There is a high level of clinical activity at Immunicum and the company is now conducting three studies of its own in the cancer indications: mRCC, HCC and GIST. The company has made the most progress in mRCC where a phase II study began last year. Patient recruitment was initially slow, but now that clinics outside Sweden are being included, the recruitment rate is expected to improve. An initial report from the study provides promising signals where analyses of the first surgically removed tumours indicate a tumour-specific infiltration of CD8+ T cells in patients treated with Intuvax. This is really promising since earlier phase I/II studies indicated a connection between this and extended survival. We have adjusted our cost estimates upwards somewhat for this year and next year, but we have not changed our project assumptions. Fair value estimate remains unchanged at SEK 45 (45).