Q4's operating loss was higher than expected, mainly due to continued higher R&D spending as well as costs related to the change of CEO. The 005-study has been concluded and the company's full attention should now be on bringing arfolitixorin to market. We estimate continued high R&D spending going forward as more sites are expected to be opened. We have tweaked our estimated fair value to
Isofol reported a Q4 operating loss of cSEK55m. The reported loss was above our estimate of cSEK38m due to increased spending on R&D and higher personnel costs. The increase in personnel costs was attributed mainly to a one-off due to the management change, with severance pay for the resigning CEO. The R&D increase related to the intensified work with the ongoing phase III study. Isofol had an end-Q3 cash position of cSEK127m with a quarterly burn rate of cSEK63m.
Continued progress in phase III study - first patient in
ISO-CC-005 concluded - expects to present data at ESMO. During the quarter, Isofol decided to conclude its 005-study as the study had fulfilled its purpose of establishing an effective and safe dose for AGENT, as well as generating additional safety and efficacy data. The company plans to present data from the study at ESMO 2020 in September. We believe this is a sound decision as, given that the trial has achieved its objective, resources and focus can be dedicated fully to the development of the AGENT study.
We have adjusted our fair value assessment for Isofol to
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