Redeye provides a research update following the Q3 report published by Alzinova earlier today. The company reported a slightly lower OPEX and higher capitalization than anticipated. However, overall, the financials were in line with our expectations. We argue that the main focus ahead for Alzinova’s new CEO, Tord Labuda, will be to achieve a licensing deal as the company awaits data from the phase Ib extension studies. We reiterate our fair value range (SEK1 – SEK12) with a base case valuation of SEK6.5.