Nanexa continues to strengthen the foundation for the upcoming Phase Ib/II study in the NEX-22 project, with preliminary PK data from the final dose cohort confirming a dose-dependent profile. Management now targets treatment of the first patient in Phase Ib/II before year-end. While the company has terminated its exclusive equipment deal with Applied Materials (AMAT), it receives a USD 750k one-time payment and gains future manufacturing flexibility. With SEK 49m in cash plus the payment from AMAT, securing funding into 2026, and positive clinical data paving the way for Phase Ib/II, we maintain our view of an rNPV for NEX-22 alone of SEK 730m (SEK 4.7 per share), or SEK 5.6–9.8 per share including pipeline potential.
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