Redeye comments on Spago resolving to conclude SPAGOPIX-01 and starting a phase IIa trial with SpagoPix/SN132D in endometriosis. We previously viewed a potential SpagoPix deal in 2023e as a significant catalyst and source of non-dilutive funding. However, our suspicion that SPAGOPIX-01 data might not suffice to strike a deal seemingly turned out correct, and we judge a SpagoPix deal is now likely in 2024e. We adjust our estimates and lower our valuation.