Nanexa’s Q2’23 advancements with NEX-20 and NEX-22 underscore the company’s forward momentum. NEX-20 is set to provide a more detailed release in October, while NEX-22 has shown promising results in minipigs, consistent with earlier rat studies. The rising general interest for the GLP-1 sector emphasizes the potential in Nanexa’s partnership with Novo Nordisk. However, with cash just enough for the rest of the year, we expect a raise later in H2’23. Our updated rNPV model, taking a raise of another year’s runway into account, supports a fair value of SEK 6.4-7.7 (6.6-7.2) per share, with further upside as the company continues to de-risk the portfolio with progress in clinical development.
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