Ascelia's confirmation yesterday that the three professional external readers has completed the image reading process reduces the risk of delays. Ascelia states that it is on track to deliver headline pivotal SPARKLE results by the first half of May. This is of course positive as delays translates to increased cost and perceived risk. The remaining period will involve data quality control and statistical analysis. The big question is if Ascelia can avoid the issue of high intra-reader variability and to repeat Orviglance’s positive results as indicated by earlier clinical studies. Our Base Case remain SEK 12 (Bull SEK 32 and Bear SEK 4)