Clinical Data ConcernsThere are reservations ahead of clinical data for tibulizumab, including lackluster clinical data generated to date, with no clear dose-dependent response in B cell count reductions and a rise in IL-17A target engagement observed at the highest dose.
Financial PerformanceFinancial 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.
Market CompetitionThe 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.