Gabather’s Q4 report showed lower-than-expected costs, primarily due to reduced payroll expenses, resulting in EBIT of MSEK -1.25 versus our forecast of MSEK -1.50. Cash at year-end amounted to MSEK 3.14, slightly below our expectation, but with an additional MSEK 1.53 in subscribed but unpaid share capital, the effective liquidity position is somewhat stronger than it appears. While finances remain tight, the company exits 2025 in a stronger position than after Q3. The TOTEMS phase II study has not yet commenced, but preparations at CNSR in Denmark appear to be in their final stages and the study is expected to begin shortly. While our outlook has not changed significantly, the number of outstanding shares has. After adjusting for dilution, our fair value amounts to SEK 0.06 per share.
The full report is available here.