Alzecure’s Q3 contained few surprises, as expected, with operating expenses amounting to SEK-7.8m and a cash position at SEK39m. The company continues to have a stable OPEX and we don't expect costs to increase in the near term. During the quarter, the company also carried out a directed share issue" in follow-up to a previously given subscription commitment".

The company continues to be active at conferences and in presenting new (mainly pre-clinical) data. During Q3, the company published a scientific article related to ACD856. The company has also made some progress with the second part of its Painless platform, TrkA-NAM, and presented new pre-clinical results for lead candidate ACD137 at the pain conference IASP.

We have reviewed our valuation and deal prospects for Alzecure, supported by biotech deals in the Nordics in recent years, and have made some modifications mainly to our upfront assumptions on ACD440 and ACD856. We also raise our financing assumption and WACC somewhat. In total, we land at a new base case of SEK6 per share, with a bear case SEK 0.5 per share and bull case of SEK15 per share.