Report
Onward Medical NV - Q1 update brings no surprise
Onward Medical published a Q1 update this morning. Overall, nothing new.All timelines previously communicated are reiterated with the US approval of ARC-EX and the start of the global pivotal study for ARC-IM - Empower-BP - both expected in Q4. Cash runway through mid-25 reiterated as well.Based on the Up-LIFT data and high unmet need for affordable, patient friendly, and efficacious therapies for the SCI community, we consider ONWD to be well-positioned for FDA approval later this year (we currently model an 85% LoA, hence approval offers TP upside). Buy reiterated as we believe that the commercial potential of ONWD's ARC
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ONWARD MEDICAL NV
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Degroof Petercam
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