US approval of Winlevi in acne is a key catalyst which will be transformational for Cassiopea and marks the first new mode of action for acne in almost 40 years. Ideally, Cassiopea would like to acquire or merge with a US specialist derma company with a sales force to maximize the long-term value of Winlevi and its pipeline. The EUR 23.3 mn capital increase together with the Cosmo credit line provides sufficient cash beyond US approval of Winlevi, which should trigger a substantial revaluation.