Redeye provides a research update following the Q2 report published by Cinclus earlier today. The company reported a SEK62.6m net cash flow for the period following a EUR13m upfront payment from the secured European licensing agreement with Zentiva ahead of the upcoming phase III study, set to be initiated in H2 2025e. While we view this as encouraging, we do not make any changes to our valuation for now. Accordingly, we reiterate our fair value range (SEK15 – SEK80) with a base case valuation of SEK50.
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