Commercial OpportunityThe two biggest bear pushbacks on GERN are uncertainty on exclusivity duration and lack of conviction on the commercial opportunity.
Exclusivity ConcernsThe IP life of Rytelo continues to be a barrier for some prospective investors who argue that it is hard to build confidence in the exclusivity tail when protection into the mid-to-late 2030s is based on method of use only.
Market ExpectationsThe 4Q24 pre-announce is approximately in line with consensus and our estimate, but may come in slightly below more optimistic buy-side expectations.