Shares fell 4.6% as investors reacted to cautious outlook signals, including slower-than-expected momentum in the pivotal trial enrollment and an extended timeline to top-line data, raising concerns about near-term value realization.

• The pivotal REMAIN-1 trial completed randomization in February with over 300 participants across 30+ U.S. sites, but the market appears concerned about the pace and timing of data readout.
• Co-primary endpoints focus on mitigating weight regain at 6 months post-tirzepatide discontinuation and maintaining ≥5% weight loss at 52 weeks; top-line results are expected in early Q4 2026.
• Participant retention remains high (>90%), and adverse events align with prior studies, supporting trial continuity but offering no immediate upside.
• Management reaffirmed no planned capital raise before pivotal data, yet the extended timeline limits visibility on near-term catalysts.
• FDA feedback continues to favor a moderate-risk device classification, with submission anticipated late Q4 2026 contingent on the 6-month data.