Competitive Pressure In Bladder CancerThe non-muscle invasive bladder cancer (NMIBC) landscape is crowded in later, higher-risk settings, which could limit bel-sar's uptake and make achieving differentiated market share more difficult.
Competitive Risk In Uveal MelanomaA strong competing therapy showing activity in slightly larger uveal melanoma tumors could shrink the addressable patient population and complicate adoption of bel-sar in ocular oncology.
Funding Runway And Dilution RiskApproximately one and a half years of cash runway increases the likelihood of near-term financing needs that could lead to dilution or constrain ongoing investment in clinical programs.