Redeye sees 2020 as a year where Karolinska Development is in the midst of a change process aimed at refining its business and seeking additional funding. Valuable portfolio read-outs during 2020 include Forendo Pharma, Umecrine Cognition, and Aprea Therapeutics. While we are impressed with the overhaul of the balance sheet and see an upside from current share levels, we also discuss why we feel risks remain high, and a discount is still warranted.