While the Q1 report offered few surprises, the Novartis subset analysis of CANOPY-1 was an important event as it confirmed Cantargia's approach to NSCLC is the right one. Following the report, we make some revisions to our estimates and push the launch of CAN04 in PDAC from 2025 to 2027 and now expect an NSCLC partnership agreement in 2024, instead of 2023. The nearest potential catalyst for Cantargia is the ASCO conference in early June. Following the report, we lower our DCF-based valuation range to SEK 28-32 (34-38) per share. Marketing material commissioned by Cantargia.

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