With FDA issuing a clinical hold on PledOx due to CNS adverse events and the DSMB now adding further worries about severe allergic reactions, the future of PledOx seems very grim. Of course, the decision by DSMB is worrisome, but a positive outcome from the stopped POLAR trials could fastly change the fate to something positive for PledOx. However, until we have seen the data, we remain cautious about PledOx and reiterate our base case fair value of SEK 15 (only includes Aladote).