Aug. 19 at 1:46 PM
$CLNN So AMLX fails its Phase 3 ALS trial and pulls its ALS drug from the market. It then acquires an asset out of bankruptcy for
$35M—and that asset has now helped turn the company into a ~
$4B market cap story just a few years later. Meanwhile, CLNN has defied the odds to advance CNM-Au8 this far with the FDA and is now on the cusp of filing its NDA. I believe the odds of Accelerated Approval by mid-2027 are >50%, particularly given that the FDA has essentially provided a roadmap for what it needs to see and CLNN appears to have delivered on that roadmap. And yet CLNN remains stuck at roughly a
$50M market cap. The AMLX story is also a reminder that cash is king in biotech. AMLX was able to build a meaningful cash position through commercialization of its ALS drug before it ultimately had to be pulled. That cash gave the company the ability to acquire another asset when the opportunity presented itself.
(1/2)
