NANEXA AB After positive pre-clinical results in rats with NEX-22 (for treatment of type 2 diabetes) in Q1, we now see results from phase I for NEX-20 (for multiple myeloma) by end of June, initiation of phase I with NEX-22 later in 2023, and NEX-18 (long-acting injectable azacitidine for myelodysplastic syndrome) in 2024, as the primary catalysts for a continued revaluation. In addition, two unnamed partner projects are moving into pre-clinical phase in Q2'23. However, the cash is just enough for the rest of the year, which means that we will likely see a raise in H2'23. Our updated rNPV model, now taking a raise of another year's runway into account, supports a fair value of
Phase I results for NEX-20 before end Q2
As announced in Q1,
Besides the success for NEX-22, the results also have implications for Nanexa’s collaboration with
Revising our model and adjusting for a raise on the horizon
Revenue in Q1’23 amounted to
This highlights the need to secure additional funding during the summer semester. Since license and further exclusivity agreements seem premature, it will most likely be in the form of a rights issue. But with a strategic industry giant such as
After the progress in pre-clinical trials with NEX-22 and the forthcoming completion of phase I with NEX-20, we’ve updated our valuation model and probabilities. Combined with a rights issue of some 30m shares to raise another year of runway (
Read the full report here: https://www.emergers.se/nanexa_n
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