Redeye comments on Klaria Pharma’s Q1 2023 report. The company reports continued validation of its epinephrine alginate film. We regard The Swedish Financial Supervisory Authority´s decision to investigate Klaria Pharma as a non-case-altering event. We believe Klaria potentially finding and signing a licensing agreement with a commercialisation partner for its sumatriptan alginate film in 2023 is essential for a positive share development. We make adjustments to our estimates and valuation.