Biotech Values

[WorstLuck]

Have to think about this some more.

Not done thinking, Just randomly noting:

They can only present so much in top line / slide deck and some things are rightly saved for later presentation. That said, they still choose what they are going to present and that influences how I think about what they do present.

For example, PGI-S is complimentary but won't be a primary endpoint. Three slides were used to show viral load, which won't be a primary either.

I also don't know how much of the HR3 was driven by by COPD/CHF which made up 75% of the HR3 population w/ zeli, 64% w/placebo, which leads to interesting design/label questions for a P3.

First impression is there is going to be BD interest, don't expect a partnership before early 2026, still have to think some more.