The report came in roughly in line with expectations and offered no material news, as the company updated the market on its pipeline earlier in May. Revenues amounted to SEK6m and related to licensing/partnering agreements with Boehringer Ingelheim and AstronautX. OPEX landed at SEK-19.7m and related to other external costs of SEK-7.9m (-11.8) and personnel costs of SEK-8.4m (-SEK8.6m). The cash position amounted to SEK71.4m (SEK87.8m).

Earlier this month, Saniona updated the market on its pipeline with more information on priorities following the outcome of its rights issue. Regarding SAN711, the company plans to conduct a phase I MAD/biomarker study and certain preclinical activities to “pave the way for starting a clinical proof of concept study in children with absence seizures during spring 2025.” Saniona is also progressing in the preclinical work with SAN2355 and expects a potential approval with Tesofensine in Mexico this year.

We make no significant changes to our valuation at this stage and reiterate our fundamental view since our Q4 report. We have adjusted our estimates somewhat to account for a potential Tesofensine approval in H2 this year (we had previously assumed in H1). We still argue that key catalysts include the Tesofensine approval, which should result in a milestone payment to Saniona and, in extension, royalty revenues, as well as a more significant licensing agreement relating to one or several of the company's assets.