and AVA-201 in wet age-related macular degeneration (wet AMD). * "Investors need a clear path forward" before getting back in AAVL, Cowen analyst Phil Nadeau writes in note; sees upside for shrs if AAVL gene therapies progress * PT cut to $25 vs $55, remains outperform * "AVA-101 back to drawing board,"

CFA 646 562 1332 [email protected] Oliver Chen, CFA 646 562 1424 [email protected] John Kernan, CFA 646 562 1324 [email protected] Phil Nadeau, Ph.D. 646 562 1336 [email protected] Charles Neivert 646 562 1370 [email protected] Jeffrey Osborne 646 562 1391 jeffrey.osborne@cowen

[email protected] Andrew Charles is an analyst focused on restaurants. He has spent over seven years on the sell side covering the sector. Phil Nadeau, Ph.D. New York 646 562 1336 / phil. [email protected] Phil Nadeau is a senior analyst covering biotech. He joined Cowen in 2000 and holds an SB/M.