ASH2023 - Sheba 2.0, page-131

This is a really difficult question to answer because of the clinical history of bisantrene. Biotech companies have been acquired at all stages of development (even preclinical), but the maximum returns (for biotech investors) have historically been achieved at the Phase 2 proof-of-concept stage (i.e. after positive Phase 2 results). The reason for this is the drug has been derisked enough to make the investment risk manageable, but before the clinical positioning has been locked in.

In one sense Race is already past the clinical proof-of-concept stage given the history of bisantrene, but on the other hand, it is still preclinical in the indications where all the value lies (cardioprotection and FTO). I should add that there is lots of circumstantial clinical data supporting cardioprotection.

There is no safe entry point into speculative biotechs like Race. Rather than looking for a safe entry point, investors should be worried about the risk/reward ratio and managing risk by investment size. For those that like to dig into the science there is a lot to like about Race - not only do we share a great deal of data, but there is a lot of independent papers in the literature to read too.