Execution RiskA tight competitive landscape makes successful execution on Biologics License Application mechanics and trial operations decisive, increasing the chance that operational setbacks could delay approval.
Perception And Narrative RiskExternal commentary and shifting market narratives risk widening the disconnect between clinical data and investor perception, potentially exerting downside pressure independent of scientific progress.
Valuation DisconnectThe share price has weakened despite a differentiated dataset, reflecting a market valuation gap that could persist until clearer clinical or regulatory milestones are delivered.