Clarity on the situation for NEX-18 will be key for Nanexa’s equity story to get underway again, with an update expected in Q1’22 when the complementary pre-clinical work is completed. Until then the company will now prioritise the planned Ph 1 study start with NEX-20 in H2’22 with further potential updates on collaborations and selection of the NEX-21 candidate in H1’22 providing additional possible triggers for the share. We expect a neutral response today to a largely uneventful report.