Moberg Pharma’s revenue in 2Q’17 was in line with our expectations, but higher OPEX resulted in EBITDA lower than our expectations and the consensus. The rise in OPEX was primarily driven by higher selling expenses as Moberg invested heavily in the New Skin brand in 2Q’17. We consider this rise mostly as a one-off investment and expect selling expenses to start approaching a more normal level in 2H’17. Following the 2Q report and divestment of Fiber Choice, we have lowered our estimates. Our estimate changes have a negative impact on our base case fair value, which we have lowered to SEK 68 (73). We would like to highlight that in our valuation model, the clinical projects represent SEK 33 and we believe the current share price level, in a very limited way, accounts for the commercial potential of these assets. We expect this will change as we get closer to top-line data in the MOB-015 trials