Redeye provides a research update following the Q1 report published by Cinclus earlier today. OPEX came in above our estimates as the company has accelerated patient screening and recruitment in the ongoing phase III study. However, with a bolstered financial position following the recent EUR28m financing agreement, Cinclus has a financial runway into Q3 2027 and will now be able to prioritize parallel preparations ahead of the second part of the pivotal phase III study, enabling a seamless transition. We reiterate our fair value range (SEK15 – SEK80) with a base case valuation of SEK50.
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