Cinclus Pharma: start of phase 3 reiterated for Q3'25

Cinclus Pharma reported its Q1 results which focused on balance sheet items and a recap of corporate achievements for the quarter, with a cash position at SEK523.9m and an EBIT at SEK(47.519m). With the current cash position and operational cash burn, we forecast a runway into H1 2027. On the opera

Q1'25: as planned

Cinclus Pharma: PCABs off to a strong start since launch in the US

In its first year on the market, PCABs have shown strong uptake as highlighted by Phathom's FY'24 results on vonoprazan (1st-gen PCAB), which exceeded market expectations coming in at USD29.7m (+81% QoQ, +19% vs. CSS) — despite the positives the stock remained under pressure after open likely due t

Cinclus Pharma: start of phase 3 reiterated for Q3'25

Cinclus Pharma reported its Q1 results which focused on balance sheet items and a recap of corporate achievements for the quarter, with a cash position at SEK523.9m and an EBIT at SEK(47.519m). With the current cash position and operational cash burn, we forecast a runway into H1 2027. On the opera

HydrogenPro: LONGi Hydrogen to invest NOK70m

HydrogenPro announced yesterday that LONGi Hydrogen has obtained the necessary Overseas Direct Investment (ODI) approval in China to invest NOK70m in the company. This follows an announcement made in December 2024 whereby HydrogenPro had secured (i) NOK70m in new equity from its existing strategic

Just Eat Takeaway: tender to the offer

Following the publication of the offer memorandum yesterday by Prosus and the launch of the tender offer today until 29th July, we have withdrawn our Neutral rating and advise shareholders to tender their shares to the offer.1/ We consider the offer as generous with implied c.11.5x EV/EBITDA 2025e