Competitive IntensityAn already approved APRIL therapy and several programs advancing toward approval raise the risk that market entry will be crowded, limiting launch uptake and pricing power for new entrants.
Financing And Dilution RiskHigh cash burn and a constrained cash runway increase the likelihood that additional fundraising will be needed, which could dilute existing shareholders and pressure the stock.
Reimbursement And Market Access PressureLate-stage B-cell modulators and established competitors may secure prescribing patterns and reimbursement pathways that make it harder for a new entrant to capture meaningful market share.