AlzeCure Pharma

Stockholm: ALZCUR

Market CapSEK228m

Last Close SEK4.5

AlzeCure Pharma is a clinical-stage biotech company based in Sweden focused on developing innovative, small molecule drugs for the treatment of Alzheimer’s disease (AD, symptomatic as well as disease modifying) and pain (neuropathic and osteoarthritic).

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Investment summary

With fresh funding in place and the FDA’s response to a pre-IND application, AlzeCure is evolving into a Phase II company with the initiation of a Phase IIa study with ACD440, a topical TRPV1 antagonist, for pain. This will be the company’s most advanced clinical trial and a significant catalyst. Its most advanced asset in Alzheimer’s disease (AD), ACD856, a novel cognitive enhancer from its NeuroRestore platform, continues to advance through the multiple ascending dose (MAD) part of the Phase I study, with the latest data showing that the compound successfully crosses the blood-brain barrier. Full data from the MAD part should be released in mid-2022. Our updated valuation is SEK1.08bn or SEK21.3 per share (versus SEK22.4 per share previously).

Y/E Dec
Revenue (SEKm)
EBITDA (SEKm)
PBT (SEKm)
EPS (öre)
P/E (x)
P/CF (x)
2020A 0.0 (71.1) (71.4) (189.0) N/A N/A
2021A 0.0 (77.4) (77.8) (206.0) N/A N/A
2022E 0.0 (81.5) (81.9) (185.0) N/A N/A
2023E 0.0 (85.3) (85.6) (169.0) N/A N/A
Content on AlzeCure Pharma
AlzeCure Pharma: Edison Open House Healthcare 2022
Healthcare | Edison TV | 9 February 2022
AlzeCure Pharma – Evolving into a mid-stage biotech
Healthcare | research Update | 5 January 2022
MR image of human brain
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Share price graph
Balance sheet
Forecast net cash (SEKm) 1.5
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 34.3 94.8 (40.4)
Relative* 46.7 107.5 (21.6)
52-week high/low SEK7.9/SEK2.2
*% relative to local index
Key management
Martin Jönsson CEO
Birgitta Lundvik CFO
Johan Sandin CSO