The report in itself was no surprise as the operating loss was in line with expectations at DKK9.4m, and the cash position amounted to DKK11.9m at the end of the quarter. The company also mentions in the report that it has received the milestone payment announced in January relating to GMP manufacturing (USD0.5m), which would be roughly DKK3.5m. However, this is not fully disclosed in the report.

During the quarter, Curasight announced a strategy to accelerate its therapeutic platform through a phase I/IIa basket trial in five indications (brain cancer, neuroendocrine tumors, head and neck cancer, non-small cell lung cancer, and pancreatic cancer) expected to start in 2025. We see this as a promising approach, but it would require additional capital.

We previously assumed a rights issue of DKK75m (at DKK12.5 per share). Following the share price development and Curasight's intended sum in the canceled rights issue, we make some adjustments (assume Curasight will raise DKK50m but at a lower price (DKK6 per share). We also lower our OPEX assumptions as the company has guided that its basket study will be initiated in 2025. As a result, we adjust our base case to DKK27 (29) per share.