CI read Two things are happening here and both are worth logging. The first is competitive: the complement market was built on intravenous C5 inhibitors, then moved oral with Novartis’s twice-daily Factor B inhibitor. A once-daily oral option attacks precisely the weakness Haisco names in its own release, the breakthrough haemolysis risk that comes with twice-daily dosing, and in a chronic rare disease managed for decades, dosing frequency is not a convenience feature, it is the adherence and the efficacy. The second is structural, and it is the more important one. A Chinese company independently developed a world-first mechanism, secured domestic approval, and licensed ex-China rights to a small US-listed company one month before that approval landed. That is the reverse of the flow the industry was built on, and it is the pattern our H1 data already showed at scale: China sold $92.6 billion of assets westward across 45 deals while buying $13.3 billion. Nuvectis bought a substantially de-risked asset immediately before its first regulatory validation. The interesting question now is what an approved Chinese first-in-class costs a Western partner twelve months from now.