Clinical TrialsThe trial is enrolling more severely affected patients, which could pose an added risk.
Commercial OutlookEven though the RAISE study will go on to a final analysis, the implications of the interim miss are that even a statistical win at the full analysis would not yield a significant commercial opportunity.
Financial ViabilityMarinus holds more debt (~$95M, including RIF) than cash with OpEx ~$115/yr thru '26 offset by $35M to $50M in Ztalmy's CDD revenues ('24 to '26), before Ztalmy in TSC's early '26 launch can begin to work towards breaking even in 2H'27, >two years from now.