Clinical Safety RiskPrior ADC programs were limited by serious toxicities and concerns about topoisomerase I-related adverse events, creating a meaningful safety overhang for development programs.
Commercial And Dilution RiskRisk of limited market uptake in niche indications, failure to expand into additional cancer types, competitive pressure and potential share dilution could constrain commercial returns.
Early-stage Valuation RiskAnalysts excluding early-stage assets from valuation due to lack of clinical efficacy data keep upside uncertain until human results are available.