Redeye provides a retake of the investment case in Respiratorius following its Q3 2023 report and a change of lead analyst. The quarterly financials contained no surprises, although we are comforted by the low OPEX of cSEK-0.7m. The company is currently looking for a partner to take its lead asset, VAL001, through a phase III clinical trial, and until a licensing deal is announced, patience is the name of the game.