@JelloB The thrust, in a nutshell, was that the intravenous administration of AD-214 was not being pursued because the bulk of the drug was going to the liver and being cleared, rather than making its way to the lungs.
Accordingly, the present trial was being stopped, an inhalable version would be developed and after a "bridging study" in late FY23 to early FY24, the inhalable version would go into a Ib/IIa study in FY24, not much later than the discontinued intravenous program would have been going into its IIa/IIb study.
The way in which the drug was going into the liver, however, was not such as to make it a viable treatment for fibrosis of that organ: it was going into the wrong sort of cells.
Dr Boreham emphasised the benefits of an inhalable version of the drug for IPF/ILD but this leaves open the question of how AD-214 would be administered to treat other forms of fibrosis, like kidney or macular degeneration.
Despite valiant efforts to portray this as good news, it did not seem so to me and I have sold. I expect the SP to decline on this setback, partly because it shifts the prospect of positive news (and partnerships) a bit further into the future and partly because it seems likely to reduce the ultimate range of fibrotic conditions against which AD-214 can be deployed. However, I continue to be hopeful that recast as an inhalable drug it will be a good treatment for pulmonary fibrosis eventually, so I may well buy back in at a lower price in a year or two. It may also be that the company will find a workaround for the liver clearance problem.
I am not a doctor or scientist, so make allowance for the fact I may have misinterpreted.
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