Q1 report: drumming for clear AIR

Vicore Pharma (Buy, TP: SEK70.00) - Q4 in line with expectations

We believe the Q4 report was somewhat of a non-event, and adjusted for two writedowns of intangible assets, the operating loss was in line with our forecast. For 2024, we look forward to the commencement of the phase IIb trial ASPIRE for IPF, and expect additional follow-up data from the single arm trial AIR in H1. We reiterate our BUY and SEK70 target price.

Coverage update

Given team and strategy changes, Oscar Haffen Lamm is now assuming coverage of Medincell, Camurus, Valneva, Aelis Pharma, Abivax, Calliditas, Egetis Therapeutics, Basilea, Geneuro, Achilles, Valerio, Innate Pharma, Morphosys, Inventiva Pharma, Vicore, DBV Technologies, and Genfit.Maria Vara is now

Vicore Pharma (Buy, TP: SEK70.00) - Strengthening the balance sheet

Total operating costs were cSEK70m in Q2, while operating cash flow was cSEK-67m. With a capital raise of SEK500m (before issuance-related costs) during the quarter, we see a cash runway until 2025. The company stated its focus this year would be on preparing for the phase IIb ASPIRE trial in IPF, among others. We reiterate our BUY and SEK70 target price.

Northern Lights

Vicore Pharma (Buy, TP: SEK70.00) - Interim AIR data released

On 26 May, Vicore Pharma presented updated interim data from the AIR trial – the initial details having been released at the ATS meeting in the US last week. We still believe the interim data are strong and indicate that treatment with C21 could have a fundamentally different effect on IPF disease than other treatment options available or under development. We reiterate our BUY and SEK70 target price.

Northern Lights

Vicore Pharma (Buy, TP: SEK70.00) - Focus on ANDAS trial preparations

Total operating costs were cSEK66m in Q1, while operating cash flow was cSEK-78m, with end-Q1 cash at cSEK184m; we expect another capital raise before end-2023. The company said its focus this year will be on the preparations for the phase IIb ANDAS trial in IPF, among others. It has also initiated a clinical trial to study the effect of ATRAGs on endothelial dysfunction in 12 type 2 diabetes mellitus (T2DM) patients. We reiterate our BUY and SEK70 target price.

Northern Lights

Vicore Pharma (Buy, TP: SEK70.00) - Waiting for phase IIb trial to sta...

Vicore Pharma said it will do the planning and preparation for the ANDAS phase IIb trial in IPF in 2023 (with the trial expected to start in early 2024), while another interim AIR trial report is likely before summer and the final results by year-end. We reiterate our BUY but have cut our target price to SEK70 (98) to reflect our estimate changes.

Sector Fast Comment - Hospital data update

Better hospital margins in September Weaker procedure volume momentum into Q4 Small positive for capex exposure

Northern Lights

Vicore Pharma - Fresh AIR still pleasant

Vicore reports fresh data cut from Ph 2 AIR study Numerically lower FVC benefit; overall picture intact Reinforces LT potential; next transformative data in H2’24

Vicore Pharma (Buy, TP: SEK98.00) -

Solid data read-out Vicore Pharma’s Q3 report was in line with our expectations. It also presented additional data from the Phase IIa AIR study, confirming C21’s efficacy and safety profile against IPF. We expect further clarity on the clinical pathway in H1 2023. We reiterate our BUY and have increased our target price to SEK98 (86).

Vicore Pharma - Q3 report: business as usual

No new material updates in Q3 report Operating cashflow SEK -67m, in-line with expectations Report neutral for case

Vicore Pharma - Vicore’s DTx – Almee – clears the first hurdle

Vicore’s digital therapeutic reports positive pilot results Early data suggests genuine utility: anxiety down by 49% No formal value given to DTx, still a small positive; BUY

Vicore Pharma - Vicore hits in small Ph 1 study

Forearm Ph 1 reinforces C21 potential in vasculature Immaterial for share price at this point Share still heavily discounted after COVID over-reaction

Vicore Pharma (Buy, TP: SEK86.00) - Failed ATTRACT-3 trial undramatic

Vicore recently presented top-line data from its phase III ATTRACT-3 study in Covid-19. The study did not meet its primary or secondary endpoints, and further development of C21 in Covid-19 will be discontinued. However, the indication accounted for only 5% of our valuation. Looking ahead, top-line data from the important phase II study in IPF is expected to be presented in Q4 and remains a major potential catalyst for the shares, in our view. We reiterate our BUY but have lowered our target pri...

Vicore Pharma - Another COVID programme bites the dust

Ph 3 ATTRACT in COVID-19 fails Never included in ABGSC valuation (SEK 0/share) No read-across to IPF programme – case unchanged

Vicore Pharma - A giant in the making

Potential game-changer in multi-blockbuster indication IPF Prime large-cap pharma takeout target in due course Coverage initiated with a BUY and TP of SEK 65/share