Abliva - All Eyes on FALCON Interim Data (Sponsored Research, TP 1.50SEK, 11 pgs)
Abliva is a Swedish biotech developing treatment options for primary mitochondrial diseases (PMD). Its lead asset, KL1333, is undergoing a two-part Phase 2 (FALCON) study in PMD. All 40 patients in Wave 1 completed randomisation in Dec23. An interim analysis is planned for Summer 2024 and will guide on the final enrolment size for FALCON. Full results are expected by early 2026 and could be sufficient to support a regulatory filing, in our view. KL1333 has received Fast Track Designation (US) and Orphan Drug Designations in PMD (US and Europe). Abliva has sufficient cash until the interim readout but will require additional funding for Wave 2. Our updated forecast and valuation account for changes in the development timeline since the last update and we cut our PT to 1.5 SEK, implying ~6x upside.For access to the full note, please contact Naresh Chouhan ( )
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