Immuno-dermatology specialist intends to submit the topical roflumilast to the US FDA during the first half of 2023, potentially adding an even larger indication to its approval for psoriasis.

Industry investors foresee continued hardship for public companies still without compelling clinical data for their assets, plus the growing influence of the US Inflation Reduction Act on biopharma strategy.

The neoantigen immunotherapy company is a casualty of slow R&D progress and a squeeze on biotech finance – and more firms are in the firing line.