REGENXBIO Inc. (RGNX): A Bull Case Theory 

We came across a bullish thesis on REGENXBIO Inc. on BioEquity Watch’s Substack. In this article, we will summarize the bulls’ thesis on RGNX. REGENXBIO Inc.’s share was trading at $13.76 as of January 15th.

REGENXBIO is a clinical-stage biotechnology company focused on the development of gene therapies built on its proprietary NAV Technology platform, leveraging AAV8 and AAV9 vectors. Its lead program, surabgene lomparvovec (sura-vec, ABBV-RGX-314), partnered with AbbVie, targets wet age-related macular degeneration and diabetic retinopathy by enabling sustained intraocular production of an anti-VEGF antibody fragment, significantly reducing the need for repeated injections.

This is the largest retinal gene therapy program to date, with more than 1,200 patients enrolled across the ATMOSPHERE and ASCENT pivotal trials. Beyond ophthalmology, REGENXBIO is advancing RGX-202 for Duchenne muscular dystrophy, differentiated by a microdystrophin construct with a C-terminal domain aimed at improving functional outcomes, and RGX-121 for MPS II, which has demonstrated an 82% median reduction in a key cerebrospinal fluid biomarker linked to neurodevelopmental stabilization.

As of early 2026, REGENXBIO maintains a solid liquidity position of approximately $302 million, bolstered by recent non-dilutive financings, including an upfront payment from Nippon Shinyaku and proceeds from a royalty monetization transaction. This capital base is expected to fund operations into early 2027, excluding meaningful milestone payments from AbbVie tied to late-stage diabetic retinopathy trials. Strategically, the company is well positioned in competitive markets that are increasingly favoring durable, long-acting therapies, with Phase 2 data in wet AMD comparing favorably to emerging peers and AbbVie’s commercial infrastructure providing a significant execution advantage.

With an FDA PDUFA date for RGX-121 in February 2026, upcoming DMD data, and pivotal wet AMD readouts expected in late 2026, REGENXBIO offers a catalyst-rich, bullish investment profile. The current valuation appears to underappreciate the depth of the pipeline, the strength of partnerships, and the increasingly derisked path toward multiple value-inflection points.

Previously, we covered a bullish thesis on Sarepta Therapeutics, Inc. (SRPT) by Two Natural Capital in December 2024, which highlighted ELEVIDYS approval, leadership in Duchenne muscular dystrophy, and the transition toward gene therapies. SRPT’s stock price has depreciated by approximately 82.87% since our coverage due to gene therapy execution concerns. BioEquity Watch shares a similar view but emphasizes pipeline diversification and near-term catalysts.

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Disclosure: None.