Umecrine Cognition’s phase 1b/2a study of golexanolone in primary biliary cholangitis (PBC) missed its primary cognition endpoint and showed no effect on fatigue. KDventures is writing down its 59% stake from SEK226m to zero, which cuts reported NAV by about SEK0.30 per share. Umecrine was the second largest holding in our sum-of-the-parts and the main candidate for an exit or partnering deal that would have refilled KDventures’ balance sheet. Dilafor now dominates the portfolio, and with limited cash the company is left mainly to wait for value to be realised at Dilafor. We preliminarliy lower our base case to SEK0.5 (0.8).
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