Management continues to deliver its timelines, with the ph2 head-and-neck cancer trial of FG001 now enrolling the first patients (interim data due in H2/25). With a third partnership agreed, we see scope for deepening collaboration, particularly in head-and-neck. Meanwhile, in brain cancer, Fluoguide awaits its pre-IND meeting with the FDA to finalise pivotal trial design. We reiterate our valuation range midpoint of SEK 153 per share.

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