With this note, we transition coverage of OneSpan Inc. (OSPN) to our Company Sponsored Research platform with a moderate risk rating and $16 price target, based on 11x our 2027 EPS estimate of $1.13 plus 2027 projected net cash per share of $3.34. We project revenue declined 2% year over year in 4Q:25 but profitability expanded by $0.04 per share when adjusted for a one-time items, amortization of intangible assets, and stock-based compensation expense. On a GAAP basis, 4Q:24 was helped by a one-time tax benefit. We expect management to be focused on driving growth following restructuring initiatives that have led to more than $75 million in annualized cost savings. Both of the company's business segments have turned profitable with room for further expansion as they achieve scale.