Translation: Original published in Finnish on 1/31/2025 at 4:11 pm EET.

Faron announced that it has identified the last patient for the Phase II BEXMAB study and now expects the topline readout in April. As a result, patient enrollment was completed in January as previously announced, although the topline response rate readout was bumped slightly forward from the end of Q1'25 as previously announced.

The financing solution is tilting towards equity financing

According to the company, Faron has sufficient cash resources for the end of Q2'25. Without breaching the terms of the loan, cash will be sufficient until the end of Q1'25 at the latest when additional financing will be required. We believe that a partnership agreement or an equity financing round are the most likely financing options for the company. We expect Faron to seek a partnership agreement only after the topline readout, and it being postponed tips the scales more clearly in favor of equity financing. Supported by the positive results of the BEXMAB trial to date, the company is in a good position to raise funds, so we do not see any particular concerns. We will review our view of the company no later than the time of the publication of the financial statements at the end of February.