Nanexa Q1 2024: Insightful capital markets day
Research Update
2024-05-10
09:45
Redeye updates its view of Nanexa following the Q1 report and recent events in the company, including the CMD earlier this week, which offered a deeper look into the company's several activities.
Fredrik Thor
Total revenue amounted to SEK14.2m (14.3m), including 7.8m in turnover and SEK6.3m in capitalized development costs. OPEX amounted to SEK-17.6m (-23m), an indication of the company’s savings program, which we expect to see more of going forward. The company's cash position amounted to SEK47.9m. The report aligned with our expectations, and we have made no material estimate changes.
At Nanexa’s capital markets day earlier this week, the company gave a broad overview of the Pharmashell technology, its three internal programs (NEX-18, NEX-20, and NEX-22), partnering projects, and the outlook for the foreseeable future. Overall, we were encouraged by the company's presentations, and it is clear that the company has seen increased interest in its platform, Pharmashell.
We make no significant changes to our valuation and reiterate our base case of SEK3.3 per share for now.
| SEKm | 2022 | 2023 | 2024e | 2025e |
| Revenues | 28.2 | 59.5 | 71.3 | 15.0 |
| Revenue Growth | 56.4% | 111% | 19.8% | -78.9% |
| EBIT | -58.0 | -76.6 | 16.0 | -39.6 |
| Net Income | -58.6 | -76.5 | 16.0 | -39.6 |
Disclosures and disclaimers