Redeye updates Spago Nanomedical after reporting the Q4 result. During 2024, we look forward to the result from the first stage of Tumorad’s open phase I/IIa study by mid-2024 and the result from SpagoPix partner discussion. Tumorad provides a significant upside potential, and SpagoPix can add support by securing access to growth capital. Our updated base case is SEK 1.0 (0.9), reflecting a higher level of dilution), Bull case SEK 2.6 (2.5) and a Bear Case of SEK 0.2 (0.2).