Ann: H1 2023 Preclinical and Clinical Programs Update, page-33

Reading between the lines here is quite interesting. I was initially underwhelmed with the Sheba 2 update based on the wording, but I am personally unsure of what good/bad results here look like due to the heavily pre-treated condition of patients. Thankfully, the planned actions of the company indicate the importance of the result to date:

1. Sheba 2 has seen several patients bridged to transplant with curative intent. While a lack of detail and the use of the word "several" is not what I was hoping for, this indicates, at least indirectly, that the 3 person response needed to reject the null hypothesis has been met.

2. The cardio observational trial has been scrapped as it is deemed a non-value-add and we can save some money. This shows current management is still cost-conscious and looking to get the best bang for their buck.

3. With the two above conditions being the case, it is especially interesting that strategically they have decided to double down on the EMD AML trial and open this up to other AML patients from the sounds of it.

I feel like this says a lot about RAC's interpretation of Sheba 2's results. It is quite telling that the EMD AML trial is being seen as worth the added effort and investment. It also fills a piece of the puzzle for the strategic update.