Clinical Data ConcernsThe initiation of the Phase 2 study for tibulizumab in hidradenitis suppurativa raises questions due to past lackluster clinical data and no clear dose-dependent response.
Competitive LandscapeThe market for HS treatment is increasingly competitive, with dual IL-17A/F inhibitors showing impressive efficacy and setting a high benchmark that could overshadow older treatments like tibulizumab.
Financial OutlookFinancial results reported show a reduction in cash and cash equivalents and an increase in potentially dilutive shares outstanding, leading to a reduced 12-month price target.