Asarina Pharma (Buy, TP: SEK44.00) - Encouraging pre-clinical data
Asarina Pharma reported a Q2 operating loss of cSEK28m, versus our estimate of cSEK21m. At the end of the quarter, it had a cash position of cSEK110m, and in our view, it looks to be still on track with a burn rate that should take it up to the end of 2021 without the need for an additional capital raise. During the quarter, encouraging results were presented from a pre-clinical model in Tourette’s syndrome. If the company decides to accelerate the development of sepranolone in Tourette’s syndrome near-term, we believe it would have to raise additional capital. We reiterate our BUY and SEK44 target price.
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