RUA Life Sciences’ trading update was accompanied by a regulatory update on its vascular graft products. Investors look for companies to do three things – achieve clinical, regulatory, and commercial success. While the first of these is awaiting all the clinical trial components to be in place, which the trading update notes that the company is now much closer to, we note RUA’s achievement of the second and third of these tasks. The valiant efforts that RUA has made on cost control and sales growth suggest that changes are needed to our revenue and YE 2023 cash estimates, but we are holding off making changes to our financials until the detail of RUA’s interim results expected on December 12th. Our financial estimates and forecasts remain unchanged for the moment with Fair Value seen at £121.0m or 545p per share.