Nanexa presented strong validation of its PharmaShell technology during the first half of 2025, with Phase I data showing once-monthly liraglutide exposure over 36 days without significant gastrointestinal side effects. The company also gained industry recognition at BIO 2025 and ADA, and announced an extension of its feasibility agreement with a major pharma partner to evaluate PharmaShell for a multi-billion USD market. At the same time, the roadmap for NEX-22 has become less clear: where the company previously expected to initiate Phase Ib/II before year-end, management now indicates that partner discussions may reshape or delay the program. We continue to see high potential in NEX-22 and PharmaShell, though with some degree of heightened strategic uncertainty.
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