Biovica's next step before the FDA decision is to formally submit the updated application after addressing all FDA's questions from earlier this year. This is now delayed because FDA has declared that it is not ready to handle the submission. As a result, Biovica will not secure an FDA decision by the end of September, which was the earlier communicated objective. This is most likely a minor delay, and it is outside Biovica's control and most likely without any impact on the likely outcome. We regard the share price reaction today as a nervous overreaction without and support in changing fundamentals. Our value proposition remains a base case value of SEK 95 (Bull SEK 325 and Bear SEK 20).