Sequana Medical Extends runway into 1Q26 with additional € 6.3m convertible loan
Sequana announced that SFPIM and other existing shareholders have invested a further € 6.3m in the 2025 convertible loan announced on 18 March 2025. Sequana's cash runway has now been extended into 1Q26 (previously YE25), which will provide Sequana with more breathing room to demonstrate initial commercial traction during the soft launch phase of the alfapump's US commercialisation in 3Q25. This could trigger additional investor interest to fund the company into the broader launch, which is expected in 2Q26. We reiterate our € 5 TP and Buy rating.Sequana Medical NV. Sequana Medical NV is a Belgium-based company, which manufactures medical devices. The Company focuses mainly on the development of treatment solutions for the management of liver disease, heart failure, malignant ascites and other fluid imbalance disorders. Sequana Medical NV provides alfapump, which is an implantable, programmable, wireless-charged and battery-powered system that is CE-marking for the management of refractory ascites due to liver cirrhosis and malignant ascites. Over 650 alfapump systems have been implanted. Apart from the Alfapump, the Company also aims to develop a direct sodium removal (DSR) therapy, which is a propriety approach to the treatment of volume overload in heart failure.
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