How did CLNN's Q4 2023 earnings surprise impact investor confidence?

Clene's (CLNN) Q4 2023 earnings report likely had a significant impact on investor confidence, although the specifics are not detailed in the available news articles. Here are some key points to consider:

1. **FDA Feedback on CNM-Au8**: The FDA's rejection of accelerated approval for CNM-Au8 in ALS therapy was a major setback. Investors may have been concerned about the drug's future prospects and Clene's ability to secure approval and gain market share.
2. **Biomarker Data**: The FDA found the Neurofilament Light Chain (NfL) biomarker data insufficient to support accelerated approval. This may have raised questions about the efficacy of CNM-Au8 and the reliability of NfL as a biomarker.
3. **Long-term Data**: Clene presented long-term survival data and supportive safety data from Phase 2 ALS studies. While this might have provided some reassurance, investors may still have had concerns about the drug's effectiveness and the timeline for future approvals.
4. **Market Reaction**: Clene's shares experienced a significant drop (33%) in premarket trading following the FDA's decision. This market reaction suggests that investor confidence was shaken, at least temporarily, by the FDA's feedback.
5. **Future Prospects**: Clene plans to provide supplemental data in H1 2024 to address the FDA's concerns. The company's ability to gather this data and present a compelling case for CNM-Au8's efficacy could influence investor confidence going forward.

In conclusion, while Clene's Q4 2023 earnings report did not directly address investor confidence, the associated events, such as the FDA's rejection and Clene's plans to address the feedback, likely had a negative impact on investor confidence. The company's future data and interactions with the FDA will be critical in shaping investor sentiment moving forward.