Aug. 14 at 5:26 PM
$FBIO My updated post-Q2 take, and I could certainly be missing something:
At ~
$2.80, I think the risk/reward looks roughly like:
🐻 Bear:
$3–3.50 cash gets spent aggressively, DERM weakens, pipeline/royalties disappoint.
📊 Base:
$6–7 Journey/Emrosi keeps growing, balance sheet stays healthy, ZYCUBO contributes and Crystalys/dotinurad progresses.
🐂 Bull:
$11–13+ strong Emrosi growth + dotinurad success + meaningful ZYCUBO royalties/milestones + some CAEL-101 upside.