Strategic Regulatory Alignment and Positive Momentum Justify Buy Rating for Bicycle TherapeuticsWe this makes sense, given the evolving regulatory and commercial model for drugs across the globe. Not to mention the incidence of bladder cancer is higher in EU vs US (~200K vs ~80K). Most importantly, since mtg is moving forward with seeking regulatory feedback, we view that as a positive readthrough for how the data are progressing, which is probably what drove the positive move in the stock yesterday. We update our model for the quarter and reiterate Buy.