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Gabather: High potential in specific modulation
Gabather is a drug developer in precision medicine targeting mental health disorders. By developing a specific GABAA receptor modulator in the central nervous system, the company engages in a new approach to a therapeutic area with great unmet medical need.
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USWE: Forward-looking end to 2024/25
USWE Sports ended the 2024/25 fiscal year with a Q4 report that beat our expectations. The company delivered net sales of MSEK 36.9 which was 11 percent higher than our estimates. Costs were slightly lower than our forecast. Operating cash flow was positive at SEK 1.2 million and USWE ended the period with a cash position of SEK 3.9 million. With only minor adjustments to our model, we keep our fair value of SEK 11.44 per share.
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ProstaLund: Rescue operation lifted bankruptcy threat
ProstaLund's Q1 report was overshadowed by the recent events. The background to the trading halt on 19 May was that the company was unable to carry out a planned sale of one of the business lines. This led to an acute liquidity crisis that prompted the board to consider bankruptcy. Shortly thereafter, Chairman Per Langö and then CEO Anders Kristensson resigned. However, the threat of bankruptcy was averted when the largest shareholder, Mats Alyhr, together with two other shareholders, committed to invest SEK 5.5 million in a directed share issue at SEK 0.2 per share. Our previous financial scenario seems unlikely under current conditions, which is why we need to review our model. Therefore, we cannot comment on the fair value at the moment.
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Xintela: Taking position for the next phase
During the spring Xintela announced positive interim data from its phase I/IIa study with XSTEM in knee ostoearthritis. The company also signed a license and collaboration agreement wtih EQGen Biomedical regarding EQSTEM. Despite the advances, Xintela's financial situation remains challenging. The company reported cash holdings of MSEK 6.4 by the end of Q1. Most likely, the company will recieve proceeds from the warrant TO3, the last exercise period is ongoing. If fully subscribed, TO3 could add MSEK 11. Xintela is also awaiting the upfront fee of MSEK 1 from EQGen. Our model suggests a fair value of SEK 1.49 per share.
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Market Focus
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