SynAct’s Q226 results marked a strategically important period in defining resomelagon’s clinical and commercial opportunity. Following June’s Phase IIb ADVANCE data, we expect RA to remain the principal value driver, with ACR20, CRP and SDAI signals sufficiently encouraging to support a potential Phase III path despite the missed DAS28-CRP primary endpoint. Importantly, the opportunity in acute settings is becoming more tangible. While RESOVIR-2 and RESPIRE are testing resomelagon’s host-directed, pro-resolution mechanism across viral infections, we view the post-period Hipolabor agreement as early external validation of commercial interest in dengue and a credible route to market in Brazil, while preserving global rights. The SEK100m Fenja financing facility de-risks near-term development plans with headroom into Q327. Reflecting modest seasonality-related timeline shifts, our valuation adjusts to SEK39.4/share.