Nicox’s Q1 results, reported on 19 April, were largely in line with our expectations. The company continues to make progress with its leading clinical programmes, with lead candidate NCX-470 having reached 50% of its enrolment target in the Phase III Mont Blanc trial assessing the drug candidate’s ability to reduce intraocular pressure (IOP). As NCX-470 expands on an already-established dual IOP-lowering mechanistic approach, we believe, if approved, it could become the most potent single-agent glaucoma drug on the market in terms of IOP-lowering efficacy. Top-line data are expected in Q222. NCX-4251’s Phase IIb study in acute blepharitis is tracking well and results continue to be expected in Q421.