Primary Sjogren's Disease · registered primary completion 2027-05-01 · NCT06456580
Cash of $196M against operating outflow of $96M per quarter gives roughly 2.0 quarters of runway — the registered primary completion is 2.7 quarters out. On these figures the company raises capital before the readout.
Total liabilities of $681M exceed total assets of $481M as of 2026-06-30 — stockholders' equity is negative.
Registered design for NCT06456580: randomized, quadruple-masked, 180 participants (estimated). Primary outcome: Change from baseline in Myasthenia Gravis-Activities of Daily Living (MG-ADL) score at Week 24.
59,162,294 shares outstanding against 66,707,539 if every outstanding option, warrant and convertible were exercised. In that case 11.3% of a gain in enterprise value would accrue to those holders rather than to current shareholders.
16,002,025 pre-funded warrant shares outstanding at a nominal exercise price — economically issued equity.
Designations disclosed: Breakthrough Therapy, Fast Track, Orphan Drug. These accelerate review and, for Orphan, confer exclusivity if approved; none is evidence of efficacy.
1 distinct molecule in 2 active company-sponsored trials; Telitacicept accounts for 2 of them at Phase 3.
Programs receiving under $250k of research spend in the quarter: and other research expenses.