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Precise Biometrics: Fused funded and focused
The merger between Precise Biometrics and Fingerprint Cards has been approved by the authorities and the company has carried out a rights issue adding MSEK 100 before costs. In this report, we have assessed the commercial potential in new entity. The first financial report of the fused company will be published on November 13. A broader offering, potential for cross-selling and up-selling, and a greater geographical reach will offer growth opportunities in a global, fast-changing, and fragmented biometrics market. We have modest expectations on this year’s performance, and expect sales and profitability to increase from 2027. This leads our model to suggest a fair value of SEK 2.69 per share.
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Gabather: Awaiting progress after a quiet summer
Since the start of the TOTEMS trial in May, there have been no significant news from Gabather, and the recent Q2 report held no large surprises either. The first patient has not yet been included in the trial, although healthy volunteers have been dosed in accordance with protocol. In a recent video interview, CEO Michael-Robin Witt discussed why recruitment is taking longer than expected, and why he believes the pace could pick up once the first patient has been included. Cost control remains strict, though cash at hand of MSEK 3.7 came in below our MSEK 4.7 forecast. We push our model timeline a year ahead but keep our fair value of SEK 0.06 per share.
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Xintela: Exploring paths for XSTEM OA
In June, Xintela raised a convertible loan of MSEK 30 from its main owner, Flerie Invest. This will be used to fully repay the MSEK 20 loan provided by Fenja Capital in connection with the capital raise in 2025. In the recent Q2 report, CEO Evy Lundgren-Åkerlund stated that the company is now focusing on activities to accelerate XSTEM OA to reach the market, supported by the peer-reviewed publication of the study results in Cartilage. We still believe XSTEM OA has substantial commercial potential but has pushed the timelines and adjusted for upcoming dilution. This leads our model to a new fair value of SEK 0.81 (1.04) per share.
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aXichem: Milestone reached, launch in sight
aXichem reported revenue of SEK 4 million and an operating result of SEK -4.3 million for the second quarter. Over the summer, the company also took an important step toward a European market launch of the feed additive aXiphen: EFSA has issued a positive scientific opinion confirming that the product is safe and can inhibit salmonella in animal feed. What remains is formal approval from the European Commission, which normally follows EFSA's recommendation. In parallel, redemption of the TO2A warrant is taking place from 7 to 18 September. We have updated our forecast following the Q2 report and raise our fair value to SEK 3.39 (3.07) per share.
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