Analogies for Solid Biosciences (SLDB):

• Sarepta Therapeutics' clinical-stage challenger for Duchenne muscular dystrophy gene therapy.
• An aspiring Sarepta Therapeutics, focused on developing Duchenne muscular dystrophy gene therapies.

• SGT-003: An investigational gene therapy for Duchenne muscular dystrophy (DMD) designed to deliver a synthetic microdystrophin gene to muscle cells.
• Dystrophin Enhancer Programs: A portfolio of investigational therapeutic programs aimed at improving the natural dystrophin protein in patients with Duchenne muscular dystrophy.

Solid Biosciences (symbol: SLDB) is a clinical-stage biotechnology company focused on developing gene therapies for Duchenne muscular dystrophy (DMD). As a clinical-stage company, it does not currently have commercial products on the market that are sold directly to individuals (patients) or healthcare providers (hospitals, pharmacies).

Instead, Solid Biosciences primarily generates its revenue through strategic collaboration and licensing agreements with other larger pharmaceutical or biotechnology companies. Therefore, the company sells primarily to other companies in the form of partnership agreements rather than direct product sales.

Major Customer (Collaboration Partner):

• Genentech (a wholly-owned subsidiary of Roche Holding AG, symbol: OTCQX: RHHBY)

In 2022, Solid Biosciences entered into a significant collaboration agreement with Genentech for the co-development and potential commercialization of its investigational gene therapy program for Duchenne muscular dystrophy. Under this agreement, Solid Biosciences receives upfront payments, and is eligible for substantial development, regulatory, and commercial milestone payments, as well as royalties on future net sales, making Genentech/Roche its primary revenue-generating partner.

• Fujifilm Diosynth Biotechnologies U.S.A., Inc. (Parent company: Fujifilm Holdings Corporation, Symbol: FUJIY)
• Lonza Biologics Inc. (Parent company: Lonza Group AG, Symbol: LONN)

Bo Cumbo, President and CEO

Bo Cumbo joined Solid Biosciences as President and CEO in 2022. He brings over 30 years of experience in the pharmaceutical and biotechnology industries. Prior to Solid Biosciences, he was the founding President and Chief Executive Officer of AavantiBio, Inc., a gene therapy company backed by private equity firms including Bain Capital Life Sciences, Perceptive Advisors, and RA Capital. Before AavantiBio, Mr. Cumbo held key leadership roles at Sarepta Therapeutics, Inc., serving as Executive Vice President and Chief Commercial Officer. He also held various commercial roles at Gilead Sciences and was Vice President of Sales, Key Account Management, and Treatment Educator teams at Vertex Pharmaceuticals, where he led the launch of Incivek. Mr. Cumbo currently serves on the boards of Verve Therapeutics, Inc. and Climb Bio and previously served on the boards of RA Pharmaceuticals and Clinical Supplies Management.

Kevin Tan, Chief Financial Officer

Kevin Tan has served as the Chief Financial Officer of Solid Biosciences since January 2023. He brings over 20 years of financial experience. Prior to Solid Biosciences, Mr. Tan was Chief Financial Officer at Selecta Biosciences Inc. From May 2018 to September 2021, he held positions of increasing responsibility at Sarepta Therapeutics, Inc., ultimately serving as Treasurer and a key member of the Business Development team, where he led numerous financings. Before Sarepta, Mr. Tan had a long career in financial services, including as Senior Portfolio Manager at CPP Investments, the national pension fund of Canada, where he managed billions in capital across public markets. He also worked in capital markets roles at Macquarie Capital and Lehman Brothers, and in Mergers & Acquisitions at UBS Investment Bank.

Jessie Hanrahan, Ph.D., Chief Regulatory & Preclinical Operations Officer

Jessie Hanrahan joined Solid Biosciences as Chief Regulatory Officer in 2022, bringing nearly two decades of biotechnology industry experience. She is responsible for setting and overseeing regulatory strategy for the company. Previously, Dr. Hanrahan was Chief Regulatory Officer of AavantiBio, a gene therapy company, where she guided the regulatory and development strategy. Before that, she was Vice President of Regulatory Science at bluebird bio, where she achieved numerous global regulatory designations from the FDA and EMA and played a critical role in the MAA submission and approval of Zynteglo. Earlier in her career, she contributed to multinational approvals of Mozobil and Lemtrada at Sanofi Genzyme.

