In connection with Curasight's Q2 2026 interim report, we have updated our Investment Case. Our investment case covers the key investment reasons, risks, and valuation perspectives.

The defining event of the quarter was not the report itself but the protocol amendment submitted on 27 July 2026. The amendment adds a cohort of at least six patients dosed without blood-brain barrier disruption via mannitol, alongside the existing intra-arterial administration, and introduces general anaesthesia during the procedure. It is pending regulatory approval. The immediate consequence is that the three remaining read-outs move into H1 2027: the uTREAT® GBM topline, and preliminary and topline data from the partnered uTRACE® prostate programme. Management has been clear that H1 covers January to June and that the timing is deliberately conservative while approval is outstanding. 

We think the trade-off is a good one. Comparing two cohorts answers a question the programme would otherwise have carried unanswered into a larger and more expensive study, which lowers design risk in the next phase. If uTREAT® reaches the tumour without opening the barrier, the procedure carries one step fewer and the evidence base for addressing brain cancer patients beyond glioblastoma strengthens. Our forecasts take a glioblastoma-only route into that market and assume administration with mannitol, so the amendment adds optionality on both counts that we do not carry in our numbers.

Financially, the operating loss for the first half was DKK 26.8m against an operating cash outflow of DKK 38.3m. At 30 June the company held DKK 41.0m in cash alongside a DKK 35m convertible loan extended to mid-2027, with 49.5 million shares outstanding. Management has indicated that operations are financed into 2027 and that any further raise is intended to be accompanied by substantive news flow, including topline results. 

In the model, we have moved the launch years out by one year to reflect the amended timeline, to 2030 for uTRACE® prostate cancer and 2031 for uTRACE® GBM and uTREAT® GBM, with the Curium milestone schedule shifting alongside. Patent expiry is unchanged, so the delay shortens the commercial window rather than moving it, reducing our base-case value per share by 12%.

Key investment reasons: First, uTREAT® is in first-in-human testing in glioblastoma, unlocking a therapeutic market Curasight estimates at around 25x the diagnostics market. Second, the protocol amendment adds a cohort dosed without barrier disruption, and if uTREAT® reaches the tumour without mannitol, administration is simpler and the opportunity widens beyond glioblastoma, neither of which is in our model. Third, three read-outs fall in H1 2027, into a field where large-cap pharma has struck deals on dosimetry from only a few patients, with Curium acquiring Lantheus for USD 8.0bn and Bristol Myers Squibb acquiring RayzeBio for USD 4.1bn. Fourth, rare disease designations allow smaller trials, giving Curasight a structurally lower R&D spend per milestone.

The key risks are clinical and financial. Drug development remains inherently high-risk, and Phase 1 delivers dosimetry and safety rather than efficacy, so a positive read-out does not establish clinical benefit. The amendment cuts both ways: if the cohort dosed without barrier disruption shows lower uptake, administration reverts to mannitol and the wider opportunity does not materialise. Approval of the amendment is outstanding and the timeline depends on it. The convertible loan matures in mid-2027, in the same window as the read-outs, and a further capital raise cannot be ruled out.

From a valuation perspective, our investment case does not set a price target but uses a simplified DCF model across three scenarios to gauge the implied probability of success embedded in the current market capitalisation. 

The base case implies a PoS of around 24%, against 42% in the bear case and 17% in the bull case. That sits modestly above the 8% to 15% historical benchmark for Phase I/II oncology assets, where the same model implied around 40% at our previous update, so the premium has compressed substantially. The shares have roughly halved since the day before the amendment against a 12% reduction in our base-case value, meaning the market has taken out around four times what the delay costs on our numbers. 

Premiums in this field could very well be explained by the level of deal activity, and our model still excludes both the basket-trial pathway across six indications and the wider brain cancer opportunity the amendment could open.

For further insight into the Q2 2026 results, you can watch the management presentation we hosted with CEO Ulrich Krasilnikoff and CSO Professor Andreas Kjær here: https://www.inderes.dk/videos/curasight-praesentation-af-delarsrapport-for-forste-halvar-2026 

Disclaimer: HC Andersen Capital receives payment from Curasight for a Digital IR/Corporate Visibility subscription agreement. /Michael Friis and Victor Skriver, 08:15, 10/09-2026