Abliva

US: ABLI

SEK244.5m market cap

SEK0.83 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

Abliva is focused on primary mitochondrial diseases (PMD). The core portfolio consists of KL1333 and NV354. KL1333, a small molecule NAD+ modulator used to restore intracellular energy balance, is being developed for PMD, for example due to an m.3243 A>G mutation (eg MELAS, MIDD, PEO). Abliva started a Phase Ia/b study in March 2019 and the first two parts (SAD and MAD) were successfully completed. The third and final part is recruiting patients with PMD. Following positive feedback from the FDA, Abliva intends to start a single pivotal Phase II/III study in H221 before seeking approval. NV354 is the second lead drug candidate in Abliva’s core portfolio, a succinate prodrug targeting complex I deficiency, such as Leigh syndrome and LHON. IND-enabling studies are ongoing and the Phase I study could start in 2021.

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 02/12/2020
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Sector
Healthcare
Share price graph
Balance sheet
Forecast net cash (SEKm) 60.8
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 4.6 (15.2) (35.2)
Relative* (3.0) (22.3) (44.8)
52-week high/low SEK1.4/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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