Ty Howton, Chief Operating Officer

Ty Howton has served as the Chief Operating Officer of Solid Biosciences since September 2023, having previously held the role of Chief Administrative Officer from December 2022. He also served as the Chief Operating Officer and General Counsel of AavantiBio from March 2021 to December 2022. From November 2012 to December 2020, Mr. Howton was Executive Vice President, General Counsel, and Corporate Secretary at Sarepta Therapeutics, Inc. Prior to Sarepta, he served as Senior Vice President and Chief Legal Officer and Chief Compliance Officer at Vertex Pharmaceuticals. Earlier in his career, he held multiple legal roles at Genentech, Inc., and was a member of the Sidley Austin LLP corporate healthcare practice.

Dr. Gabriel Brooks, M.D., Chief Medical Officer

Dr. Gabriel Brooks is the Chief Medical Officer at Solid Biosciences, a role he has held since October 2023. He leads the clinical function for all of Solid's neuromuscular and cardiac programs. Prior to joining Solid Biosciences, Dr. Brooks was the Rare Cardiovascular Therapeutic Area Head in the Rare Disease Research Unit at Pfizer, where he directed the translational development of precision AAV gene therapies for various cardiomyopathies. From November 2018 to September 2020, he served as Vice President of Research and Development at 4D Molecular Therapeutics, overseeing translational development of AAV gene therapies. Dr. Brooks also led a successful Phase III registrational study at GE Life Sciences and several cardiovascular clinical trials at Gilead Life Sciences.

• Duchenne Muscular Dystrophy (DMD):
  • The global Duchenne muscular dystrophy market was valued at USD 1.16 billion in 2024 and is projected to reach USD 1.25 billion in 2025, with an anticipated growth to USD 1.72 billion by 2029.
  • Another estimate for the Duchenne Muscular Dystrophy Drugs Market valued it at USD 3.2 billion in 2023, with an expected growth at an 11.6% CAGR between 2024 and 2032.
  • A further projection indicates the Duchenne muscular dystrophy market was valued at USD 3.5 billion in 2023 and is expected to reach USD 11.7 billion in 2033, demonstrating a CAGR of 13.16% from 2024 to 2033.
  • North America is identified as the largest region in the muscular dystrophy treatment market, while the Asia-Pacific region is expected to be the fastest-growing in the global Duchenne muscular dystrophy market.
• Friedreich's Ataxia (FA):
  • The 7 major Friedreich's Ataxia markets reached USD 660.4 million in 2024 and are anticipated to reach USD 1,882.2 million by 2035, with a compound annual growth rate (CAGR) of 9.99% from 2025 to 2035.
  • The global Friedreich's Ataxia (FA) market was valued at US$ 0.86 billion in 2023, growing to US$ 0.96 billion in 2024, and is expected to reach US$ 2.86 billion by 2033, growing at a CAGR of 12.9% during the forecast period of 2025-2033.
  • The United States is considered one of the major markets for Friedreich's Ataxia.
• Limb-Girdle Muscular Dystrophy (LGMD):
  • The 7 major limb-girdle muscular dystrophy markets were valued at USD 612.1 million in 2024 and are projected to reach USD 865.0 million by 2035, exhibiting a CAGR of 3.20% during 2025-2035.
  • The global Limb Girdle Muscular Dystrophy Market size was valued at US$ 1.36 billion in 2024 and is expected to reach US$ 1.88 billion by 2031, growing at a CAGR of 4.7% from 2025-2031.
  • Europe has the largest patient pool and market for limb-girdle muscular dystrophy treatment. North America also dominates the global market, with Asia Pacific being the fastest-growing region.
• Catecholaminergic Polymorphic Ventricular Tachycardia (CPVT): null
• BAG3-mediated Dilated Cardiomyopathy (AVB-401): null
• TNNT2-mediated Dilated Cardiomyopathy (SGT-601): null

Solid Biosciences (SLDB), a clinical-stage biotechnology company, does not currently generate revenue from product sales. Its revenue streams are primarily derived from collaborative agreements, licensing, and government grants. Future revenue growth over the next 2-3 years will largely depend on the successful advancement and potential commercialization of its pipeline candidates and strategic partnerships.

