Gabather: Any day now - VH Corp
This is a third party research report and does not necessarily reflect our views or values
* Exercise of warrants and a directed share issue extends runway
* Phase II clinical trial expected to start very soon
* After dilution, our fair value amounts to SEK 0.06 per share
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.
* Phase II clinical trial expected to start very soon
* After dilution, our fair value amounts to SEK 0.06 per share
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.