Redeye provides a research update following the Q4 report published by Cinclus earlier today. The company reported a higher cash burn than expected, mainly due to an increased OPEX and the payment of an outstanding tax debt. The rise in OPEX primarily stems from increased R&D costs in connection with its phase III study preparations. Following this, we make some upwards adjustments to our future OPEX estimates. Looking ahead, we continue to see inflection points that could narrow the valuation gap.