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Third party research

Bioextrax: Financing secured for 2026 - VH Corp

Bioextrax

This is a third party research report and does not necessarily reflect our views or values

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* Rights issue extends financial runway
* Revenue from Konspec expected by Q2 2026
* Adjustments lead to a fair value of SEK 3.7 (4.23) per share

Bioextrax once again reported figures close to our estimates in its recent Q3
report. Both revenues and costs were slightly lower than our expectations, and
as a result, EBITDA came in MSEK 0.1 above our expectations, at MSEK -4.2. A
fully secured rights issue of MSEK 13.3 will fund bioextrax through most of
2026, and we expect a new round of financing in Q4. News during the quarter
have prompted us to make changes in our model. We have lowered our revenue
forecasts in the short term, with long-term revenues being less affected.
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