Redeye revisits its assessment of InDex Pharmaceuticals ahead of the blinded interim analysis of CONCLUDE’s first induction study to choose dose for the remaining part of the pivotal study. We give our take on what is ahead for InDex in terms of the readout of induction study number one, financing of induction study number two, and partnering assumptions for EU5/Japan, among other things. We dilute our valuation and upgrade our fair value range.