Redeye updates Spago after completion of the recent funding and the initiation of the clinical stage for the lead candidate Tumorad. During 2024 we look forward to further feedback from Tumorad’s open phase 1 study, the complete analysis of SPAGOPIX-02 potentially attracting partner discussion and the outcome of the warrant program. Tumorad provides a significant upside potential whilst SpagoPix can support the access to growth capital. Our updated base case is SEK 0.9 (1.8 reflecting a higher level of dilution), Bull case SEK 2.5 (3.3) and a Bear Case of SEK 0.2 (0.4).