Nuevolution continues their transformation into a clinical stage biotech with a forceful R&D engine. We believe the coming years could transcend the company into the next level. In this update we review recent event and take a better look at the internal RORyt inhibitor program, which we have now lifted into our SOTP valuation. This increases our Base Case to SEK 27 (24) per share, and our Bull and Bear Case now stands at 40 (33) and 16 (15), respectively.