Redeye provides a research update following Lipum’s clinical progress, recent rights issue, and revised development plan for SOL-116. As the candidate demonstrated promising results from the first interim readout of the ongoing phase I study, we increase our LoA to 15% (11%). Furthermore, we include the proceeds (and dilution) from the recent rights issue and model in-house implementation of the upcoming phase II trial. Accordingly, we adjust our valuation of Lipum with a revised base case of SEK15 (20).