The failure of the phase 2 Moonsong outpatient trial prompts a phase 3 rethink and a one-year delay.
But a potentially more interesting advisory committee, for Merck and Ridgeback’s molnupiravir, awaits.
Turning Point and Repare are left nursing heavy losses, while Relay just about weathers a storm.
M&A picked up in the third quarter but overall 2021 has been quiet on the takeover front.
Moderna is the standout gainer, but the stragglers are becoming more apparent as the pandemic tide retreats.
The young biotech is well placed to deliver its first pivotal win, but investor focus might lie elsewhere.