Financial ChallengesThe approximately $14.3M cash and equivalents through 1Q25 are not anticipated to fund operations for at least the next twelve months, necessitating the need for additional capital.
Financing OverhangThe company has a clear financing overhang, as an $80 million tranche from the January 2024 PIPE is only triggered if the stock trades at a 10-day volume-weighted price of $8.00 or above within 6 months following the Phase IIb CALLIPER release.
Stock PerformanceThe stock is down due to the financing overhang and a long path to value creation in PMS, rather than the reaction to the data.