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    Steven Ayanov

    Vice President and Equity Analyst at TD Securities

    Steven Ayanov is a Vice President and Equity Analyst at TD Securities, specializing in North American energy markets with an emphasis on upstream oil and gas companies. He covers major firms such as Canadian Natural Resources, Cenovus Energy, Suncor Energy, and Tourmaline Oil, and his investment recommendations have contributed to a strong track record, consistently ranking him among the top 15% of energy analysts on platforms like TipRanks, with a success rate exceeding 65% and average returns above sector benchmarks. Steven began his career as an associate analyst at RBC Capital Markets in 2012 before joining TD Securities in 2017, where he advanced to his current role. He holds FINRA Series 7 and Series 63 licenses and is recognized for his rigorous fundamental analysis and industry insights.

    Steven Ayanov's questions to Alector (ALEC) leadership

    Steven Ayanov's questions to Alector (ALEC) leadership • Q2 2025

    Question

    Steven Ayanov of TD Securities asked if the FDA specified a particular threshold for progranulin elevation or if only statistical significance was required. He also sought to confirm if the trial's 90% power to see a 40% slowing of disease progression was tied to progranulin levels.

    Answer

    CMO Giacomo Salvadore responded that the FDA did not specify a threshold for progranulin elevation. He reiterated that the power calculation for the clinical endpoint is analyzed separately from progranulin and remains unchanged. CEO Arnon Rosenthal added that a 25% slowdown in cognitive decline would be statistically significant and likely approvable.

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