CEO said they designed their CD3/CD123 - 14045 - to be somewhat less potent, so as to avoid so much cytokine release. Suggests to me a narrow therapeutic window for this class. One of the riskier projects? He said they'd be starting out at a conservative dose, but still expected initial data in the second half of this year.
Meanwhile, the 5871 data at ACR looked nice, and I've seen nothing recently to cause the recent slide except for general biotech malaise. I believe they have ~$9/share in cash, and that it should hold them till 2020, with many catalysts before then. So this is starting to look tempting again, nearly $3 off the secondary price. I think I'm even willing to ride out the possibility of 14045 data being a drag, because, as you suggested, it's a small part of the valuation. Maybe buy a chunk now, and another chunk if it is weak and the market overreacts.
Cheers, Tuck
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