Clinical And Regulatory RiskNegative pivotal results or regulatory setbacks could materially reduce program value and shareholder returns, posing significant downside risk to the stock.
Competition And DilutionCompetition from BCMA‑directed bispecifics and other cell therapies could limit market share and pricing power, and intense competition may force additional investment that dilutes existing holders.
Funding RequirementAvailable cash is expected to fund initial operations but additional capital will be required to fully fund the pivotal trial, raising the risk of future equity raises and shareholder dilution.