Q2 operating losses increased y/y, as we anticipated, due to the applied and initiated studies announced in Q2. This was included in the last update's estimates, thus we make no meaningful revisions following the Q2 report, apart from lowering cash spending slightly. The ESMO congress abstract to be released in September, however, could potentially impact our valuation, as it could yield more visibility into the likelihood of CAN04 approval. We raise our DCF-based valuation range to SEK 46-54 (45-52) per share. Marketing material commissioned by Cantargia.
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