AlzeCure Pharma

Stockholm: ALZCUR

SEK260.2m market cap

SEK6.89 last close

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

Investment summary

AlzeCure is a pure play biotech focused on neurological disorders. The pipeline consists of three small-molecule platforms targeting Alzheimer’s disease (AD) and pain. The NeuroRestore platform is focused on novel symptomatic treatment of AD (lead compound ACD856 is in Phase I), although there is a scientific rationale for disease modification potential as well. The Alzstatin platform (preclinical) is specifically aimed at modifying the course of AD and has a differentiated mechanism of action. We find the strategy to target both settings in AD, symptomatic and disease modifying treatments, to be a rational approach given the complex history of drug development in this vast indication. The third Painless platform, with two non-opioid assets for pain (lead ACD440 is in Phase Ib), complements the R&D pipeline well. We value AlzeCure at SEK729m or SEK19.3 per share.

Y/E Dec
Revenue (SEKm)
EBITDA (SEKm)
PBT (SEKm)
EPS (öre)
P/E (x)
P/CF (x)
2019A 0.0 (50.6) (50.9) (135.0) N/A N/A
2020A 0.0 (71.1) (71.4) (189.0) N/A N/A
2021E 0.0 (81.5) (81.9) (217.0) N/A N/A
2022E 0.0 (85.6) (86.1) (228.0) N/A N/A
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Sector
Healthcare
Share price graph
Balance sheet
Forecast net cash (SEKm) 30.4
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (7.9) (22.4) 58.0
Relative* (12.1) (32.0) 0.0
52-week high/low SEK11.6/SEK4.2
*% relative to local index
Key management
Martin Jönsson CEO
Birgitta Lundvik CFO
Johan Sandin CSO