Imflifidase shows robust efficacy results in phase 2 among patients with severe GBS. This is an orphan indication, and GBS is an acute disease in patients that tends to become non-ambulatory within weeks rapidly. If approved, Imflifidase will expand into a dynamic market. We increase our base case to SEK 130 from 125 (Bull SEK 220, Bear SEK 15).

Vitrolife

Xvivo Perfusion

Moberg Pharma

Cantargia

CellaVision

Egetis Therapeutics

Hansa Biopharma

* Hansa is still in the early stage of the European launch and the rate of acceptance and ability to change patient workflow and best practice remains to be proven.

* Hansa is still lossmaking.

* Hansa's future rate of launch contribution is still uncertain.

* Hansa has several competitive advantages that will likely persist for many years. 

* Hansa targets a specific market with specific specialists and patients. 

* Hansa has an extensive annual sustainability report, and ESG is also part of Hansa's incentive program. I

* Hansa still has recurring negative cash flow, and it is at least two years away from breaking even with support from potential milestone contributions. 

* Hansa will likely raise equity-based growth capital without milestone contribution within 24 months.

* Over the next five years Hansa needs to cover both its recurring operational losses (2024-2026) and the refinancing of the structured finance debt (2026-2029) that is currently booked at SEK 956m

* Hansa has managed to execute direct share issues, secured structured finance support, and it has a cash balance of SEK 705m 

* Hansa has secured strategic partners in gene therapy and could also secure partners for Imlifidase, such as the rights to future US sales and other pipeline candidates. 

* Hansa has reduced the Opex base over the last 12 months.

* Hansa’s Senior management team and the Board of Directors have limited direct shareholding in Hansa.

* Hansa’s extensive incentive program is more related to R&D than commercial sales progress.

* Hansa is approaching a period where clinical and commercial abilities will be tested. Hansa experienced several delays and a slow initial launch, but the decision to reduce the opex base was made surprisingly late.

* Hansa’s objectives are clear, and the strategy is aligned with the goals.

* Hansa has an incentive program that aligns with the strategy and objectives. 

* Hansa has an experienced senior executive team and a resourceful board of directors.