Yesterday, we attended a lunch organized by Vicore’s management with Dr. Francesco Bonella, an IPF specialist based in Germany who has advised companies such as Boehringer Ingelheim, Roche, Galapagos, and BMS in the development of compounds for rare lung diseases. Dr. Bonella is also an investigato
Vicore Pharma reported its Q1'25 results which mainly focused on balance sheet items and a recap of corporate achievements for the quarter, with notably i) a cash position at SEK1,049m, and ii) opex stable at SEK91.5m (vs SEK99.3m). We are encouraged to see the good progress in the phase 2b ASPIRE
Q1 revenue missed consensus by 29% and our estimate by 38%. Despite industry-wide challenges, Nel remains optimistic on new orders – although it last booked a sizeable order in late-2022. On the positive side, cash of NOK2.1bn provides investors with decent time optionality awaiting a better market (we do not expect a liquidity injection), added to which it has a good technology track record and know-how. We reiterate our SELL and NOK1.5 target price.
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