Redeye views the Q1 report as a confirmation of the progress made with the first sales of Terclara in the books and processes proceeding as planned, with a primary focus on the Swedish launch, the phase 3 US study, and the Terbinafine supply issue. The actual report roughly aligned with our expectations, even if sales were slightly higher than expected. We adjust our expectations slightly upwards for the potential outcome of the TO, with other estimates essentially unchanged. The Base case is SEK 24.5 per share, or expressing it with the undiluted number of shares equates to SEK 35-38 per share. (28.4m shares while not deducting the prospective cash inflow)