Redeye initiates coverage of ISR Immune System Regulation Holding AB, a Swedish biotech company developing an HIV treatment and a nasally inhaled COVID-19 vaccine, both of which we believe can prompt a paradigm shift in the current standard of care. ISR awaits clinical phase IIa trial data for its HIV study and approval to initiate a clinical phase I/II trial for its COVID-19 vaccine. We view the current share price as an attractive entry opportunity for long-term-oriented investors.