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aXichem: Brazil needs to heat up
For Q3 2025, aXichem reported sales of SEK 4.6 million, which was somewhat below our high expectations. The company’s CEO, Torsten Helsing, emphasized during the webcast that the continued focus is on increasing invoicing. Costs for the quarter came in below our estimates, mainly driven by lower personnel expenses. During the quarter, the first call-off order of aXiphen was delivered to Chr. Olesen in Brazil, with a value of approximately SEK 1.6 million. We need to see additional call-offs in the near term in order to justify our revenue forecast.
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Gabather: Eager to start the TOTEMS study
Gabather's reported figures in its recent Q3 report were close to our estimates, however with a weaker cash position. The exercise of TO 7 warrants will help alleviate this, for now. Over the autumn Gabather has been scientifically validated, both by presenting a poster at the Society for Neuroscience Annual Meeting and by a published article in Frontiers in Psychiatry. Looking ahead, we expect the first patient to be treated in the TOTEMS phase II clinical trial around the turn of the year. We make only minor adjustments to our model and maintain our fair value of SEK 0.092 per share.
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Lipum: Merging with Flerie
Lipum reported in its Q2 report that the manufacturing process of SOL-116 is nearing the final phase. The drug candidate is now being produced according to GMP standards, and the last batch is underway. At the same time, some of the company's major shareholders have provided short-term loans to finance the activities for the rest of the year. Shortly, we expect Lipum to announce a plan for financing the upcoming phase II study, which we now expect to start in Q2 2026.
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Bioextrax: Financing secured for 2026
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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