Redeye provides a research update following the Q4 report published by Initiator Pharma earlier today. The company operated at a lower OPEX than we anticipated, while managing to achieve a positive new cash flow, showing promise for the financial runway ahead. Following the encouraging phase IIb topline results announced by the company during the quarter, full priority for 2024 will be to find a licensing partner for pudafensine. We reiterate our fair value range with a base case valuation of SEK24 as we continue to have a positive outlook on the case.