Redeye highlights that Calliditas continue to progress with the lead candidate Nefecon and the company prepares for the US and European launch in 2022. Financially, Callidita’s Q1 report did not include any significant surprises. We highlight the most important events during the period and what we expect over the next 12m. Our Base case is likely to remain at SEK 280 per share, suggesting a significant upside potential from current levels.