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Västra Hamnen Corporate Finance
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Xintela: Extending the financial runway
Xintela’s recent rights issue was subscribed to 58 per cent, corresponding to MSEK 42, of which MSEK 24 was a loan offset. In addition, Fenja Capital provides a loan facility of MSEK 20. According to our forecast, these measures extend the financial runway until Q3 2025 and give Xintela resources to focus on new and ongoing partner discussions. After dilution, our fair value amounts to SEK 1.04 (1.28) per share.
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aXichem: New call-off from Chr. Olesen
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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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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