Redeye provides a research update following the Q3 report published by Initiator Pharma earlier today. The report did not include any significant surprises as the company continues to operate at a low cash burn, showing promise for the financial runway ahead. With focus on business development efforts, we restate that the full priority for the immediate future will be to find a licensing partner for the candidate. We reiterate our fair value range with a base case valuation of SEK24.