Redeye provides a research update on Faron following the company’s recent H1 report. Overall, the financials in the report were broadly in line with expectations. While OPEX came in slightly below our estimates, we anticipate cash burn to increase ahead as Faron is set to intensify its clinical activity. We anticipate an eventful second half of the year for Faron as bexmarilimab is set to enter phase IIb development in frontline HR-MDS with the initiation of BEXERA and multiple IIT studies. Following Redeye's new valuation approach, which factors in both fundamental valuation and relative valuation, we assign Faron a new fair value of SEK0.8 per share.
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