Trinity Delta view: Futura Medical has successfully transitioned into a commercial stage healthcare company that is now profitable and cash generative. The much-anticipated US launch by Haleon is imminent, and commercial success in the US would be transformational, ensuring Futura Medical’s sustainable and growing profitability. Continued launches by partners, coupled with ongoing learnings from real-world evidence that confirm Eroxon’s unique position and potential, all bode well for future Eroxon revenues. While these are challenging to forecast in the near-term given unpredictable launch dynamics (channel fill and stocking effects, timing of batch release) and limited disclosure from partners (including variable milestone elements and undisclosed deal terms in different regions), over time visibility should improve. The market for ED treatments is significant and Eroxon appears ideally placed to carve a sizeable niche for itself. Our current Futura Medical valuation is £371m, equivalent to 123p per share, with the US opportunity worth more than Europe and Other Regions combined.