Cantargia's R&D costs exceeded expectations due to the expansion of the CAN04 clinical programmes. We raise our estimates for spending in Q4 and into 2022. The interim results from CANFOUR in NSCLC also identified a subgroup of patients that responded better to the treatment, potentially narrowing the estimated addressable patient group. We revise our DCF-based valuation range to SEK 34-40 (46-54) per share after the report. Marketing material commissioned by Cantargia.
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