Redeye updates its outlook on Hansa Biopharma, anticipating gradual launch support during 2023 and supporting pipeline progress over the next 12 months. We make a slight negative revision after the recent Q4 result, and the most significant change is the number of shares relating to funding protecting the equity levels. Our Base Case is SEK 170 (410) with a Bull Case of SEK 400 (600) and a Bear Case of SEK 45 (175).