We are initiating coverage of FibroBiologics, Inc. (FBLG) with an $11.00 valuation. FibroBiologics is a cell therapy company focused on the development of fibroblast-based therapies for the treatment of chronic diseases with significant unmet medical needs. We anticipate that a Phase 1/2 clinical trial of CYWC628, the company's lead asset targeting diabetic foot ulcers, will be completed in Australia in 2025. The company is also developing CybroCell as a treatment for degenerative disc disease and CYMS101 for the treatment of multiple sclerosis. Clinical trials for those indications are also expected to initiate in 2025.