Xspray reported SEK-83.6m in OPEX, leading to an EBIT loss of SEK-82.7m for the quarter, a larger loss than in previous quarters. This increase was primarily due to a SEK-29m inventory disposal following the CRL, which advised Xspray to adjust tablet strengths. The cash position at the end of Q3 was SEK74.8m. Additionally, the company noted that a portion of previous investments in Malta production capacity will be written off next quarter.

Xspray announced a fully guaranteed SEK135m rights issue and a SEK100m loan, securing the financial flexibility needed to advance its pipeline while preparing for the anticipated Dasynoc launch in Q1 or Q2 2025. The company reiterated that if its Dasynoc resubmission is classified as Class 1, the review period will be two months, potentially enabling a Q1 launch; if designated Class 2, the six-month review would entail a late Q2 launch, pending approval at the new PDUFA date.

The share declined by 14% yesterday following the announced rights issue but is still trading at a clear premium to the subscription price in the issue. This likely reflects the limited dilution and also a growing market confidence in a potential approval at the next PDUFA date. Following the report and yesterday’s announced funding, we have made minor adjustments to our near-term estimates, resulting in a modest downward revision of our fair value range. Our updated base case stands at SEK88 (94).