Ascelia Pharma on June the 3^rd received a Complete Response Letter (CRL) from the FDA. The FDA stated it cannot approve the application for Orviglance in its present form and has requested additional clinical data and product documentation. This alters the investment case materially, and feedback from the Type A meeting with the FDA is the main short-term catalyst.

We will await further clarity from the Type A meeting before updating our investment case from 15th May 2026 .

The outcome of that meeting is the primary driver for how we should think about the probability of success going forward, given how little is currently known about the severity of the FDA's requested changes. This will naturally affect our valuation, as a lower or higher assessed PoS feeds directly into the model, and the market's roughly 10% implied PoS already reflects that repricing.

What has not changed, in our view, is the underlying commercial opportunity if Orviglance is eventually approved: an addressable market of USD 800m annually, a 25% royalty rate assumption, orphan drug exclusivity, and limited competition. The CRL raises the bar for reaching approval and pushes out the likely timeline, but it does not by itself materially alter what the asset would be worth on the other side of a resubmission and potential approval.

CRL also has a direct bearing on the second major catalyst we have highlighted, a partnership agreement. A signing had already become less likely to occur pre-approval based on recent management commentary, and that now looks considerably more remote. A potential partner has even less incentive to commit capital or agree to terms while the regulatory path is unresolved and the severity of the FDA's concerns is unknown and is likely to wait for at least the Type A meeting outcome, if not full resolution of the CRL, before engaging seriously.

With both of the high-value 2026 catalysts we previously identified now delayed or at greater risk, near-term news flow is likely to be thin, until the Type A meeting provides more direction.

For further information you can read our analyst comment regarding the CRL from FDA here;

https://www.inderes.dk/analyst-comments/ascelia-pharma-crl-reshapes-the-investment-case-materially-key-questions-remain-open

Disclaimer: HC Andersen Capital receives payment from Ascelia Pharma for a Digital IR/Corporate Visibility subscription agreement. / Michael Friis Jørgensen, 10:00, 15/05/2026 (text updated 16:22, 03/07-2026)