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Press release

Analyst Group: Analyst Group Comments on the Outcome of Pila Pharma’s Series TO2 Warrants

PILA PHARMA

Pila Pharma AB (“Pila Pharma” or the “Company”) announced on February 17 the outcome of the Company’s series TO2 warrants. A total of 1,798,853 series TO2 warrants were exercised, corresponding to approximately 12% of the total number of outstanding warrants, for subscription of 3,597,706 shares at a subscription price of SEK 1.50 per share. This provides Pila Pharma with approximately SEK 5.4m before transaction costs. The dilution effect amounts to approximately 7.9% for shareholders who did not exercise any warrants.

Below are our thoughts on the news:

  • Higher subscription rate than expected: TO2 contributed SEK 5.4 million, exceeding our estimates, thereby strengthening the cash position and postponing the short-term capital need, which we view positively from a valuation perspective.
  • Enables clinical value drivers: Existing funds are now considered sufficient to finance a clinical study in obesity.
  • Additional capital will be required: A broader acceleration of the clinical development program during 2026–2027 is, however, expected to require external capital beyond the TO2 proceeds.
  • Continued strong shareholder confidence: The outcome, combined with the previously oversubscribed rights issue and insider participation, indicates solid access to capital markets and confidence in the Company’s development plan.

In summary, the outcome of TO2 was somewhat higher than we had estimated, which we view positively from a valuation perspective, as it provides greater scope for Pila Pharma to accelerate clinical development and thereby realize the potential of its development portfolio. Existing funds are now assessed to be sufficient to fully finance an initial clinical obesity study, which may contribute to reducing operational risk ahead of a potential future capital raise. At the same time, exposure data from the preclinical obesity study is expected to constitute a decisive data point regarding the future clinical development plan and its associated risk profile for Pila Pharma going forward. Overall, the outcome, in combination with the previously oversubscribed rights issue, represents a sign of strength regarding the Company’s ability to attract capital and the continued confidence from shareholders.


Read Analyst Group’s comment here


About Analyst Group: One of Sweden's leading equity research boutiques with focus on small and medium-sized listed companies.
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This is a press release from Analyst Group regarding the publication of a comment on Pila Pharma. Readers may assume that Analyst Group has received compensation for making the comment. The Company has not been given an opportunity to influence the parts where Analyst Group has had opinions about the Company, future valuation or anything else that could be considered a subjective assessment.

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