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Ascelia Pharma Q4 2023: On track with easing financial pressure - Redeye

Ascelia’s priority is to secure a re-reader evaluation of SPARKLE by May 2024. This involves reducing the risk of excessive intra-reader variability. The time table is realistic but the risk for delays are never zero. In Q4 Ascelia delivers a further radical reduction in OPEX and we expect the run rate to continue in line with or just below the Q4 level. Our base case include a US partner strategy which could bring several advantages in our view. Our update includes reduced equity dilution as a result of the recent financing and a base case valuation of SEK 12 (8) and a Bull Case of SEK 32 (26), and a Bear Case of SEK 4 (2).

Ascelia’s priority is to secure a re-reader evaluation of SPARKLE by May 2024. This involves reducing the risk of excessive intra-reader variability. The time table is realistic but the risk for delays are never zero. In Q4 Ascelia delivers a further radical reduction in OPEX and we expect the run rate to continue in line with or just below the Q4 level. Our base case include a US partner strategy which could bring several advantages in our view. Our update includes reduced equity dilution as a result of the recent financing and a base case valuation of SEK 12 (8) and a Bull Case of SEK 32 (26), and a Bear Case of SEK 4 (2).
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