Redeye sees the CEO change at Immunicum as a rather natural step following the merger with DCprime. Erik Manting, the former CEO of DCprime and the current Chief Business Officer, replaces Sven Rohmann, who leaves the management group for an advisor role. The new CEO already has several years of experience heading the development of allogeneic dendritic cell therapy at DCprime. Hence, he is a logical candidate, and the transition should be smooth, in our opinion. We do not make any changes to our valuation at this point. We expect the shares to trade sideways in the near term until further news, e.g., an anticipated update regarding the combined business and development plan and the financing strategy.