Clinical Development RiskClinical development risk tied to lead programs BPL-003, COMP360, RL-007, and VLS-01, among others.
Equity DilutionThere is a risk of shareholder dilution due to modeled equity raises of $150M-$200M to fund clinical and business development.
Price Target RevisionThe price target revision to $10 from $15 primarily reflects a lower price target on COMPASS Pathways and the removal of GRX-917 from the model.