Competitive RisksPotential risks to the valuation include the emergence of new competitors, particularly in the PD-1 x VEGF space, and any potential R&D, regulatory, and commercial setbacks.
Trial ImportanceThe success of the tovecimig trial is critical, especially because tovecimig failed to meet the pre-specified threshold to advance as a monotherapy in colorectal cancer.
Trial UncertaintiesThere are a number of clinical and regulatory uncertainties around the tovecimig program.