Redeye provides a research update following the Q3 report published by Cinclus earlier today. The company reported a lower OPEX than expected. However, we still anticipate the cash burn to increase ahead of the upcoming phase III study. Accordingly, we do not make any adjustments to our future estimates. We argue that the main focus onwards will be to complete necessary preparations for the upcoming pivotal studies. We reiterate our fair value range (SEK17 – SEK90) with a base case valuation of SEK56.