Q1 FCF of DKK -8.2m leaves DKK 11.8m in cash, which we estimate is sufficient to keep Curasight operating into Q3/24. The result included a milestone from partner Curium (amount not disclosed). In its Q2 report, mgmnt. reiterated that it continues to seek alternative funding sources after withdrawing the planned rights issue. Should it succeed, mgmnt. plans to initiate a phase 2 uTRACE/uTREAT basket trial in 2025. With no model changes, we reiterate rNPV mid-point of DKK 54.
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