Redeye provides a research update following the Q3 report published by Lipum earlier today. We are encouraged to learn that the company has managed to restrain its OPEX and operate in a cost-effective manner following the last-patient-in in the ongoing phase I study. Now, all eyes are on the final study results set to be published in the beginning of 2025. We reiterate our valuation of Lipum with a base case of SEK15.