Redeye provides a research update following the Q3 report published by Cinclus earlier today. The quarter was characterized by intense clinical activity as HEEALING1 was completed, resulting in higher-than-expected R&D costs, while revenue came in well below our estimate as the anticipated EUR5m milestone from Zentiva was not recognized during the quarter. Importantly, all patients have now completed both treatment and safety follow-up, and the topline readout remains expected in Q4 2026. With a financial runway extending well into 2027, we set a fair value of SEK45 per share.
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