At its Q323 update Nicox reiterated its guidance that it expects to report primary efficacy data for the Denali study in 2025. Denali is the company’s second Phase III study assessing lead candidate NCX-470, a nitric oxide (NO) donating bimatoprost, in the treatment of elevated intraocular pressure (IOP) in patients with glaucoma or ocular hypertension (OHTN). The next clinical catalyst is the initiation of the Phase IIIb Whistler trial in Q423, which aims to assess NCX-470’s dual mechanisms of action (NO-release and uveoscleral outflow). The results (anticipated near YE24) could help differentiate NCX-470 from competing glaucoma therapeutics. At 30 September gross cash was at €14.6m, which we expect to provide a cash runway into June 2024, while the company continues to seek partnerships for NCX-470. After rolling forward our estimates, we obtain an equity valuation of €119.4m, or €2.38 per basic share.