Following the breakthrough license deal with Moderna, a global leader in mRNA therapeutics, in Q4’25, Nanexa now pursues two main tracks to leverage its PharmaShell technology into commercial value creation: the Moderna license development agreement and the yet unlicensed long-acting semaglutide project. With the upfront payment from Moderna and the conversion of SEK 8.5m in warrants in Q1 2026, the cash position now amounts to roughly SEK 61m, meaning that financing is secured at least through 2026. We continue to see significant upside should further milestones or additional deals materialise, not least from the company’s own semaglutide depot project, supporting a potential company valuation well above SEK 1 billion, or SEK 6 per share, but stress that the lack of detail so far means that the margin of error in any fundamental valuation approach remains huge at this point.
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