Clinical Trial ResultsPatients with p-tau217 above median levels showed similar changes from baseline compared to placebo, with CT1812 treatment being slightly worse than placebo.
Financial PerformanceThe company recorded a net loss of $0.25 per share, substantively wider than our forecast of a net loss of only $0.16 per share; this was mainly driven by higher-than-anticipated R&D spending.
Regulatory And Commercial RisksRisks include negative clinical data readouts, inability to advance CT1812 into pivotal trials in a timely manner, failure to generate favorable top-line data from pivotal trials, inability to secure regulatory approval of CT1812, poorer-than-expected commercial performance, possible partnership risks, and medium-term dilution risk.