re: GLUE
Three things surprised me.
- this was a PI trial. The jump was pretty steep for a PI.
- it was sustained the next day, although Friday was down a bit, can't complain though :)
- they announced a raise: $300M offering and the price didn't tank. It's refreshing to see a raise when the price is high rather than a desperation raise when the price is in the single digits like a certain other company did. Repeatedly...
I suppose one difference is the time to the next readout. After following IMMU for years where the interval between phase readouts was measured in years, they're talking about more results this year (although that's an "ongoing study", not a PII follow-up, that's planned to _start_ this year sometime). Still, the short duration of this study (4 weeks) is encouraging in terms of how quickly it could move through the phases.
Also, the response rate is impressive, assuming this method of CRP reduction correlates to clinical benefit.
One thing that does disturb me a bit from here. "The number of shares of our common stock to be outstanding after this offering set forth above is based on 61,790,239 shares of our common stock outstanding as of September 30, 2025, and excludes:", then goes on to detail something on the order of 43M shares _not_ included in the 61M outstanding. So, assuming this raise does the additional 13M shares, potentially we're talking shares outstanding 115M shares or so. Some of these are potential shares, but the majority aren't.
Still happy with the current trajectory.... |
