We initiate coverage of Asarina Pharma, a mid-stage biotech company in the field of women’s health and neurology. With an initial proof-of-concept achieved, we see good prospects for demonstrating strong efficacy and safety with its lead candidate – sepranolone - in the ongoing phase IIb trial (n=225) in the debilitating women’s health disorder; premenstrual dysphoric disorder (PMDD). Top-line results are expected in Q1 20. A compelling case also includes a strong and long-term oriented ownership base that should enable Asarina Pharma to retain a significant portion of the future cash earnings.