Biotech Values

[DewDiligence]

HEPA—After listening to the CC, I’m not impressed with the dataset reported today. One notable blemish is the lack of a typical dose response—i.e. the 150mg dose performed considerably worse than either the 75mg or 225mg doses.

The trial’s primary endpoint and a few of the secondary endpoints are experimental (non-validated) biomarkers, so it’s hard to say how much predictive value they will have.

Bottom line: I will keep on open mind, but I saw nothing today to convince me that investors should take the company’s NASH program seriously.