Biotech Values

[DewDiligence]

XOMA—in response to a question, the CMO said that to date the SAEs have been the same as placebo. But the question is whether "the same" means statistically the same or numerically (proportionately) the same.

I heard the question and was thinking of you when the answer was given. 99% of investors would probably interpret the word same to mean proportionally the same, but I’m aware of the trick use of same to signify two numbers where the delta was not statsig. Bottom line (as previously noted): I’m not expecting unbalanced SAEs to be a showstopper in the uveitis trials.