Nanologica

Episurf Medical

Scibase Holding

Spago Nanomedical

Alzinova

Redsense Medical

AroCell

SynAct Pharma

* Synact is a pre-revenue company that generates negative cash-flow.

* The company is dependent on capital markets and key individuals. 

* The programmes are high-risk due to binary outcomes of clinical trials.

* Having a patented product on a regulated market usually means stable incomes once approved and running.

* Possibility of receiving upfront, milestone payments and royalties without further investments on the part of the company.

* Patents provide a clear moat.

* Autoimmune disorders provide a fertile ground for indication expansions and business development (M&A).

* The likelihood of generating income in 2025 is low.

* Expenses have been drastically reduced in 2024 compared to 2023.

* Current assets are 1.5 times greater than current liabilities.

* Two failed Phase II studies in 2023 indicate challenges in consistently delivering on promises and executing clinical trials effectively.
* As a pre-revenue company, no returns have yet been generated on investments, and some dilution of shares is inevitable.
* CEO pay does not currently reflect actual share performance, which has declined significantly due to failed clinical trials.
* Limited female representation in leadership, with no female board members on the current small board of four directors.
* Insider ownership falls slightly short of the 10% threshold, potentially indicating room for stronger alignment with shareholder interests.

* Strong founder mentality with a clear long-term vision focused on innovative melanocortin-based therapies for various inflammatory conditions.
* Experienced management team with deep industry knowledge and a history of successful value creation in the pharmaceutical sector.
* Lean organization structure promoting self-direction and accountability, with most functions sourced externally.
* Consistent focus on long-term business value and timely communication of clinical results and trial progress to investors.
* Management owns a significant stake in the business (8%), aligning their interests with shareholders.