Solvonis has initiated bridging studies for SVN-002, its sublingual esketamine candidate in combination with behavioural therapy being explored in alcohol use disorder (AUD). Solvonis has appointed WuXi AppTec, a leading R&D and manufacturing services provider to generate the bridging scientific data requested by the FDA, which will hopefully establish a link to JNJ’s Spravato, providing supporting data for a potentially capital-efficient and accelerated path to approval under FDA’s 505(b)(2) regulatory pathway. This marks a significant milestone towards the US Phase 2b trial, which once completed, should significantly increase partnering interest and potential deal value. We reiterate our BUY, TP 1.6p.