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Analyst Comment

Gubra - Further validation of the streaMline platform, adding further long-term optionality

By Philip CoombesEquity Research Analyst
Gubra

This afternoon Gubra announced that its partner Amylyx Pharmaceuticals is has selected its AMX0318 asset, a long-acting GLP-1 receptor antagonist, discovered in collaboration with Gubra, as a formal development candidate for post-bariatric hypoglycemia and other rare diseases.

The candidate met all key selection criteria, including strong chemical stability, in-vitro potency, in-vivo efficacy and tolerability, and a pharmacokinetic profile consistent with long-acting dosing. This means that IND-enabling studies can be initiated. IND submission is targeted for 2027, pending submission of successful completion of IND-enabling studies.

As part of the nomination, Gubra will receive a USD 4m milestone, with the collaboration carrying >USD 50m in total potential milestones plus mid-single-digit royalties on future sales. From an investment perspective, the news provides further third-party validation of Gubra’s AI-driven streaMLine platform and its ability to generate differentiated, high-quality peptide drug candidates that meet big-pharma and biotech development standards across indications. 

While the economics are modest relative to Gubra’s headline partnerships and the programme remains early-stage, repeated external progression of streaMLine-derived assets reinforces platform credibility and long-term optionality. That said, the main value drivers for Gubra remain the AbbVie partnership around ABBV-295 and the internally owned UCN2 obesity programme, which continue to dominate our valuation and near- to mid-term investment case.

Learn more about Gubra's pipeline, and dual Discorvery & Partnerships (D&P) and CRO business model, and some valuation perspectives around Gubra's signature assets in the latest HCA one-pager here: https://www.inderes.dk/research/gubra-one-pager-strong-differentiated-obesity-pipeline-and-valuation-update

Disclaimer: HC Andersen Capital receives payment from Gubra for a DigitalIR/Corporate Visibility agreement. / Philip Coombes 14:26 08/01/2026, updated 10:52 09/01/2026 

 

Gubra is a pharmaceutical company. The company's operations are focused on the early stages of drug development. They primarily conduct research and development in the area of metabolic and fibrotic diseases. The company's product portfolio includes several brands and drugs, and the operations are conducted on a global level, with the largest presence in North America and the Nordic region. The headquarters are located in Hørsholm, Denmark.

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