Pharma Equity Group (“PEG” or “the Company”) continues to make clinical progress, as demonstrated by the positive final results obtained from the Phase II clinical proof-of-concept trial (RNX-051). Additional highlights include the granted patents for RNX-051 and RNX-022 in the EU. The cost base remained consistent with Q4-23, and PEG maintains the Company’s guidance of an EBT in the range of DKK -24 to -29m for 2024E, which is in line with our estimates. The burn rate increased during the quarter, as did the need for capital to sustain operations, which is reflected in the additional convertible loans totaling DKK 8.4m during Q1-24. Looking ahead, we will monitor the clinical progress and the EMA’s decision on receiving approval for RNX-041 regarding orphan drug designation. Additionally, hiring the right personnel could accelerate licensing agreements, serving as a near-term catalyst. Analyst Group leaves the forecast unchanged and reiterates the motivated potential present value of DKK 1.4 (1.4) per share in a Base scenario.