The most important announcement in the latest interim report was that an end-of-Phase II meeting will be held with the FDA (PLIANT study) in the autumn. What comes out of this meeting, in terms of the number of studies required and their scope, will be decisive for the partnership process intended to commence later this year. The ideal scenario would require a study involving only a couple of hundred patients with similar primary endpoint as in Phase II. The second quarter report confirms that, as partnership negotiations approach, the financial situation is stable, with a cash position amounting to SEK 70 million at the end of June. We make no changes to our forecasts and, accordingly, our fair value remains unchanged at SEK 58 per share. At current share price levels, it appears as though the market has low expectations of Pledpharma being able to secure a partner deal for PledOx. Positive results from the upcoming FDA meeting could change this quickly.