Acumen Pharmaceuticals

Intrinsic pricing power for a disease‑modifying AD therapy is structurally high, as evidenced by list prices for approved antibodies (~$27k to ~$32k per patient‑year). But that power is constrained by Medicare coverage rules, safety monitoring costs (ARIA MRI protocols), and real‑world infrastructure limits.

Any future pricing for sabirnetug would be shaped by comparative efficacy/safety versus Leqembi and Kisunla and CMS evidence requirements, so latent pricing power exists only if the asset proves clearly differentiated (especially on ARIA and convenience via subcutaneous dosing). Today, with no revenue and pending Phase 2, we score conservatively.