Core Viewpoint - BlissBio Inc. is facing increased uncertainty regarding the global development and commercialization of its core drug BB-1701 after terminating its collaboration with Eisai, which was previously a significant partner in the drug's development [1][7][10]. Group 1: Collaboration with Eisai - Two years ago, BlissBio signed a business development agreement with Eisai worth up to $2 billion for the ADC candidate BB-1701 [2][3]. - In April 2023, a strategic clinical trial collaboration agreement was reached, allowing Eisai to retain rights for global development and commercialization outside Greater China [2][7]. - The collaboration has been pivotal for BlissBio, with Eisai being a major investor and shareholder, contributing significantly to the company's funding rounds [5][6]. Group 2: Clinical Trial Data - Recent clinical trial data revealed that Eisai's trial showed an objective response rate (ORR) of only 14.3%, while BlissBio's own trial reported an ORR of 21.4% [8][9]. - The disparity in trial results may have influenced Eisai's decision to terminate the collaboration, as the lower efficacy data did not demonstrate a competitive advantage [9][10]. Group 3: Financial Implications - The termination of the collaboration is expected to severely impact BlissBio's financial situation, with projected revenue from Eisai dropping by 87.65% in 2024 [10]. - The company's net loss is anticipated to widen significantly due to high R&D expenditures and the impact of redemption liabilities from previous funding agreements [10]. - BlissBio's ability to raise funds through its upcoming IPO is uncertain, as it now must independently manage the development and commercialization of BB-1701 [10].