In our view, the Q1 report was a non-event, with the results broadly in line with our estimates. The company continued its dialogue with the FDA and has started analysis of the pivotal AGENT study; it reiterated that top-line data is set to be presented within 2-3 months. Overall, the company looks to have been on track in the quarter. We largely maintain our forecasts and assumptions as well as our fair value of
In line with expectations. The Q1 operating loss of cSEK50m was in line with our expectation, while total expenses were cSEK54m, compared to our forecast of cSEK53m. As in previous quarters, R&D accounted for around 88% of total costs. Net sales were cSEK4m, compared to our estimate of cSEK4.7m; the deviation related to slightly higher sales from
Continued dialogue with FDA. During the quarter,
Pre-commercial activities. The company indicated a good pace in its pre-commercial activities regarding different outcomes of the crucial AGENT study. On the conference call, the CEO pointed to significant interest in arfolitixorin, which should intensify after full read-out of the study in H2. In our view, the company's preparations for different outcomes of the study strengthen our view that the outcome will not necessarily be binary.
Fair value of
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