Redeye provides a research update following the Q2 report recently published by ExpreS2ion. While the company reported higher-than-expected OPEX and revenues due to one-off VICI-Disease-related subcontracting costs and grant income, the overall operating results and net cash flow came in line with expectations. With further promising interim phase I study data, we believe that ES2B-C001 is well-positioned ahead of the anticipated topline readout in Q4. Following Redeye's new valuation approach, which factors in both fundamental valuation and relative valuation, we assign ExpreS2ion a new fair value of SEK5 per share.
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