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Shares in French drugmaker Sanofi fell more than 10% on Thursday, wiping nearly $13 billion off its market value, after late-stage trial data for its experimental inflammatory disease drug amlitelimab disappointed Wall Street. The company said amlitelimab, which it is developing for atopic dermatitis, a severe form of eczema, met all main goals in the Phase III study, showing statistically significant improvements in skin clearance and disease severity compared with placebo after 24 weeks. But the data looked weak against Dupixent, Sanofi’s best-selling medicine, which treats the same condition and is due to lose patent protection in 2031. The company has billed amlitelimab as a potential successor to Dupixent, and Barclays analyst Emily Field told Reuters investors had viewed amlitelimab as Sanofi’s lead pipeline asset to follow on from that drug ahead of the data release. “That’s why we’re seeing a big reaction in the stock, because of the concern that Sanofi is not going to have enough in its pipeline to replace Dupixent after patent expiry,” Field said. “This is increasingly looked at as a cliff stock.” Shares were down 10.3% at 0950 GMT, making Sanofi the biggest faller on Europe’s blue-chip STOXX 600 index. Dupixent, which Sanofi jointly developed and co-owns with drugmaker Regeneron, is approved not only for eczema but also for other immune-related conditions, including severe asthma. With the patent expiry looming, Sanofi has doubled down on immunology, making amlitelimab a pillar of that effort. JPMorgan said the data confirmed the drug is less effective than Dupixent, which brought in about 13 billion euros ($15.22 billion) in sales for Sanofi in 2024. Analysts at Jefferies said the Phase III results fell short of its earlier trial and of rival biologic drugs, though the drug’s safety profile and convenient 12-week dosing could still support its use. UBS called the drug’s efficacy solid despite it being weaker than Dupixent, adding that this could be countered by the advantage of amlitelimab’s less frequent dosing, which some injection-averse patients may prefer. ($1 = 0.8542 euros) Maggie Fick, Reuters
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E-Commerce
On Wednesday, September 3, Figma released its first earnings report since going public in July, bringing with it a significant change in tide. The collaborative design software platform had an incredible initial public offering (IPO), which saw its stock price rise 250%. In contrast, Figmas shares (NYSE: FIG) have now plunged about 15% in after-hours and premarket trading on Thursday. So, what brought Figmas stock down? Revenue-wise, the company grew 41% year-over-year (YOY), reaching $249.6 million. The figure beat Wall Streets predicted $248.8 million, according to consensus estimates cited by CNBC. Figma further said it expects 2025 revenue between $1.02 billion and $1.03 billion, beating an estimate of $1.01 billion cited by Reuters. Finally, the company also announced a series of new products, including Figma Make, an AI-powered design tool, and Figma Sites, which lets users publish websites from the platform. While its earnings numbers are positive, the company’s explosive IPO stock growth may have meant that some investors had unrealistically high expectations, Reuters notes. ‘Significant investments in our AI efforts’ In an earnings call, Figma cofounder and CEO Dylan Field noted how AI growth might negatively impact profits. You should expect to see significant investments in our AI efforts because we believe AI will be critical to how software development workflows evolve moving forward,” Field said. “This means that we expect margins to come down in the near term as we invest in the long term. Another consideration for the drop in share price might stem from their availability. When the stock market closes on Thursday, September 4, the lockup period will end for 25% of shares owned by employees. This change means that a significant number of shares will enter the public market, potentially diluting the existing shares’ worth. This story is developing…
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E-Commerce
