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Third party research

Nanexa: Targeting treatment of first patient in phase Ib/II with NEX-22 before year-end - Emergers

Nanexa

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

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Nanexa’s Q4 report did not reveal much new, although the conference call provided welcome clarity on the rationale behind the extension of phase I with a higher dose (as dosing in the original phase I caused suspiciously few side effects). Management now targets the treatment of the first patient in phase Ib/II before year-end. Following the recent directed issue of units plus loan, raising a total of SEK 55m before costs, Nanexa is now less focused on achieving a regional license deal in Asia and is instead aiming to secure a global co-development deal for the continued development of NEX-22. With near-term financing secured into 2026, the recent positive results in the Phase I study for NEX-22, and adjusting for the dilution from the directed unit issue (excluding the warrants), we now find support for an rNPV for NEX-22 alone of SEK 730m or SEK 4.7 per share. All in all, this means that we now find support for an rNPV of SEK 5.6-9.8 per share. However, we also note that, apart from securing a co-development license deal, there are few catalysts for the share in the next 6-9 months.
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