Execution And Regulatory RisksMultiple exposure to clinical, regulatory, intellectual property, and competitive risks could delay development programs or reduce expected returns for investors.
Manufacturing And Scalability LimitsPersonalized neoantigen vaccines face manufacturing complexity and scaling constraints relative to conventional drug platforms, which could limit commercial reach and margins.
Partnership-dependent Business ModelBusiness model centered on partnering out assets after early proof-of-concept creates revenue timing uncertainty and heightens reliance on successful deal execution to realize value.