Here are 3-5 expected drivers of future revenue growth for Solid Biosciences:

1. Advancement and Potential Commercialization of SGT-003 for Duchenne Muscular Dystrophy (DMD): SGT-003 is Solid Biosciences' lead gene therapy candidate, currently in a Phase 1/2 clinical trial called INSPIRE DUCHENNE. Successful progression through clinical trials, regulatory approvals, and eventual commercialization of SGT-003 would be a significant driver of future revenue. The company anticipates discussions with the U.S. FDA regarding regulatory pathways in Q4 2025 and plans to initiate a separate trial outside the United States in Q4 2025 to support potential global regulatory authorizations.
2. Advancement of SGT-212 for Friedreich's Ataxia (FA): Solid Biosciences is developing SGT-212 for Friedreich's Ataxia. The FDA cleared an Investigational New Drug (IND) application for SGT-212 in January 2025, with a Phase 1b clinical trial expected to commence in the second half of 2025. Successful development and potential commercialization or partnership for SGT-212 would contribute to future revenue.
3. Advancement of SGT-501 for Catecholaminergic Polymorphic Ventricular Tachycardia (CPVT): The company is also progressing SGT-501 for Catecholaminergic Polymorphic Ventricular Tachycardia, with an IND submission anticipated in the first half of 2025 and a Phase 1b clinical trial expected to start in Q4 2025. CPVT represents a substantial market opportunity, significantly larger than Dannon, and successful development of SGT-501 could be a key revenue driver.
4. Licensing and Collaboration Agreements for Proprietary Capsids and Platform Technologies: Solid Biosciences has executed over 25 agreements or licenses for the use of its proprietary AAV-SLB101 capsid with academic labs, institutions, and corporations, with further agreements expected. Additionally, the company is actively developing next-generation capsid and promoter libraries. These ongoing and future collaborations and out-licensing arrangements for its platform technologies could generate revenue.
5. Expansion into New Therapeutic Areas, Particularly Cardiac Diseases: Solid Biosciences is actively expanding its focus to include cardiac development, recognizing that Duchenne muscular dystrophy also involves cardiomyopathy. Beyond SGT-501 for CPVT, the company is building multiple cardiac capsid libraries. This strategic expansion into broader cardiac indications presents a new market opportunity and potential future revenue streams.

Share Issuance

• In February 2025, Solid Biosciences priced an underwritten offering, generating approximately $200.0 million in gross proceeds from the sale of 35,739,810 shares of common stock and 13,888,340 pre-funded warrants.
• In June 2025, stockholders approved an amendment to the 2020 Equity Incentive Plan, increasing available shares by 9,000,000, and increased authorized shares from 120,000,000 to 240,000,000.
• In September 2022, in connection with the AavantiBio acquisition, Solid Biosciences agreed to issue and sell 10,638,290 shares of common stock in a private placement for approximately $75.0 million in gross proceeds.

Inbound Investments

• A $200.0 million underwritten offering in February 2025 saw participation from prominent investors including Adage Capital Partners, Bain Capital Life Sciences, Invus, Perceptive Advisors, RA Capital Management, TCGX, Venrock Healthcare Capital Partners, and Vestal Point Capital.
• In September 2022, a $75 million private placement concurrent with the AavantiBio acquisition was led by existing investors Perceptive Advisors, RA Capital Management, and Bain Capital Life Sciences, with additional new and existing investors.
• Ultragenyx Pharmaceutical made a $40 million equity investment in Solid Biosciences in October 2020 as part of a strategic collaboration and license agreement.

Outbound Investments

• In December 2022, Solid Biosciences completed the acquisition of AavantiBio, Inc., which added gene therapy programs for Friedreich's ataxia (AVB-202) and BAG3-mediated dilated cardiomyopathy (AVB-401), along with other cardiac disease assets and platform technologies.

Capital Expenditures

• For the last 12 months as of November 3, 2025, capital expenditures were approximately $792,000.
• Solid Biosciences anticipates that its cash, cash equivalents, and available-for-sale securities will fund its operations and capital expenditure requirements into the first half of 2027.
• The primary focus of capital allocation, as reflected in Research and Development (R&D) expenses, includes advancing gene therapy candidates such as SGT-003, SGT-212, and SGT-501, as well as developing capsid libraries and other enabling technologies for neuromuscular and cardiac diseases.