Nanexa’s Q3 report underscores a pivotal moment for the company. While interest in its PharmaShell technology remains strong, with advanced business discussions ongoing and an extended evaluation agreement in a multi-billion-dollar indication, the financial runway is now down to less than six months, and a partnership agreement before year-end appears essential to avoid another equity raise. Management expresses high confidence in securing at least one deal soon, though the first agreement is unlikely to be within the GLP-1 field. Despite reduced quantitative support for valuation following the strategic shift away from NEX-22 and a lower emphasis on the Novo Nordisk relationship, we continue to see significant upside should even one deal materialise, supporting a potential company valuation around SEK 1 billion, or roughly SEK 6 per share, provided financing can be secured.