Ascelia’s Q2 confirmed a contained OPEX base. With support from the recent SPARKLE success and the ongoing secured part of the rights issue, Ascelia is well placed to secure a partner before approval and the launch. Our Base Case is SEK 12 (Bull SEK 31 and Bear SEK 2.3); the main reason for the revision is a high degree of dilution from the rights issue, and our earlier Base Case was SEK 17 (Bull SEK 45 and Bear SEK 6).