After Cantargia's CMD last week, the Q1 report offered few surprises. The increased operating loss versus our previous estimate was likely due to R&D investments during the quarter. We make some estimate revisions following the report, owing to an expected increase in spending for the next two years and a somewhat improved outlook for CAN04 following the interim ph II data reported last week. We lower our DCF-based fair valuation range to SEK 45-52 (54-59) per share. Marketing material commissioned by Cantargia.
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