As the outcome for the first quarter of 2019 was in line with the preliminary communicated numbers from April 24, there were no big surprises in the report, number wise. The big news concerns the announcement of additional capital needs during 2019, current cash is estimated to be sufficient until Q4’19. We consider a targeted share issue as the most likely alternative and believe that this should be the last capital injection before the company becomes self-financed. We will take a closer look at the numbers (and talk with management) and follow-up with a more detailed research update, most likely with a lower valuation as a result of the anticipated dilution.