Biotech Values

[DewDiligence]

EXAS—I suspect that some significant fraction of undetected polyps are just "low shedding".

Polyps grow over time and hence, in a series of tests, the shedding can be expected to increase, on average, from test to test; this strengthens the argument for cumulative sensitivity.

Moreover, some portion of ColoGuard’s “false positives” are presumably true positives of precancerous lesions that were missed by colonoscopy.

Notwithstanding the above, I would agree that the lack of detailed data on these issues is bearish for the existing version of the test.

…[other precancerous lesions] just shed "benign signature" or "signature not caught by test".

Conducting a series of tests clearly won’t help in these instances; however, the next version of ColoGuard (assuming there is one) can be expected to become smarter about which signatures are recognized as worrisome.