AlzeCure Pharma

* Pre-revenue company with negative cash flow, indicating high risk and potential for shareholder dilution.
* Dependency on regulatory approvals and capital markets, introducing volatility and uncertainty to the business model.
* Reliance on key personnel for research and development, potentially jeopardizing long-term success if talent is lost.
* High risk of core business failure due to early clinical stage status, presenting a binary outcome situation for investors.

* Meaningful reinvestment opportunities with a wide array of drug candidates across numerous indications, suggesting strong growth potential.
* Benefits from secular tailwinds in neurological disorders and pain conditions, indicating long-term market demand.
* Products contribute to the greater good by bringing new therapies to patients, aligning with ethical investment considerations.

* Current assets are 1.5 times greater than current liabilities.

* Limited insider ownership, with management and board members holding modest stakes, potentially reducing alignment with shareholder interests.
* Uncertainty in consistently delivering on ambitious goals, given the inherent challenges and risks associated with drug development.

* Strong leadership with CEO Martin Jönsson demonstrating a clear long-term vision, deep industry knowledge, and a focus on innovation in neurology and pain management.
* Lean, decentralized organization with a committed management team, including co-founder Johan Sandin as CSO, fostering stability and shared strategic vision.
* Well-defined strategic plan centered on licensing out drug development projects, balancing early-stage R&D focus with potential revenue generation.
* Board of directors with diverse expertise in pharmaceutical and biotech industries, aligning closely with the company's strategic focus and value creation process. Jan Lundberg, former global head of research at AstraZeneca and former global head of R&D at Eli Lilly, is a meritable board member to say the least.

Alzecure reported today that it has received approval from the MPA to give additional doses of ACD856 in its phase I study, as its lead candidate from the Neurorestore platform, has showed good tolerability and bioavailability. The following phase I MAD study is still expected to start as planned in H2 this year.
While we do not make any changes to our valuation at this stage, we are pleased to see that ACD856 is well tolerated and that further development and additional doses are warranted and approved &#8211; especially given the broad appeal of the research platform. We will follow the continued phase I work and reiterate our base case of SEK 19 for now.
Alzecure will next Wednesday host an strategy update with a focus on its Neurorestore platform &#8211; see <a href="https://www.redeye.se/events/816325/strategy-update-alzecure-pharma-2">link</a> for more information