In Q4, positive preclinical data in myelofibrosis was presented by MD Anderson at ASH. In December, professor Rebekka Schneider-Kramann presented research in myelofibrosis. We discuss this below. Two clinical studies, one in the US and one in Europe, are being prepared, both mainly financed by external research institutes. There has been some further delays, so the European trial is now scheduled to start in Q3 2024, while the American study is planned for H1 2024. The expansion cohort in multiple myeloma in combination with ixazomib, lenalidomide and dexamethasone (IRd) is ongoing with final data expected towards the end of this year. It will provide additional data in a hematological cancer type.

Active Biotech entered into a collaboration with Stanford University for the clinical ocular biodistribution study of laquinimod in December, which will be almost entirely funded by them. It is planned to start in Q1 2024. Commercial activities will be started in parallel to find a partner for the planned phase II study in non-infectious uveitis, which might commence in 2025. Concerning naptumomab, the company expects results from the study in lung cancer with docetaxel this year, while the partner NeoTX needs additional funding for the planned expansion cohort in esophageal cancer in combination with durvalumab.

We make some changes to our valuation, raising the total milestones for tasquinimod to USD650m (USD580m) in its assumed deal as it will have two study results to bargain with, while we add one year to the development timeline of tasquinimod (launch in 2030) and naptumomab (launch in 2029). This results in a base case of SEK1.9 (SEK1.9).