Clinical Outcome UncertaintyAdvancement of key programs relies on dose escalation and upcoming trial readouts, so unfavorable safety, efficacy, or durability data at higher doses could materially weaken the company's valuation.
Dosing And Efficacy RiskManagement's expectation that a single non‑optimized dose will not produce a full immune reset implies that multiple or optimized dosing may be required, increasing development complexity and regulatory uncertainty.
Financial And Investor PressureNegative return on equity, weak profitability, and shares trading below the level set by a recent equity offering create valuation pressure and raise the risk of investor impatience amid a multi‑year development timeline.