Curasight showed disciplined cost control in Q3, tracking below our cost forecast for FY-24, and will now carry out the second warrant exercise, with the outcome on 9 Dec. It should have patent protection for uTREAT through 2043, after submitting a new method-of-use patent, but more importantly, it plans to submit a CTA for high-grade glioma in early Q1/25, and to dose the first patient in Q2/25. We make no estimate revisions, valuation range midpoint unchanged at DKK 54 p.s.

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