Efficacy ConcernsOverall, we don't think a clear efficacy signal jumps out as of now, and so we agree with the Company's plans to seek a partnership for this indication moving forward.
Industry ChallengesBiogen discontinued the development of its mAb against C5aR1, which could indicate challenges in this area that might also affect Inflarx.
Study LimitationsThe caveats are that this is a small study, there's no placebo arm, and targeting the C5a pathway has already failed in 2 placebo-controlled Phase 2 trials for HS.