As expected, the Q2 report contained no significant surprises, with an operating loss of DKK11m and a cash position of DKK8.4m. In June, Curasight unveiled a financing strategy that includes directed issues, a loan facility, and warrant programs.

The company has recently enrolled the first patient in the phase II trial with uTRACE in prostate cancer and thus received a milestone payment of some USD0.5m from its partner Curium. According to the recent release, the company expects to present preliminary data from this trial already in Q4 2024. The final patient will then be treated by Q2 2025. We believe that progress from this trial will be key to a successful raise through the warrant programs, as well as continued progress/preparation for the upcoming clinical trial/s with uTREAT (expected to start in H1 2025).

We reiterate our previous stance, and thus our base case of SEK27 per share. We'll dive deeper into our uTREAT assumptions as the trial initiation approaches, and we will have more details on both the specifics and the company's financial status. Overall, we think that Curasight has an exciting pipeline and a solid clinical plan. The focus in the near term will be on the company's execution, in the near term the phase II uTRACE study in prostate cancer, as it will be needed to raise enough cash through the warrant programs to continue with its plans.