contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Antti Siltanen

Faron is a global, clinical-stage biopharmaceutical company, focused on tackling cancers via novel immunotherapies. Its mission is to bring the promise of immunotherapy to a broader population by uncovering novel ways to control and harness the power of the immune system. The Company's lead asset is bexmarilimab, a novel anti-Clever-1 humanized antibody, with the potential to remove immunosuppression of cancers through reprogramming myeloid cell function. Bexmarilimab is being investigated in Phase I/II clinical trials as a potential therapy for patients with hematological cancers in combination with other standard treatments.

The Prospectus for the offering should be made public today, but as I understand it, the underwriting guarantee provided by HCM concerned the amount of the convertible bond they hold. If the offering is undersubscribed, HCM’s loans will be converted into shares, but this won’t bring any cash into Faron’s coffers. So Faron is not paying HCM out, but let’s wait for the information in that Prospectus before drawing final conclusions.

It’s a bit gut-wrenching how poorly this offering was handled. The share price was €1.92 when the news broke. With smarter marketing, this could have been handled at, say, one euro per share. Now, after costs, only ~40% of that remains, if even that. At the same time, the company’s fixed costs are sky-high; I doubt the management will be going hungry even if the company goes bankrupt. It remained a bit unclear to me whether HCM is being paid out or not? Can someone in the know clarify? Or are their pockets just getting even fatter from this?

Isn’t that offering advertised as 100% covered – so an arbitrage arises and the music keeps playing – everyone buys from wherever they buy. Underwriters at a high price and others from the exchange slightly cheaper. Other scenarios?

If/when Faron’s share price drops another 4% – it means that the subscription rights are worthless. I wonder what kind of agreements have been made with the market makers – I find it hard to believe that these, including HCM, have taken the risk without a “guarantee for the guarantee” – meaning there are some conditions involved. Of course, it is in HCM’s interest that Faron’s share continues to be traded. It is strange in itself why they are essentially guaranteeing the repayment of their own loan at €0.50 per share, as under the current terms, the share price doesn’t matter to them. We’ll see how this eventually turns out.

Is there any information yet on what those subscription rights are worth? They aren’t of much use if the share price is below €0.50. Is the price of a subscription right just the price of the old share minus €0.50?

I was looking at the same thing and thinking that they’re doing a 12-month P1b, results in 7/2027, and a year after that, preliminary P2 results in 7/2028. So two different studies, almost identical designs. Only a different target and combination drug. Not bad, not bad at all

Faron issued a press release about this on January 27, 2026: Faron Expands Bexmarilimab Program in Solid Tumors with a Randomized Phase I/II BEXAR IIT in Metastatic Soft-Tissue Sarcoma - Faron This is quite a large study in terms of patient numbers on Faron’s scale. These were supposed to be exploratory trials with a few dozen patients, but now the plan is a randomized study with 278 patients! Nice, nice, if and when a payer has been found. First, the maximum tolerated dose (MTD) of Bex will presumably be tested in a small number of patients at 1, 3, and 6 mg/kg every 3 weeks for 6 cycles + doxorubicin. The Phase 2 dose (RP2D) will be determined based on safety. If signs of efficacy were to emerge during that time, that would also help define the optimal dose. The actual randomized Phase 2 consists of the aforementioned Bex dose + doxo versus doxo alone (+ placebo). The primary endpoint is PFS, or progression-free survival. It ends in death or disease progression. This seems like a significant investment and a demonstration of clinicians’ confidence in Bex’s effect in one indication among many potential ones.

Faron Pharmaceuticals

Faron Pharmaceuticals is a clinical stage biopharmaceutical company whose three drug candidates relate to the modulation of immune system or inflammatory response. Faron is a very high-risk ...

<p>Faron Pharmaceuticals is a clinical stage biopharmaceutical company whose three drug candidates relate to the modulation of immune system or inflammatory response. Faron is a very high-risk investment as drug development requires frontloaded investments in research, while the success of commercialization is very uncertain. If the drug candidates enter the market, the invested capital can be multiplied. However, failure of drug development is frequent and, in that case, the invested capital may be partially or totally lost. We believe the share provides sufficient expected return to counterbalance the high risk. The share is suitable for a long-term investor that tolerates high risk as part of a well-diversified portfolio. A person investing in Faron must also be prepared for share issues.</p> 

	2021	22e	23e
Revenue	0.0	0.0	0.0
growth-%
EBIT (adj.)	-21.1	-22.0	-0.8
EBIT-% (adj.)	-527,700.0 %	-550,000.0 %	-19,500.0 %
EPS (adj.)	-0.38	-0.39	-0.02
Dividend	0.00	0.00	0.00
Dividend %
P/E (adj.)	neg.	neg.	neg.
EV/EBITDA	neg.	neg.	neg.

Risky investment with huge potential

Key Estimate Figures2022-08-08

Forum discussions