Clinical And Regulatory RiskAs a mid-stage program, VALIANT still faces clinical and regulatory risk until confirmatory Phase 3 evidence is available.
Competitive LandscapeOther TSLP and novel approaches advancing in the clinic raise the competitive bar, and verekitug may fail to produce data that is clearly superior or differentiated enough for broad adoption.
Financing RiskRelatively high cash burn and a limited cash runway increase the likelihood that the company will need additional financing, which could dilute shareholders and complicate execution.