Management have previously set out the key milestones as they progress their lead asset towards clinical readiness. In January to date, management have extended the IP portfolio and successfully completed both the manufacturing for clinical trials and the maximum tolerability dose toxicology programme. The latter studies further de-risks TheraCryf’s lead asset as they progress towards clinical readiness. The Company is on track to achieve clinic-ready status by the end of 2026. This update is positive and highlights managements’ intention to deliver upon expected milestones. We re-iterate our PT of 3.2p and BUY recommendation.