Following the license agreement with Moderna in Q4’25, Nanexa continues to advance along three parallel value tracks: the Moderna collaboration, additional PharmaShell license deals and the internally developed long-acting semaglutide program. Q1’26 was marked by highly encouraging preclinical data, including a potential quarterly dosing profile, strengthening the commercial relevance of PharmaShell. At the same time, a significantly improved financial position, supported by a debt set-off issue, extends the runway into 2027. While the increased share count introduces dilution, we view this as broadly offset by the strengthened value proposition following the quarterly depot data. We continue to see substantial upside from further deal flow or successful advancement of the semaglutide project, supporting SEK 6 per share as a mid-term target, but reiterate that the limited disclosure still implies a considerable margin of error in a fundamental valuation approach.