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    Doug Tsao

    Research Analyst at H.C. Wainwright & Co.

    Doug Tsao is Managing Director and Senior Healthcare Analyst at H.C. Wainwright & Co., specializing in equity research of biopharmaceuticals and specialty pharmaceuticals, with coverage across therapeutics such as endocrinology, metabolic disease, dermatology, and CNS. He has covered over 70 companies including Evolus, Rapport Therapeutics, Praxis Precision Medicines, Argenx, Alkermes, and Cabaletta Bio, maintaining a TipRanks success rate of 44% and generating an average annualized return of 9.5% over more than 1,000 ratings. Tsao joined H.C. Wainwright in November 2018 after senior analyst tenures at Barclays and Lehman Brothers, starting his analyst career in 1999 and holding healthcare sector responsibilities for distribution, technology, and medical devices. He holds an MBA/MPH from U.C. Berkeley, graduated cum laude from Middlebury College, and brings recognized sector expertise, including frequent speaking engagements at industry conferences.

    Doug Tsao's questions to Evolus (EOLS) leadership

    Doug Tsao's questions to Evolus (EOLS) leadership • Q2 2025

    Question

    Doug Tsao of H.C. Wainwright & Co. sought to reconcile the significant reduction in guidance with commentary about a July recovery. He also asked about the expected sales trajectory for Evolisse in Q3, considering the initial channel stocking in Q2.

    Answer

    President & CEO David Moatazedi clarified the July trend was an "incremental improvement" from the late-Q2 slowdown, not a full rebound that would support prior guidance. For Evolisse, he advised focusing on the full back-half performance, implying Q4 would be stronger than Q3 as initial inventory is worked through and reorders build.

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    Doug Tsao's questions to Praxis Precision Medicines (PRAX) leadership

    Doug Tsao's questions to Praxis Precision Medicines (PRAX) leadership • Q2 2025

    Question

    Douglas Tsao from H.C. Wainwright & Co. asked if the increasing efficacy over time is a unique function of the drug's interaction with the sodium channel, how the company disentangled adverse events between vormatrogene and background therapies, and whether the observed mood benefits were anecdotal or measured.

    Answer

    Chief Scientific Officer Steven Petrou confirmed the drug's unique biophysical profile, which targets epileptic activity, likely drives the rapid and growing efficacy. President & CEO Marcio Souza added that while disentangling AEs is difficult, vormatrogene's overall AE rate is significantly lower than competitors. He noted that AEs resolved when background drugs were reduced, suggesting they were a primary cause. Souza also confirmed the mood benefits were systematically reported anecdotally by sites, which prompted the inclusion of a formal mood endpoint in the POWER-2 study.

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