Total revenue amounted to SEK14.96m (8m), including 6.8m in turnover and SEK8m in capitalized development costs. Out of the 6.8m in turnover, SEK1.73m related to revenues from Pharmashell evaluation agreements (including Novo Nordisk) and SEK5m related to accrual of deferred revenues from the USD4m exclusivity agreement with Novo Nordisk. OPEX amounted to SEK-66.3m (-25m). The increase in OPEX mainly relates to depreciation of the book value of capitalized development costs related to NEX-18 and NEX-20 of SEK-45m. Nanexa’s cash position amounted to SEK65m, and the company guides for a cash runway until mid-2025.

We like the company’s focused approach and believe that it should give the company some time to deliver, hopefully, a “full-scale” deal related to the Novo Nordisk evaluation, its other partner projects or possibly related to NEX-22. In the report, the company mentions that it is currently answering some questions related to the application to start a phase I trial with NEX-22, and that study start potentially could be pushed to Q2. However, data is still expected to be presented in H2 this year.
The company is also prioritizing its partnering projects, both the most public one with Novo Nordisk and others.

We did a more thorough review of our valuation in relation to the outcome of Nanexa's rights issue and largely reiterate our valuation, only making some model fine tuning with a net-zero effect. We reiterate our base case of SEK3.3 per share.