Redeye provides a research update following the Q2 report published by Initiator Pharma earlier today. The report did not include any significant surprises as the company continues to operate at a low cash burn, showing promise for the financial runway ahead. Following the recent patent application for pudafensine, we restate that the full priority for H2 2024 will be to find a licensing partner for the candidate. We reiterate our fair value range with a base case valuation of SEK24.