Redeye comments on Spago’s Q1 report, and we reiterate our positive view on the investment case. SpagoPix phase I completion is approaching, with data readout and a partnership deal for further SpagoPix development to follow. Proceeds from Spago’s recent share issue enable accelerated Tumorad development, with phase I/II trials to start in 2022. Accounting for the recent directed share issue, we adjust our fair value estimates.