Clinical Delivery UncertaintyUncertainty over whether ABCL635 can deliver sufficient antibody to target KNDy neurons creates a material biological risk that could impede clinical progress.
Investment RiskA speculative risk designation highlights elevated uncertainty that may reduce investor appetite and pressure valuation multiples.
Partner Revenue VisibilityA reduced number of partnered programs has stepped down partnered business valuation, and expected declines in research fees could weaken near-term revenue visibility.