Americas Healthcare Biotechnology 1Q26 EPS Updates

Goldman Sachs provides 1Q26 earnings updates for ALT, AVBP, TYRA, TGTX, and GERN, maintaining most investment ratings and theses while refining near-term models.

Key Takeaways

• 1.Altimmune's recent $225M financing has shifted the investment debate from near-term funding risks to Phase 3 clinical success and competitive positioning in MASH.
• 2.Tyra Biosciences' focus is on upcoming Phase 2 dabogratinib data for bladder cancer in August 2026, which is viewed as a larger opportunity than achondroplasia.
• 3.ArriVent Biopharma remains on track for its pivotal mid-2026 FURVENT topline readout for firmonertinib, with cash runway extending into 4Q27.

Table of Contents

• Altimmune (ALT; Neutral)
• Tyra Biosciences (TYRA, ESB)
• ArriVent Biopharma (AVBP; Buy)
• Updating for actuals
• Price Target, Risks and Methodology
• Disclosure Appendix
• Ratings, coverage universe and related definitions
• General disclosures

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