RE:ADC versus PDCYou read all this and the scientific logic is strong. It also makes you realize how novel and early THTX is in trying to use a PDC to carry a payload and to target SORT1. We've seen a few successes, a few failures in the PDC area. While they've tried to de-risk it as best they can with the intense enrollment screening, narrower focus and differing dosage plans, we're still as high risk as it was when I did those original spreadsheets around each element. Not a whole lot was derisked yet with P1a or 1b parts of the trial.
The Bicycle Therapeutics guys seem to have garnered a fair amount of partnering opportunities and are early in their testing too. Stuck at the $700mil mkt cap range and have 2-3 in trial. The PDC industry needs to see a few more targeted drugs work and they'll all jump on board. It's not yet at that critical mass level and still mostly with small startup type firms like Bicycle, THTX and Sortina. I"m sure there's others, but other than the Bicycle Novartis (I think) deal, it's all small biotechs.