Legal Litigation RiskAn unfavorable litigation outcome could remove or limit rights to Jemperli, reducing expected royalty income and increasing legal costs, which would weigh on the stock.
Royalty Revenue RiskIf the commercial partner obtains broader license terms, royalty rates and milestone payments could be cut substantially, materially lowering future royalty cash flows tied to Jemperli.
Ulcerative Colitis Clinical RiskFailure of the Phase 2 ulcerative colitis study would suggest T cell targeting may not drive disease response in that indication, undermining rosnilimab's potential and reducing clinical upside.