Recent data suggests that we may be turning a corner in the quest for a disease modifying drug for Alzheimer's Disease ("AD"}. With Lilly's Phase 2 posive donanemab data supporng its mode of acon ("MoA"), VVY's varoglutamstat (PQ912) is on crest of the new AD therapy wave. With signs of efficacy from SAPHIR Phase 2a, the drug is well-placed to become one of the first AD modifying drugs. Orally delivered with acceptable tolerability, it should also be well suited to combinaon therapy that will likely become the mainstay of AD management. A posive outcome in the current Phase 2b trial should provide the basis for a substanal licensing deal and even condional approval in 2023E  2024E. Nearer term, with QPCT acvity strongly implicated in progression of cancer and inflammaon, the growing body of clinical experience in AD may provide the basis for transformaonal licensing  co-development deals on PQ912 and  or its family. Our sum of the parts ("SoTP") valuaon indicates a fair value >2 mes the current market cap on the basis of AD alone. We maintain and reiterate our OUTPERFORM recommendaon with an increased TP of €33  share.