Redeye comments on Spago’s Q4 2022 report, and we estimate that the company is making solid progress towards starting its phase I/IIa trial with radionuclide drug candidate Tumorad (177Lu-SN201). Further, we judge that patient recruitment to the company’s phase IIa trial with SpagoPix (SN132D) is progressing solidly. We make some minor adjustments to our estimates and valuation.