AlzeCure Pharma

Stockholm: ALZCUR

Market CapSEK150m

Last Close SEK2.95

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

AlzeCure is a pure play biotech focused on neurological disorders. The pipeline consists of three small-molecule platforms targeting AD and pain. The NeuroRestore platform, with lead asset ACD856, is focused on novel symptomatic treatment of AD. Both the SAD and MAD part of Phase I trials with ACD856 are currently ongoing. The Alzstatin platform (preclinical) is specifically aimed at modifying the course of AD. We find the strategy to target both settings in AD as a rational approach given the complex history of drug development in this vast indication. The third Painless platform consists of two non-opioid pain assets: ACD440, a topical treatment for neuropathic pain (Phase Ib data presented, planning to file for Phase II); and preclinical project TrkA-NAM for osteoarthritic and other severe pain (a drug candidate should be announced soon).

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 (79.2) (79.8) (211.0) N/A N/A
2023E N/A N/A N/A N/A N/A N/A
Industry outlook

Treatments for progressive neurodegenerative disorders, such as AD, remain a significant focus for the industry despite few treatment options being successfully developed available. Mild cognitive impairment due to AD is a large, unmet medical need. Likewise, non-opioid based analgesics for the treatment of pain are of growing interest.

Last updated on 23/05/2022
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
AlzeCure Pharma – ACD856: Phase I progressing after SAD data
Healthcare | research Flash note | 27 August 2021
MR image of human brain
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Share price graph
Balance sheet
Forecast net cash (SEKm) 30.4
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 2.8 (29.0) (53.2)
Relative* 8.9 (25.1) (48.5)
52-week high/low SEK10.1/SEK2.2
*% relative to local index
Key management
Martin Jönsson CEO
Birgitta Lundvik CFO
Johan Sandin CSO