As expected, the financial report in itself was a non-event and came in as expected. Operating expenses amounted to SEK-10.9m, which is lower than the previous quarter and our expectations (around SEK-15m). The cash position amounted to SEK26m, and the company reiterates that it has a cash runway through Q1 2025. In other words, the company has a bit less than two quarters to secure a licensing partner for ANXV - which is the company's clear strategy.

In August, Annexin Pharmaceuticals announced top-line results from its open-label phase IIa study with ANXV in RVO: “ Based on visual acuity and retinal swelling, 12 of the 14 patients improved or had stable disease. Of these patients, 7 received none and 5 received a single anti-VEGF injection into the eye.” Furthermore, no safety or tolerability events associated with ANXV were reported. As we have previously argued, we think the effect signal is strong, especially for an open-label study, and indicates a positive effect in the treated patients. Furthermore, the safety profile, which is very important in ophthalmology, remains strong in this more representative patient population.

We have already adjusted for the positive top-line data and reiterate our base case for now. As previously stated, we may adjust our valuation further if the full data convinces us even more. We reiterate our base case of SEK1.7 per share for now.