Redeye provides a research update following AlzeCure's Q3 report. The report showed net sales of SEK66.2m, driven by the licence fee from the QuantumCell agreement, and an EBIT of SEK51.9m, slightly above our estimate, while cash and cash equivalents amounted to SEK231.9m at the end of the quarter. Q3 was the first quarter in which the upfront payments from the Eli Lilly and QuantumCell agreements and the proceeds from the rights issue reached the balance sheet, and it was followed by a change of CEO, with co-founder Johan Sandin appointed acting CEO. With the Alzheimer's programmes in partner hands, we believe that the bolstered finances enable a more focused development of the Painless platform. In this update we include ACD137 in our valuation for the first time and arrive at a new fair value of SEK14 per share.
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