JPM on drugsOverall, we see the data on donidalorsen presented at EAACI from the OASIS-HAE and OASISplus studies supporting a competitive profile in HAE with the reductions in HAE attacks with the Q4W regimen in the ballpark of what Takhzyro delivers Q2W and comparing favorably to Takhzyo 150mg/300mg Q4W (more below). We find the OLE and switch data from the OASISplus study the most compelling and, in our view, supportive of uptake if doni is approved. While the Q8W regimen for doni was not as compelling as the Q4W regimen in the double-blind trial, efficacy of this regimen, over time, performed closer with Q4W.Overall, while the HAE space is crowded, and Takhzyro and garadacimab also deliver strong efficacy in the injectable space, we see data supporting a competitive profile for doni. We expect potential approval in 2025 and our model reflects 2035 WW un-adjusted revs of ~$400mm. Looking ahead, we expect IONS stock to remain sensitive to sentiment around ALNY’s upcoming HELIOS-B results, and we note the shares are trading at a discount to our DCF-based valuation. We continue to see IONS entering a new period with the recent approvals and launches of Qalsody and Wainua and several programs in/nearing later stages of development and/or commercialization (e.g., olezarsen in FCS/sHTG and donidalorsen in HAE).