That's a deceptively simple, but amazing cover by Djurdjevic. His anatomical drawing is technically perfect; but he also manages to deliver a freaky/horrific image. (That tongue wrapped around Namor's neck! Ewwww!!!) It's not so easy to have beautiful technique and be so expressive at the same time.
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Djurdjevic often posts his pencils, and they're beautiful. Sorry the quality isn't great on this one.
Is the initiative a good story, incidentally? I've never read it.