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. The lead drug candidate, GT-002 is currently undergoing an exploratory phase II study in schizophrenia, the TOTEMS study, financed by Innovation Fund Denmark. We find a significant potential in the valuation, despite the development risk and a substantial financial risk. Our model suggests a fair value of SEK 0.092 per share.