The announcement of Nanexa’s first licensing deal marks a meaningful validation of the PharmaShell platform, as Moderna, a global leader in mRNA therapeutics, commits to test up to five compounds under a structure including USD 3m upfront, up to USD 500m in milestones, and tiered single-digit royalties. While the deal extends Nanexa’s financial runway into autumn 2026, the lack of detail on the target indication, market size and development priorities offers little support for a valuation. After a 41% share price increase on the news, we continue to see significant upside should further deals materialise or the company advance its own semaglutide depot project, supporting a potential company valuation around SEK 1 billion, or roughly SEK 6 per share, while acknowledging that the margin of error in any fundamental approach remains huge at this point.