If youre sick of tech companies hogging the IPO spotlight, youre in for a refreshing change of pace. Black Rock Coffee Bar Inc. is expected to list on the Nasdaq as soon as next week. Heres what you need to know about Black Rock Coffee Bar and its initial public offering. What is Black Rock Coffee Bar? Black Rock Coffee Bar is based in Scottsdale, Arizona, but was originally founded in Beaverton, Oregon, in 2008. The companys first store was a humble 160-square-foot drive-thru location. Since then, Black Rock Coffee Bar has expanded to more than 150 stores across seven states, including Arizona, California, Colorado, Idaho, Oregon, Texas, and Washington. Black Rock Coffee Bars menu consists of coffees, teas, and energy drinks, as well as a selection of all-day breakfast menu items. Its major competitors are the much larger coffee chains Starbucks and Dutch Bros. One of Black Rock Coffee Bars current weaknesses also leaves room for growth opportunities. In a recent Form S-1 filing with the U.S. Securities and Exchange Commission (SEC), the company notes that its current brand awareness within its existing markets stands at just 47%. Thats compared to the 83% brand awareness that Dutch Bros enjoys and the sky-high 97% brand awareness that Starbucks enjoys. [Photo: Black Rock Coffee Bar] Black Rock Coffee Bar says it is leveraging several types of marketing to increase its brand awareness, including via online advertising on platforms owned by Meta and Google, and through organically driven influencer marketing campaigns. The company also has plans to greatly expand its store footprint into new markets. It says it expects to grow its store count to 1,000 stores by 2035. For comparison, Dutch Bros hit that milestone earlier this year. Black Rock Coffee Bar by the numbers According to the companys SEC filing, Black Rock Coffee Bars most salient metrics include: 158 locations across 7 states. Store revenue of $179 million for the 12 months ending June 30, 2025. 1.8 million loyalty members. 10.1% same-store sales growth for the six-month period ending June 30, 2025. Average unit volume of $1.2 million for the three months ending June 30, 2025. Annual store growth rate of 20%. For the three months ending June 30, Black Rock Coffee Bar had a net loss of $1.1 million, its SEC filing reveals. That is double the net loss of $522,000 from the same period a year earlier. When is Black Rock Coffee Bars IPO? Black Rock Coffee Bar has not officially announced a date for its initial public offering. However, Nasdaqs IPO calendar listing date says the offering is expected to take place on Friday, September 12. Fast Company has reached out to Black Rock Coffee Bar for more details on the timeline. What is Black Rock Coffee Bars stock ticker? Black Rock Coffee Bars stock will trade under the ticker BRCB. What exchange will Black Rock Coffee Bars shares trade on? Black Rock Coffee Bar shares will trade on the Nasdaq Global Market. What is the IPO share price of BRCB? According to the companys most recent Form S-1 filing with the U.S. Securities and Exchange Commission (SEC), dated September 2, Black Rock Coffee Bar says it expects BRCB Class A shares to IPO for between $16.00 and $18.00. How many BRCB shares are available in its IPO? Black Rock Coffee Bar says it is making 14,705,882 shares of Class A common stock available in its IPO. How much will Black Rock Coffee Bar raise in its IPO? With Black Rock Coffee Bars offering of 14.7 million shares at $16 to $18 apiece, the company is seeking to raise up to $265 million in its IPO, Reuters notes. How much is Black Rock Coffee Bar worth? Black Rock Coffee Bar is on target to be worth about $860.7 million based on its current IPO numbers, reports Reuters. A change of flavor from the tech-heavy IPO scene One interesting thing about about Black Rock Coffee Bars IPO is the industry in which the company operates. Most of the major initial public offerings in 2025 have been in the tech sector. Black Rock Coffee Bars IPO represents a decided change in flavor compared to 2025s other headline-grabbing IPOs. So far, those have included listings from Chime, Circle, Figma, eToro, and Bullish. It will be interesting to see how investors react to such a low-tech initial public offering, as their appetite for Black Rock Coffee Bar could play a significant factor in other consumer-oriented, non-tech companies choosing to go public in the remainder of the year. The last major coffee chain to go public was Dutch Bros (NYSE:BROS) in September 2021. The company debuted on the New York Stock Exchange (NYSE) for $23 per share. As of yesterdays market close, BROS shares were trading at above $71 eacha rise of more than 120% since its IPO date.
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E-Commerce
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