Elicera Therapeutics’ Q3 report contained few surprises, as expected, with an OPEX of SEK-2.9m and a loss of SEK-2.5m. Elicera's cash position amounted to SEK30.6m, and the company has previously stated that its cash position extends through H1 2026 (not including potential cash from the warrant program). Elicera thus has a healthy cash runway to take the company though key readouts with its clinical programs.

Earlier in November, it was announced that Elicera Therapeutics had enrolled the first patient in the open-label phase I/II study (CARMA) with ELC-301 in patients with “hard-to-treat B-cell lymphoma, mantle cell lymphoma, or indolent lymphoma who have not responded to standard treatment or have experienced a relapse of the disease.” The study is divided into two parts: Dose escalation (n=12) followed by a second part where the highest dose will be evaluated in 6 additional patients. In the report, the company mentions that the first CARMA data report (first 3 patients) is expected in H1 2025. Additionally, the company also announced recently that the final patient had been enrolled in the ongoing study with ELC-100.

We just recently initiated our coverage on Elicera and don't make any significant changes to our valuation at this stage. We continue to belive that Elicera is undervalued from a fundamental perspective and compared to peers and see high quality in the company's assets. Looking forward, we see the two readouts in H1 (ELC-100 and ELC-301) as key near-term catalysts, along with the subscription period/outcome for the warrant program in Q1. We have made some tweaks related to FX (USD/SEK) and share price assumptions for warrant program/capital injection, leading to an increase from SEK2.4 to SEK2.5 in our base case. Our bear case (SEK0.4) and bull case (SEK5.5) are reiterated.