Main study on track, but delisting dominates - Q3 review

The Q3 report provided only limited updates compared with the information recently presented in connection with the board of directors’ announcement of plans to delist the company’s shares. Share price performance remains highly dependent on this decision, which continues to weigh on the stock. Following the Q3 report, we see no reason to change our underlying assumptions and maintain our fair value range of SEK0.22–0.31.

Low costs in Q3. Opex declined considerably Q/Q in Q3, to SEK4.8m from SEK8.4m in Q2, and this was mainly driven by lower costs related to the ongoing Phase I study. However, operating cash flow also deteriorated, at SEK-7.8m from SEK-8.3m in Q2. Cash at the end of Q3 stood at SEK24.5m. While not particularly strong, we believe this is sufficient to fund continued operations into Q2 2027.

Tumorad recruitment continues. As of 5 November, 15 patients had received at least one dose of 177Lu-SN201 in the Phase I part of the Tumorad-01 study. The company continues to target the enrolment of two further patients in the fractionated 15 MBq/kg dose cohort. Management states that the study is progressing according to plan, with the Phase I part nearing completion.

Estimate changes. We lower our cost assumptions for 2026 following the Q3 report, and otherwise leave our estimates unchanged.

Delisting concerns weighing on the share price. Following the report, we make no changes to our underlying assumptions and maintain our fair value range of SEK0.22–0.31. Since the board of directors announced plans to take the company private, the share price has fallen sharply. We expect this to remain a major near-term concern for shareholders.