The most significant event for Nanexa has been the news reported on February 10 on the identification of both cause and solution to the skin reactions that led the NEX-18 study to be paused in September ‘21. Nanexa communicated that the new data has shown that PharmaShell itself is not the cause of the skin reactions but rather the active ingredient (azacytidine). During the rest of 2022 the company will direct its efforts to reformulating NEX-18 with the aim of bringing it back to clinical development in a new trial in ‘23. Beyond this, management has confirmed that the planned Ph 1 study with NEX-20 will start during Q4’22. NEX-21, Nanexa’s third project, appears to be progressing well and a decision on both indication and compound is expected during H2’22 (H1’22). During the quarter Nanexa also signed a further evaluation agreement for the PharmaShell technology with an already existing customer.
Financials
Net sales amounted to SEK 670k (SEK 826k in Q3’21). Cash from operating activities came at SEK -8m (SEK -7.2m in Q3’21), with cash and cash equivalents amounting to SEK 105.7m (SEK 119.8m in Q3’21). Operations are consequently funded for at least the next 12 months. Slightly negative is that it appears as though Applied Ventures did not exercise their remaining 3.1m warrants, which had the subscription period during the first half of December.
Implications for the share
We expect a neutral to slightly negative share price reaction to a largely unremarkable quarterly report. We see it as a clear positive that Nanexa has identified the root of the problem that led the NEX-18 study to pause.
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