Redeye provides a research update following the Q1 report published by Initiator Pharma earlier today. The report did not include any significant surprises as the company continues to operate at a very low cash burn, showing promise for the financial runway ahead. Instead, we continue to argue that the full priority for 2024 will be to find a licensing partner for primarily pudafensine. We reiterate our fair value range with a base case valuation of SEK24 as we continue to have a strong outlook on the case.