Based on earlier studies, we use a LOA of 85%. If the headline results due by mid-2023 are favorable, we expect Ascelia to complete the Clinical Report to the FDA by the end of 2023 with a potential submission by H1 2024. Ascelia has a very good opportunity for a non-gadolinium diagnostic drug (contrast agent) to be used in MRI scans of the liver for patients with very poor kidney function (like CKD stage 4 and 5). Our updated view is a base case valuation of SEK32 and a Bull Case of SEK100, and a Bear Case of SEK9.

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