Redeye provides a research update following the Q1 report recently published by ExpreS2ion. While the company reported a lower-than-expected cash position due to a negative change in working capital, the report did not contain any major surprises. With further promising interim study data, a refined development plan for ES2B-C001 and a bolstered cash position through the recent rights issue, we believe that ExpreS2ion is a company that investors should keep an eye on. We reiterate our fair value range (SEK1 – SEK10) with a base case valuation of SEK6.
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