Abliva

US: ABLI

SEK242.7m market cap

SEK0.9 last close

Abliva (formerly NeuroVive) is a Swedish biopharmaceutical company. Its main focus area is PMDs with lead assets KL1333, a NAD+ modulator (Phase I), and NV354, a succinate prodrug (preclinical). NeuroSTAT is a non-core asset in Phase II for neurotrauma.

Investment summary

The rights issue announced on 19 February 2020 is now complete with 90% of the total amount of offered shares subscribed raising a total SEK67m. A positive surprise was the announcement that Nordic life sciences investor Hadean Ventures also decided to invest via a direct private placement of SEK20m. This brings the total amount of new funds to SEK87m gross, which will primarily fund the development of the two core assets for primary mitochondrial diseases (PMD): KL1333, a small molecule NAD+ modulator, and NV354, a succinate prodrug. The most significant share price catalyst in the near term is the KL1333 Phase Ia/b results from the final part of the study, which should start enrolling PMD patients in H220. Our valuation is SEK1.76bn or SEK5.93 per share.

Y/E Dec
Revenue (SEKm)
EBITDA (SEKm)
PBT (SEKm)
EPS (fd) (öre)
P/E (x)
P/CF (x)
2018A 2.5 (66.7) (68.8) (94.07) N/A N/A
2019A 3.6 (72.3) (74.6) (43.50) N/A N/A
2020E 3.6 (78.6) (81.0) (33.59) N/A N/A
2021E 3.6 (79.9) (82.3) (27.79) N/A N/A
Industry outlook

Abliva has a diversified portfolio, with all assets aimed at improving mitochondrial metabolism and function. We feel this puts NeuroVive among the very few experts in mitochondrial medicine.

Last updated on 09/07/2020
Sector
Healthcare
Share price graph
Balance sheet
Forecast net cash (SEKm) 60.8
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (26.4) 20.0 (28.0)
Relative* (27.0) 3.9 (32.7)
52-week high/low SEK2.4/SEK0.6
*% relative to local index
Key management
David Laskow-Pooley Chairman
Erik Kinnman CEO
Catharina Jz Johansson CFO
Eskil Elmér Chief Scientist Officer
Magnus Hansson Chief Medical Officer

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