Dilution RiskThe dilution from this most recent offering leads to a lowered 12-month price target from $9 to $8.
Price TargetFactoring-in dilution from the financing and a slightly higher discount rate, the price target is lowered to $5, from $10.
RisksRisks include, but are not limited to: delays in advancing preclinical candidates into clinical studies; unexpected safety issues; negative trial results; inability to advance into pivotal trials in a timely manner; failure to obtain regulatory approvals; slower than expected market uptake; partnership risks; and possible near to medium-term dilution risk.