Scandion’s Q422 and FY22 results highlighted the significance of the upcoming year, with key clinical milestones expected for its lead asset SCO-101. The first of these comes in the form of top-line readouts from the Phase Ib PANTAX study in pancreatic cancer (PC), which is expected in H123. These will be closely followed by top-line results from part 3 of the Phase IIb CORIST study in metastatic colorectal cancer (mCRC), expected in Q323. Management has communicated that patient recruitment in each of these studies is continuing as planned, which, in our view, is a positive indicator that the trials are on track to deliver readouts against these timelines. At end-December 2022 Scandion had a net cash position of DKK77.6m, which management has guided will provide a cash runway into FY24. We have updated our estimates and rolled our model forward and now value Scandion at SEK238.2m or SEK5.8/share (versus SEK241.1m or SEK5.9/share previously).