Competitive RiskPotential 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.
Investor ConcernsInvestor pushback has mostly focused on the lower-than-hoped-for ORR differential, uncertainty regarding response quality, and the absence of safety/tolerability data in the context of the observed adverse event discontinuation rate.