Karolinska Development (KD) published its Q1'21 report this morning. The stock still trades at a significant discount to NAV, reflecting low confidence by the market to generate value. It is of utmost importance to learn about further progress in the key holdings, such as Aprea Therapeutics and Umecrine Cognition. An improved financial position for the investment entity is also a prerequisite and we expect updates about this in the near term.