Redeye sees our recent valuation of BioArctic at SEK 208 per share as confirmed after FDA's Breakthrough therapy designation for lecanemab. Objectively, in our model, we maintain the likelihood of approval at 55% (industry standard), but in the subjective view of our analyst, the probability of approval has increased due to not only the quality of the clinical data, but also the political and societal pressures in this context.