Clinuvel Pharmaceuticals Ltd.

ASX: CUV Frankfurt Börse: UR9 Level 1: CLVLY About About CLINUVEL People Corporate Governance Photomedicine Foundation Annual Reports Pharmaceuticals Pharmaceutical Development The Science Disease Entities Products PhotoCosmetics About PhotoCosmetics Polychromatic Photoprotection DNA Repair Melanogenesis Investors Investors Information ASX Announcements Analyst Coverage Media Coverage Company Snapshot Financial Summary Shareholder Information Investor Enquiry News Contact Store About CLINUVEL People Corporate Governance Photomedicine Foundation Annual Reports Pharmaceutical Development The Science Disease Entities Products About PhotoCosmetics Polychromatic Photoprotection DNA Repair Melanogenesis Investors Information ASX Announcements Analyst Coverage Media Coverage Company Snapshot Financial Summary Shareholder Information Investor Enquiry

Melbourne, Australia, 02 December 2025 ASX: CUV Frankfurt Börse: UR9 Level 1: CLVLY ASX: CUV Frankfurt Börse: UR9 Level 1: CLVLY

BridgeBio has been quietly building a sprawling pipeline at its private spinout GondolaBio. The rare disease startup launched last year with a few of BridgeBio’s rare disease assets and $300 million in funding commitments from investors such as Viking and Patient Square Capital. BridgeBio owns about 29% of GondolaBio, according to an August presentation . Over the course of this year, GondolaBio’s pipeline has grown to 17 assets, a size almost unheard of in today’s private biotech landscape. Investors have favored narrowly-focused startups with drugs that are in the clinic or close to human trials. “We realized that our investors really did not want us anymore to spend on new innovation,” BridgeBio CEO Neil Kumar said in an interview with Endpoints News in New York last month, discussing the creation of GondolaBio out of BridgeBio, and how it benefits both. He said that BridgeBio’s discovery work was being “overshadowed by the later-stage assets” at the company. The lead program at GondolaBio is a Phase 2 drug for erythropoietic protoporphyria (EPP), a condition that causes ultra-sensitivity to sunlight. Clinuvel markets a drug and Disc Medicine is in the space with an ex-Roche asset . GondolaBio’s drug is slated to have a Phase 2 readout before year’s end, Kumar said. Like many other biotechs, BridgeBio could have shelved the experimental EPP drug, as well as other candidates for alpha-1 antitrypsin deficiency and tuberous sclerosis complex. But Kumar said that “doesn’t seem ethical” given the dire needs of many rare disease patients. And pausing those programs would have meant halting the work of “great scientific teams,” he said. “They’re gonna go somewhere else. They’re not just gonna hang out for like two years,” Kumar said of the scientists working on those drugs. “You see this all the time. People get into the clinic and then try to push pause and then come back to it, and they never do anything of import anymore.” Most of the rest of GondolaBio’s pipeline comes from academic partners. The pipeline is mostly in the discovery or lead optimization phase across neurology, pulmonology, cardiology, nephrology and endocrinology. BridgeBio has cultivated relationships with many academics, getting to know some of them for almost a decade to be able to “tap into new scientific insights one or two years ahead of publication,” Kumar said. That includes researchers at Yale, Columbia University, Cincinnati Children’s Hospital, the University of Wisconsin and elsewhere, he said. And it’s doubling down on rare diseases, which have fallen relatively out of favor for many other drug developers. “Companies today are being pushed toward areas that are attractive for M&A and people don’t view rare genetic diseases all that attractive for M&A,” Kumar said. Kumar said he recently spoke with a Howard Hughes medical investigator who said that five years ago, GondolaBio would be fifth or sixth in line to talk with them. “Now, we’re the only game in town,” Kumar said.