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Since last summer, Bioextrax has received numerous inquiries from research institutes and from both small and large companies. At the same time, the company reports progress in its leading projects. For example, two offers for feasibility studies have been sent to customers in the collaboration with Chematur Engineering. Bioextrax is also waiting for a decision from Konkan Specialty Polyproducts to move on to the next phase of the agreement, which includes higher revenues. In the project with the candy producer, prototypes of chewing gum have been developed for evaluation. In addition, Bioextrax carried out a rights issue in Q4 of SEK 14.1 million, which extends the financial runway to 2026.

Bioextrax: High interest and steady progress

After evaluating different funding options, Crunchfish conducted a preferential rights issue in November 2024 raising a gross of MSEK 26. With short-term funding secured, the company can focus on its eight potential revenue streams highlighted in the Q3 report. These include the agreement with IDFC First Bank in India, discussions with the National Payments Corporation of India, and digital wallet providers. The company has also decided to close its Gesture Interaction business after efforts to divest it. Given the future revenue prospects, forecasting lower costs, accounting for the financial risk, and adjusting for dilution, our model suggests a fair value of SEK 7.42 per share.

Crunchfish: Awaiting commercial break-through

Although sales came in lower than expected during the quarter, there are good prospects for growth in 2025. The increase in sales will be driven by business with aXiphen in Brazil and a continued positive trend for aXivite. In addition, we expect an EU approval of aXiphen around mid-year 2025 and the launch of the product towards the end of next year. Through the warrant TO1A, aXichem raised SEK 18.8 million. With the cash injection, we do not see any future capital needs, given our forecast of sales growth. After dilution and minor adjustments, our model suggests a fair value of SEK 2.50 per share.

aXichem: Study and test results around the turn of the year

Medimi's results for Q3 2024 were slightly higher than our estimates, mainly driven by lower costs during the period. Net sales came in slightly lower than our forecast and cash balance amounted to SEK 3.2 million. CEO Johan Wiesel expressed optimism about the development in Denmark, which contributed to a sales increase of almost 30 percent compared to Q3 2023. However, the financial situation remains vulnerable. We forecast that the company will need new financing in Q2 2025, despite rising sales and lower costs. At the same time, Medimi is evaluating strategic alternatives after the cancelled acquisition in Norway.

Medimi: Focusing on Denmark after the cancelled acquisition

Xintela's main owner Flerie, has committed to exercise all its TO3 warrants in the ongoing subscription, adding MSEK 28 to Xintela. Flerie also provided a bridge loan of MSEK 9 to be repaid in December. With short-term funding secured, Xintela can focus on its projects. The recruitment of patients in the venous leg ulcer study advances and an interim report from the osteoarthritis study is expected by the end of Q1 2025. In parallel,  the company is setting up the GMP process with Region Östergötland. This is Xintela's first commercial agreement as a provider of advanced therapy medical products. Investors are also awaiting updates on the process with EQGen Biomedicals regarding EQSTEM. 

Xintela: Flerie provides short-term funding

Malmö-based USWE Sports continues to gain ground in a rapidly growing niche of the outdoor market. The specialty backpacks based on the patented No Dancing Monkey harness have been complemented by panniers for off-road motorcycles and bicycles, as well as other equipment and clothing for such sports, but also for trail running and bags for winter sports. 

USWE: Positioned for growth

In our previous analysis, CombiGene was focused on outlicensing the epilepsy project CG01 again after reaching a return agreement with Spark Therapeutics. The company was also focused on developing the COZY programme for chronic pain. After evaluating the status of CG01, CombiGene decided to end the project and prioritise the COZY programme, with emphasis on the gene therapy COZY02. The company will also implement cost savings to prolong its financial runway. In Västra Hamnen’s webcast, CEO Peter Ekolind explained the reasons behind these decisions. Shortly after the webcast, the company’s largest shareholder proposed strategic changes, which shareholders will vote on in December. After a review, our estimated value is 8.27 SEK per share.

CombiGene: Strategic consequences after CG01

ProstaLund's net sales in Q3 of SEK 3.5 million were clearly lower compared to the same period in 2023. However, this year's Q3 figure was in line with our expectations and the company showed signs that the drop in sales during the first  first half of the year was a temporary phenomenon. 

ProstaLund: CoreTherm Eagle ready to fly

After evaluating the prospects of the CG01 program, including generated preclinical data, IP situation, capital needs and likelihood of success, CombiGene decided to terminate the program. The company will still look for a potential partner for CG01. CombiGene will now focus its R&D investments on the COZY program for the treatment of chronic pain.

CombiGene: New priorities after strategic decision

During the third quarter, Lipum reported continued advancement in the clinical program with SOL-116. The last patient in the phase I study was included, the final report is expected to be completed in Q1 2025. In parallel, CEO Ola Sandborgh confirms that the production collaboration with NorthX Biologics is proceeding according to plan and that Lipum's new CMO Dr. Peter Hovstadius is in place. We have updated our interest rate assumptions in the model, which has led to a new fair value of SEK 15.19 (10.81) per share.

Lipum: Progress towards the next phase

Xintela recently extended the follow-up of the patients in the highest dose level group by six months in its OA study. The company expects an interim analysis from the 18-month follow-up in Q1 2025. Region Östergötland has assigned Xintela to develop and establish a GMP process for autologous skin cells for the treatment of burns. The deal is worth MSEK 3.6. Awaiting the license deal with EQGen Biomedical to materialise, we keep the fair value at SEK 1.30 per share.

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