Financial PerformanceHBV peak sales estimates reduced from ~$1.2B to ~$600M due to potentially slower uptake in China and possible pricing pressure from competition and national reimbursement trends.
Regulatory ChallengesHigh risk and potentially delayed/uncertain timelines for their HBV programs, which the company appears to be prioritizing.
Stock DilutionFactoring in multiple raises due to potential prolonged HBV trial costs and unclear regulatory timelines, which would be dilutive.