Execution RiskInitiation of the pivotal trial depends on completion of regulatory, manufacturing, and operational milestones, creating execution risk if any element is delayed or not met.
Funding RiskLimited cash resources increase the likelihood that additional funding will be required to advance pivotal and follow-on trials, creating dilution risk and potential delays to development plans.
Research ObjectivityThe covering firm’s business relationships with issuers may create conflicts that could affect the perceived objectivity of analyst reports and investor confidence.