Redeye is encouraged by the update from the Phase Ib part of the ILIAD-trial (ilixadencel combined with Keytruda in solid tumors). Fifteen patients have been dosed, and the Dose Escalation Committee recommends continuation at a higher dose level as previously planned. Immunicum does not disclose any data but reports no dose-limiting toxicity so far. The progress in ILIAD seems to bode well for Immunicum’s updated strategy to focus the development of ilixadencel in broader cancer indications on combinations with checkpoint inhibitors. We believe the update supports our view of the case and make no changes to our valuation.