Last weeks Q2 2019 earnings report confirmed previous communication about the timetables of the two projects, LL-37 and PXL01. More than half of the patients have been recruited in the Phase 2b trial with LL-37, and the manufacturing delays of PXL01 seem to be on track to be solved, enabling the start in H1 2020. Valuation at the current share price level looks attractive, but without proper financing beyond 2019, we expect the share to continue trading at a discount to our base case fair value.