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Crunchfish presents Q4 2024

Medimi presents Q4 2024

Västra Hamnen Möter - Safeture

Crunchfish comments on Q1 2025

Västra Hamnen Möter - Shape Robotics

Västra Hamnen Möter - Xintela

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Västra Hamnen Möter - Advenica

Västra Hamnen Möter - Clemondo Group

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Crunchfish's CEO on the new approach

Västra Hamnen Möter - Arrow Lake

Västra Hamnen Möter - BPC Instruments

Västra Hamnen Möter - SenzaGen

Västra Hamnen Möter - Nasdaq

Västra Hamnen Möter - OptiCept Technologies

Västra Hamnen Möter - Spago Nanomedical

Västra Hamnen Möter - Inwido

Crunchfish om Q4 2024

Crunchfish comments on Q3 2025

Medimi presenterar Q4 2024

Västra Hamnen Möter - Charlotta Falvin

aXichem on aXivite's market opportunities

Västra Hamnen Möter - Minesto

Bioextrax presenterar Q2 2025 

Nyheter

Bioextrax presenterar Q3 2025 

Precise Biometrics about Q1 2025

Västra Hamnen Möter - I Love Lund

Interview with Precise Biometrics

Crunchfish kommenterar Q1 2025

Crunchfishs vd om den nya approachen

Västra Hamnen Corporate Finance initierar bevakning av Precise Biometrics

Precise Biometrics about Q2 2025

Västra Hamnen Corporate Finance initierar bevakning av Gabather

Västra Hamnen Möter - 4C Strategies

Crunchfish kommenterar Q3 2025

Västra Hamnen M&A - Buddagen

Västra Hamnen Möter - Mellby Gård

Västra Hamnen Möter - Lyckegård Group

Västra Hamnen M&A - Tilläggsköpeskilling

Västra Hamnen Corporate Finance initierar bevakning av USWE

Precise Biometrics about Q3 2025

Intervju med Precise Biometrics om Q3 2025

Intervju med Precise Biometrics vd 

Bioextrax presents Q2 2025

Bioextrax presents Q3 2025

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Slutförda uppdrag

Västra Hamnen Möter - Jim Roslund

Västra Hamnen Meets

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Crunchfish comments on Q2 2025

Precise Biometrics om Q12025

Västra Hamnen Meets - Nexam Chemical Holding

Västra Hamnen Meets - Neola Medical

Västra Hamnen Möter - Bengt Kjell

Gabather comments on Q2 2025

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Precise Biometrics om Q2 2025

Västra Hamnen Meets - Spago Nanomedical

Företrädesemission - Crunchfish 2024

Västra Hamnen Meets- BPC Instruments

Västra Hamnen Meets - OptiCept Technologies

Gabather comments on Q3 2025

Västra Hamnen M&A - the bidding day

Västra Hamnen Möter - Windon Energy Group

Västra Hamnen M&A - UDI with Fram Advokatbyrå

Västra Hamnen Meets - Gasporox

Crunchfish kommenterar Q2 2025

Västra Hamnen M&A - Due Diligence

Västra Hamnen Möter - Gasporox

Västra Hamnen Meets - Axolot Solutions

Gabather kommenterar Q2 2025

Gabather comments on TO7 2025

Gabather - bolagspresentation i samband med TO7 2025

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aXichem presents Q3 2025

aXichem presents Q2 2025

aXichem presents Q1 2025

aXichem presents Q4 2024

aXichem presents Q3 2024

aXichem presents Q2 2024

aXichem presents Q1 2024

aXichem's CEO comments on the EFSA statement

aXichem presents Q3 2023

aXichem presents Q2 2023

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.

aXichem: New call-off from Chr. Olesen

aXichem: Brazil needs to heat up

Investor interest in aXichem shares continues, and the share price has risen by 190 per cent since the start of the year. The company reported sales of SEK 6.8 million in Q2, which was higher than our forecast of SEK 6.2 million. At the same time, costs were significantly higher than our estimates. In total, the company reported an operating profit of SEK -3.4 million, compared with our expectation of SEK -3.2 million.   We have reviewed the probability in our model, which has affected the fair value. The company still has some way to go before achieving profitability in aXivite, but the positive development in both the US and Europe justifies an increase.

aXichem: Sales growth in the forecast

Since the beginning of the year, aXichem's share price has performed strongly and both the market and we have recognised the growth potential of the company. While we await the outcome of the EFSA process, we believe that the call-off order from Chr Olesen lays the foundation for increased demand in Brazil.

aXichem: Promising start to 2025

The growing interest in aXivite and the continued establishment of aXiphen in Brazil will form the basis for aXichem's growth in 2025. At the beginning of the year, the company announced that it will carry out an additional efficacy study in order to be able to submit a complete application to EFSA when the study is completed. This will delay the launch of aXiphen in Europe compared to our previous forecast. At the same time, the company received an order of SEK 7 million from its distributor Chr. Olesen, which has led us to raise our estimates in Brazil. In sum, the changes result in a fair value of SEK 2.50 per share.

aXichem: Progress in Brazil and headwinds in the EU

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

In the second quarter, aXichem significantly exceeded our revenue forecasts. The quarter's results show that the company is on the right track with significant progress in its two business areas. aXivite received new orders from Urlach and SEE Nutrition. Tests were initiated with aXiphen in Brazil, which may lead to commercial agreements in the near future. 

aXichem: Strong Q2 raises expectations

For Q1 2024, aXichem reported sales of SEK 0.8 million, which was slightly above our estimates, but still well below what is required for the company to reach its financial target. During the quarter, aXichem was able to communicate three new collaborations attributable to aXivite. Two of these, Silver Fern Brand and Triquetra Health, are for the US market, while the agreement with Silvaco is for the Scandinavian market. 

aXichem: Initiating marketing efforts in Brazil

During December 2023, aXichem received a message from EFSA regarding the application for approval for aXiphen within Europe, which was assessed as "inconclusive". This notification means that the company must provide EFSA with additional data, a process that the company has initiated. The use of aXiphen as a raw material in zootechnical feed additives was approved in Brazil only a few days later.

aXichem: Setback contrasted with success

aXichem announced today, December 14, 2023, that EFSA has published an "Inconclusive Scientific Opinion" regarding the company's ongoing Feed Additive application for phenylcapsaicin (aXiphen). EFSA concludes that there are data gaps regarding environmental safety, consumer safety and efficacy in the application. aXichem will provide additional data to the European Commission to fill these gaps through new studies and the company expects the process to take about six months.

aXichem: EFSA demands more data

aXichem's report for the third quarter showed lower sales than expected, but at the same time a tighter cost base.The company has decided to postpone the timeline for selling aXivite for SEK 20-25 million by six months. The company's forecast is now that it will reach the target in Q3 2024.

aXichem: Timeline postponed

aXichem's report for Q2 contained no major surprises and the company is still awaiting a response from EFSA regarding aXiphen. We maintain our justified value of SEK 13.86 per share.

aXichem

Analyst

Tobias Karlsson

Jacob Murat

Initial analysis

aXichem: Det börjar hetta till

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