Mendus

Egetis Therapeutics

Genovis

Karolinska Development

Xspray Pharma

Episurf Medical

Xbrane Biopharma

* Currently generating no profits and negative cash flow, relying on equity funding and capital markets.
* Concentrated revenue base, primarily derived from a single product (Ximluci).
* Some physicians might feel somewhat reluctant towards the use of biosimilars instead of originators
* Operates in a heavily regulated industry and carries inherent binary risk associated with drug development and non-profitable biotech companies.

* Strong recurring revenue model from Ximluci sales, with potential for expansion into new biologics markets as patents expire.
* R&D-focused business model allows for efficient scaling without significant capital reinvestment.
* Benefiting from secular tailwinds in the biosimilars market, supported by FDA recognition and healthcare cost reduction efforts.
* Products contribute to increasing availability and reducing costs of essential medicines, improving patient access.

* Unprofitable with a negative cash flow
* Additional equity financing is most likely required in the coming 12 months to bridge the funding gap
* Cost levels remains to high for the company's current revenue profile
* Lack of history in terms of sales

* Xbrane is in an early commercialization phase of its lead candidate with a volatile sales trajectory
* Sales relates from royalties on product sales, milestones, and also mark-up on sales of finished goods to its partner
* Once sales have reached sufficient levels the company could reach a high level of profitability as there is an underlying operational leverage in the business model
* Gross margins are far from its peak and we expect EBIT margins could exceed 30%.

* History of failure to deliver on promises, with delays in pipeline development, missed sales projections, and loss of key partners.
* Flawed capital allocation in the company, evidenced by significant shareholder dilution and a strained financial position in recent years.
* Limited insider ownership, with no significant stakes held by management or board members, potentially reducing alignment with shareholder interests.
* Transparency is often a challenge in the biotech sector due to the complexity of the science and regulatory processes. However, Xbranehas faced criticism for not meeting shareholder expectations in this regard.

* Experienced leadership team with deep industry knowledge
* Strong commitment to innovation, with 70-80% of expenditures allocated to R&D, indicating a focus on long-term growth and competitiveness.
* Clear strategic plan leveraging core R&D competencies and partnerships for biosimilar development and commercialization.
* Diverse and seasoned board composition with relevant expertise in pharmaceuticals, finance, and clinical development.