The entire basis of your pre revenue baby bio investment strategy is the notion of significantly undervalued companies where you look for a couple home runs to more than offset larger numbers of losers.
Something higher than a market cap of $430m. The AD trial did not fail. The results are better than for other approved drugs, with better safety, ease of administration, cost, etc., and that’s all that should really matter. The fact that they missed on an endpoint that most now consider to be an immaterial one is a technicality.