Financing ChallengesFinancing required to carry out its plans remains a key consideration, with a cash runway into 4Q25.
Market ConditionsBroad market headwinds continue in 2025 including continued challenging financing conditions and changes to NASDAQ/NYSE listing rules, pressuring small/micro cap biotech stocks.
Price Target ReductionThe 12-month price target is reduced to $12 from the prior $30 per share to reflect the impact of the most recent equity financing, future potential equity issuances, and the exercise of warrants.