Redeye initiates coverage of Cinclus Pharma, a Swedish biotech company offering a next-generation solution to the USD+5bn GERD treatment market. Building on its superior efficacy, a robust safety profile and being on the brink of pivotal studies, the lead candidate linaprazan glurate has a clear-cut pathway to the market. Bolstered by a strong management and a newly secured financial runway, we see a case with blockbuster potential.