Grade History
| Quarter | Disclosure Quality | Financial Quality |
|---|---|---|
| Q1'25 → | A- | A |
| Q2'25 → | B+ | B |
| Q3'25 → | C+ | C |
| Q4'25 → | B+ | B |
Promise Ledger · All Quarters
| Marked | Promise | Status | |
|---|---|---|---|
| Q4'25 | ✅ | Q3: Cash runway into mid-2027 Extended to second half 2027 and beyond key milestones | exceeded |
| Q4'25 | ✅ | Q3: Build commercial capabilities for HAE launch Scaling sales teams, identifying treatment centers, engaging payers | delivered |
| Q4'25 | ✅ | Q3: Unable to maintain milestone guidance for nex-z Confirmed timelines remain uncertain pending regulatory resolution | delivered |
| Q4'25 | ✅ | Q3: Comprehensive analysis of liver events Identified immune-mediated mechanism, implemented mitigation strategies | delivered |
| Q4'25 | ✅ | Q3: Working with regulatory authorities to resume enrollment MAGNITUDE-2 off hold, MAGNITUDE still pending but 'very far down that road' | delivered |
| Q4'25 | ✅ | Q3: Top line data for HAELO by mid-2026 Accelerated to 'middle of this year' (mid-2026), suggesting faster enrollment completion | exceeded |
| Q3'25 | ⏳ | Lonvo-z BLA submission second half 2026 Timeline unchanged despite nex-z issues | pending |
| Q3'25 | ✅ | Present longer-term nex-z data at AHA 2025 Confirmed for Monday late-breaker session | delivered |
| Q3'25 | ⏳ | Year-over-year GAAP operating expense decline of at least 10% On track but Q4 impact of hold unclear | pending |
| Q3'25 | ✅ | Cash runway into first half of 2027 Extended to mid-2027 with ATM raise | delivered |
| Q3'25 | ⏳ | MAGNITUDE-2 enrollment completion in first half of 2026 On hold due to clinical hold, timeline now uncertain | pending |
| Q3'25 | ✅ | At least 650 patients enrolled in MAGNITUDE by year-end Already exceeded 650 patients by Q3 | exceeded |
| Q3'25 | ✅ | Complete HAELO enrollment by Q3 2025 Completed in September as guided | delivered |
| Q2'25 | ⏳ | $95M average quarterly cash burn 2025-2026 Q1 $86M normal ops + one-time costs, Q2 burn not disclosed specifically | pending |
| Q2'25 | ✅ | ATTR PN enrollment completion in 2026 Accelerated to first half 2026 | exceeded |
| Q2'25 | ⏳ | MAGNITUDE enrollment completion by early 2027 Maintained despite 57% patient increase - concerning for timeline | pending |
| Q2'25 | ✅ | 5-10% GAAP OpEx decline Tightened to ~10% decline, tracking ahead | delivered |
| Q2'25 | ✅ | More than 550 MAGNITUDE patients by year-end Raised guidance to 650+ patients, 18% increase | exceeded |
| Q2'25 | ✅ | Complete HAE enrollment by end of Q3 2025 Stopped recruiting Q2, completing randomization in Q3 - beat by full quarter | exceeded |
| Q1'25 | ⏳ | Present longer-term data from both programs later this year June EAACI presentation confirmed for HAE, ATTR data promised for H2 2025 | pending |
| Q1'25 | ✅ | First patient dosed in MAGNITUDE-2 in coming weeks Dosed first patient in March as promised from February call | delivered |
| Q1'25 | ✅ | 5% to 10% year-over-year decline in GAAP operating expenses Q1 showed 4% decline YoY, on track for full-year guidance | delivered |
| Q1'25 | ⏳ | MAGNITUDE enrollment to exceed 550 patients by year-end On track with 90+ sites enrolling, management confident will exceed target | pending |
| Q1'25 | ✅ | HAELO enrollment completion in second half of 2025 Now expecting end of Q3 2025, accelerated by one quarter from original guidance | exceeded |
| Q1'25 | ⏳ | Six milestones outlined for 2025 Completed 2 of 6: first patients dosed in HAELO and MAGNITUDE-2. Four remain for rest of year | pending |
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