Nanexa: Targeting treatment of first patient in phase Ib/II with NEX-22 before year-end - Emergers
Dette er en ekstern analyse og afspejler ikke nødvendigvis vores perspektiv eller værdier.
Nanexa’s Q4 report did not reveal much new, although the conference call provided welcome clarity on the rationale behind the extension of phase I with a higher dose (as dosing in the original phase I caused suspiciously few side effects). Management now targets the treatment of the first patient in phase Ib/II before year-end. Following the recent directed issue of units plus loan, raising a total of SEK 55m before costs, Nanexa is now less focused on achieving a regional license deal in Asia and is instead aiming to secure a global co-development deal for the continued development of NEX-22. With near-term financing secured into 2026, the recent positive results in the Phase I study for NEX-22, and adjusting for the dilution from the directed unit issue (excluding the warrants), we now find support for an rNPV for NEX-22 alone of SEK 730m or SEK 4.7 per share. All in all, this means that we now find support for an rNPV of SEK 5.6-9.8 per share. However, we also note that, apart from securing a co-development license deal, there are few catalysts for the share in the next 6-9 months.