With its Phase IIb VIVIAD trial fully funded and recruing, Vivoryon ("VVY") leads in next generaon Alzheimer's Disease ("AD") therapy. Targeng both neurotoxic and inflammatory components of AD via glutaminyl cyclase ("QPCT"), varoglutamstat ("PQ912") has already shown efficacy in early disease. A posive outcome in the current Phase IIb trial should provide the basis for 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 4 - 5 mes the current market cap on the basis of AD alone. We recommend the stock OUTPERFORM with an increased TP of €25  share.