Clinical ExecutionThe focus shifts toward execution, dose optimization, and indication prioritization, raising questions around how quickly the program can reach exposure levels associated with preclinical efficacy.
Competitive DifferentiationSignificant clinical validation is needed to fully understand competitive differentiation despite encouraging preclinical approaches.
Pipeline RisksSutro’s pipeline is still early, and the company is seen as a longer term opportunity for investors who are comfortable underwriting preclinical and early clinical risk.