Saniona presented some pipeline news yesterday, which we follow up on. Our headline in this research note speaks for itself. While the discontinuation of the NS2359 phase 2 study and the termination of the first collaboration with Boehringer Ingelheim (BI) is disappointing and hurts our Base Case, it creates mid- to long-term opportunities. Perhaps a bit ironically, it is more aligned with the updated corporate strategy to develop proprietary assets in rare eating disorders.