obesity pipeline. We view the development as further evidence that the oral and small-molecule incretin race remains far from slowing despite growing competition, reflecting a view that there's still room to fully optimize efficacy, tolerability, dosing convenience and access. In our view, this remains rational given that only one oral obesity incretin is currently approved and the commercial benchmark for the class is still being established. However, as more advanced assets such as GPCR's aleniglipron move toward potential approval and begin defining both clinical and commercial expectations, we would expect enthusiasm for additional follow-on entrants to gradually moderate and the hurdle for new programs to move materially higher.

Ascletis started two Ph1s of ASC35_36 (Amylin + GLP-1/GIP fixed dose combo). We increasingly view combination approaches, alongside long-acting formulations, as the next major innovation Roger Song, MD, CFA * | Equity Analyst cycle in obesity. As efficacy across leading incretins begins to converge and weight-loss thresholds | continue moving higher, developers are looking toward combinations to further improve efficacy, Fiona Jia, Ph.D. * | Equity Associate tolerability, durability, body composition, and treatment persistence. We see this trend reflected in | GPCR's GLP-1 + DACRA strategy (move to clinics in Q4). At the same time, long-acting approaches Peter Chen, Ph.D. * | Equity Associate from Ascletis, as well as Cos such as MBX and GPCR's DACRA platform reinforce that convenience | and adherence are becoming increasingly important competitive variables and key unmet need in Liang Cheng, Ph.D. * | Equity Associate the current landscape, suggesting future differentiation may come as much from dosing paradigm | and combination design as from absolute weight-loss efficacy alone. Cha Cha Yang, MS, MBA * | Equity Associate | We note some near-term catalysts to watch: Nabeel Nissar * | Equity Associate Incretins: |

Please see analyst certifications, important disclosure information, and information regarding the status of non-US analysts on pages 5 - 11 of this report. * Jefferies LLC / Jefferies Research Services, LLC

Biotechnology Equity Research August 15, 2026

1) ASC35_36 (amylin+GLP-1/GIP fixed dose combo) two Ph1 data…