Biotech Values

[DewDiligence]

From SLRN’s press release:

https://www.globenewswire.com/news-release/2025/01/06/3004952/0/en/ACELYRIN-INC-Announces-Additional-Phase-2-Data-and-Phase-3-Program-Design-for-Lonigutamab-in-Thyroid-Eye-Disease.html

In the newly announced data from the ongoing Phase 2 trial in TED, lonigutamab demonstrated:

• Clinically meaningful and competitive improvements across all manifestations of TED, including proptosis, Clinical Activity Score (CAS) and diplopia, as well as the Graves Ophthalmopathy-Quality of Life (GO-QoL) tool…

The phrase, “clinically meaningful” in a biotech PR is a euphemism implying that the result was not statistically significant. A notorious company that used this gimmick was FGEN (#msg-151771620).

SLRN’s dataset is being compared to VRDN’s (https://finance.yahoo.com/news/viridian-therapeutics-announces-positive-topline-120000827.html ) and investors think SLRN came up short.

With approx. $5 cash-per-share, the risk here appears extremely low?

The risk is relatively low due to the strong balance sheet, as is the case for ENTA. The word, “extremely” in this context is not well-defined, so I don’t know about that.