Analogy 1: Alnylam 2.0

• CITY-FXI: An RNAi therapeutic candidate currently in early-stage clinical development, likely targeting thromboembolic diseases.
• Preclinical and Discovery Programs: A pipeline of other RNAi therapeutic candidates in earlier stages of development, focused on indications such as Stargardt disease and anemia of chronic disease.

City Therapeutics (CTY) is a clinical-stage biotechnology company that is currently developing RNAi therapeutics. According to the provided description, the company has not yet completed any clinical trials, none of its product candidates have been approved for commercial sale, and it has not generated revenue from product sales. Therefore, City Therapeutics does not currently have major customers as it is still in the research and development phase and has not commercialized any products.

Andrew (Andy) Orth, President and Chief Executive Officer

Mr. Orth brings over 25 years of experience in biopharmaceutical leadership, with a strong background in developing and commercializing novel medicines. Prior to joining City Therapeutics, he served as Chief Commercial Officer of Krystal Biotech, where he led the global commercial strategy and successful launch of VYJUVEK®, a topical gene therapy. He also held multiple leadership roles at Alnylam Pharmaceuticals, including Senior Vice President, U.S. Region, where he was instrumental in launching the first-ever RNAi therapeutic, ONPATTRO®, along with GIVLAARI® and OXLUMO®. Earlier in his career, he held leadership positions at Biogen, Russell Reynolds Associates, Genzyme Corp. (which was acquired by Sanofi), and Amgen.

Keith Regnante, Chief Financial Officer

Mr. Regnante has over 25 years of finance experience within public biopharmaceutical companies, including two previous CFO positions. He most recently served as CFO of Keros Therapeutics, where he managed the company's finance organization through its initial public offering, two follow-on offerings, and the establishment of various financing facilities. He also played a key role in securing a licensing agreement with Takeda Pharmaceuticals. Before Keros, Mr. Regnante was the CFO of Wave Life Sciences and held finance leadership roles at Shire Pharmaceuticals (subsequently acquired by Takeda Pharmaceutical Company) and Biogen. He began his career as a consultant at the Boston Consulting Group and KPMG.

John Maraganore, Ph.D., Executive Chair

Dr. Maraganore is a co-founder and Executive Chair of City Therapeutics. He was the founding CEO and a director of Alnylam Pharmaceuticals from 2002 to 2021, where he built the company and led it through the global approval and commercialization of the first five RNAi medicines: ONPATTRO®, GIVLAARI®, OXLUMO®, LEQVIO®, and AMVUTTRA®. Before Alnylam, he held senior leadership roles at Millennium Pharmaceuticals (which was acquired by Takeda Pharmaceutical Company) and Biogen, and was a scientist at ZymoGenetics. Dr. Maraganore is also a founder and/or on the board of several other privately held biotechnology companies and serves as a Venture Partner or Advisor to investment firms including Arch Venture Partners, a lead investor in City Therapeutics.

Tracy Zimmermann, Ph.D., Chief Scientific Officer

Dr. Zimmermann is the Chief Scientific Officer of City Therapeutics. She possesses over 20 years of experience in drug development, with a specific focus on genetic medicines and a track record in scaling innovative modalities like gene therapy and RNAi therapeutics. Prior to City Therapeutics, she served as Chief Development Officer at Generation Bio (subsequently acquired by XOMA Royalty Corp.). Dr. Zimmermann spent 15 years at Alnylam Pharmaceuticals in various research roles, contributing to the advancement of ONPATTRO®, GIVLAARI®, and AMVUTTRA®. Earlier in her career, she was a Senior Scientist at Variagenics.

Baisong Mei, M.D., Ph.D., Chief Medical Officer

Dr. Mei joined City Therapeutics as Chief Medical Officer, bringing 25 years of industry experience. He has a strong record of advancing innovative medicines through clinical development to regulatory approval, including ALPROLIX®, ELOCTATE®, QFITLIA™, JIVI® and ALTUVIIIO®, the latter two of which he co-invented. Prior to City Therapeutics, Dr. Mei was the Executive Vice President and Chief Medical Officer at Editas Medicine, and before that, he was the senior global project head in rare disease and rare blood disorders at Sanofi.

The key risks for City Therapeutics (CTY) are:

1. Failure to successfully develop, obtain regulatory approval for, and commercialize product candidates, which includes risks associated with the unproven nature of its novel technologies and City Platform.

2. Requirement for substantial additional capital to fund operations, clinical development, and potential commercialization, as the company has not generated revenue from product sales.

3. Limited experience in conducting and managing clinical trials.

City Therapeutics (CTY) is a clinical-stage biotechnology company focused on RNA interference (RNAi) therapeutics. Given its current stage of development with no products on the market and its lead candidate, CITY-FXI, in early clinical development, future revenue growth over the next 2-3 years will primarily be driven by strategic milestones and collaborations rather than product sales. The key drivers are:

1. Advancement of Lead Product Candidate (CITY-FXI) Through Clinical Trials: Successful progression of CITY-FXI through its clinical development stages, including positive data readouts and moving into later phases, is expected to increase the company's valuation and attract potential partnership opportunities that could include upfront payments and milestone revenue.
2. Expansion of the Pipeline Through New Investigational New Drug (IND) Applications: City Therapeutics aims for its City Platform to deliver one to two new IND or IND-equivalent applications per year. Each new IND represents an expansion of the company's product pipeline, increasing the number of potential future revenue-generating assets, either through internal development or licensing deals.
3. Formation of Strategic Partnerships and Collaborations: Leveraging its deep RNAi expertise, established City Platform capabilities, and leadership team experienced in the discovery, development, and commercialization of RNAi therapeutics, the company is positioned to form strategic collaborations with larger pharmaceutical companies. Such partnerships typically involve upfront payments, research funding, and milestone payments upon the achievement of specific development or regulatory goals.
4. Successful Progression of Preclinical Programs into Clinical Development: Beyond CITY-FXI, the advancement of other preclinical product candidates from the City Platform into clinical trials would significantly add to the company's pipeline value. This progression could trigger partnership opportunities, including licensing agreements, which contribute to revenue growth.

Share Issuance

• City Therapeutics is undertaking an Initial Public Offering (IPO) on Nasdaq under the symbol CTY, with trading expected to begin around October 16, 2026.
• The company plans to offer 9.72 million shares in its IPO at an estimated price range of $17 to $19 per share, aiming to raise approximately $175 million in gross proceeds at the midpoint.
• Underwriters have an option to purchase up to an additional 1.45 million shares.

Inbound Investments

• Since its founding in July 2023 through June 30, 2026, City Therapeutics has raised $238.8 million in equity capital through private financings.
• In October 2024, the company completed a $135 million Series A financing, led by ARCH Venture Partners.
• A $99.5 million Series B financing round was completed in June 2026, with new investors including Viking Global Investors and Sofinnova Investments, alongside existing investors such as ARCH Venture Partners and Fidelity Management & Research Company.

Capital Expenditures

• For the 12 months ending September 30, 2026, capital expenditures were -$3.08 million.
• Proceeds from the IPO are intended to fund clinical development of lead programs (CITY-FXI, CITY-RBP4, CITY-TFR2), advance the City Platform, and support additional preclinical candidates.
• Specific allocations from the IPO proceeds include approximately $30 million for CITY-FXI clinical development, $20 million for CITY-RBP4, $40 million for CITY-TFR2, and $70 million for advancing the City Platform and other preclinical candidates.