On March 17, Nanexa reported positive news from the patent litigation case against VitriVax. The US District Court denied VitriVax’s motion to dismiss Nanexa’s complaint for patent infringement as well as its motion to stay discovery (allowing Nanexa to proceed with discovery and progress the case). The case was opened in May ’21 when Nanexa sued VitriVax on three counts related to the infringement of three of its patents. The other main development in the quarter was the identification of the problems and the solutions to the moderate skin reactions that led to suspension of the NEX-18 trial in Sept ’21. A new trial using the updated formulation is expected to start in ’23, as previously stated by the company. Moreover, the Ph 1 study for NEX-20 in multiple myeloma will start during Q4’22. During the quarter, Nanexa was also granted a new US patent for an ALD reactor adapted for large-scale production, which is expected to be granted in Europe in Q2’22. Finally, Nanexa has started to put the new production plant for scaling up production processes into operation.
Financials
Net sales amounted SEK 298k (SEK 670k in Q4’21). Cash from operating activities came at SEK -9.6m (SEK -8m in Q4’21), with cash and cash equivalents amounting to SEK 87.7m (SEK 105.7m in Q4’21). This implies a runway into H1’23.
Implications for the share
With no material updates to move the share in the report, we expect a neutral share price reaction today. Nanexa will host an investor presentation today at 10:00 CEST, viewable via this link: https://www.youtube.com/watch?v=XFWfYFXK_oU
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