A preferential rights issue is underway that can inject SEK 190 million, after transaction costs, into the company. The capital will provide financing for the business until the end of 2019, and the objective is to reach several important clinical milestones for the main project ilixadencel during the period. We have updated our model assumptions, and our motivated value in the base scenario, which includes the effects of the ongoing new share issue being fully subscribed, is reduced to SEK 20 (39). We have also adjusted our bear case downward to SEK 4 (5) and bull case to SEK 42 (80). We see a significant fundamental upside from the currently depressed levels, and the stock is being traded significantly lower than comparable companies. However, in order for us to see a proper recovery for the stock in the near future, we believe that the ongoing new share issue must be fully subscribed. For longer-term investors, the major share catalysts are data expected to be presented during the second half of 2019. In the event of a positive outcome in the MERECA study, and the basket trial, we see upward potential toward our bull case.