Redeye provides a research update following the Q1 report recently published by Isofol. Overall, the report was largely in line with our estimates, with only a slightly higher OPEX than anticipated. Bolstered by encouraging interim data from the phase Ib/II study and a strengthened cash position through the recent warrants exercise, we continue to have a positive outlook on the case despite the somewhat slower-than-expected recruitment rate. We reiterate our base case valuation of SEK1.9.
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