The efficacy goes down when the dose is lowered. You basically see no effect at 50mg BID, but that dose still causes neutropenia. If you think investors will not react negatively to the neutropenia AE, its worth holding it for the phase 2b data. I do agree with you R788 will likely do well in other acute indications, but you have realize its the RA dream thats supporting the current market cap.
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