Last close As at 05/08/2026
SEK19.46
▲ 0.36 (1.88%)
Market capitalisation
SEK1,038m
Research: Healthcare
SynAct Pharma has bolstered its strategic flexibility by securing a SEK100m convertible financing facility from Fenja Capital, drawing an initial SEK50m while retaining the option for a further drawdown in Q426 (subject to a 10% market capitalisation cap). We do not believe the financing was driven by an immediate liquidity requirement (we had previously estimated a cash runway into H127), but rather to enhance SynAct’s negotiating leverage as partnering discussions for resomelagon progress. The additional capital should enable the company to complete key Phase III preparatory activities, reducing execution risk and facilitating a faster transition into pivotal development following any strategic transaction. The facility replaces the previous SEK40m Hunter Capital arrangement and, if fully utilised, would result in maximum dilution of c 6.7%, with a further 3.5% potential dilution from associated warrants. We will update our forecasts and valuation to reflect the financing in due course.
| Year end | Revenue (SEKm) | PBT (SEKm) | EPS (SEK) | DPS (SEK) | P/E (x) | Yield (%) |
|---|---|---|---|---|---|---|
| 12/24 | 0.0 | (90.8) | (2.08) | 0.00 | N/A | N/A |
| 12/25e | 0.0 | (119.0) | (2.17) | 0.00 | N/A | N/A |
| 12/26e | 0.0 | (91.9) | (1.49) | 0.00 | N/A | N/A |
| 12/27e | 0.0 | (50.8) | (0.76) | 0.00 | N/A | N/A |
The timing of the financing is notable (driven by heightened business development activity following the BIO International Convention 2026) and appears to be aimed at enhancing SynAct’s negotiating position as discussions with potential partners progress. Unlike a conventional financing, the facility provides optional access to capital, with the remaining SEK50m drawdown available (during Q426) at the company’s discretion. The proceeds will support completion of key Phase III readiness activities, allowing SynAct to present prospective partners with an execution-ready programme that can move rapidly into pivotal studies.
The convertibles carry a conversion price of SEK24.6/share, implying the issuance of up to 2.03m new shares from the initial drawdown or a maximum 4.07m shares if fully utilised, equivalent to c 6.7% dilution. Fenja Capital will also receive 2.04m warrants (exercise price SEK27.55, expiring 31 July 2031), representing a further 3.5% potential dilution. The facility matures on 31 December 2027 and carries interest of STIBOR 3M (minimum 2%) +8% on drawn amounts, plus STIBOR 3M +2% on undrawn capital and a 3.5% arrangement fee. Importantly, Fenja has also agreed to a six-month lock-up on shares issued through conversion or warrant exercise, limiting near-term selling pressure. While the financing carries a relatively high servicing cost, we believe its flexible drawdown structure suits SynAct’s immediate goal of preserving strategic optionality while minimising dilution ahead of a potential partnering transaction.
We see H226 as an important value-inflection period for SynAct, with regulatory, clinical and partnering milestones expected to converge. Following the ADVANCE Phase IIb results, feedback from the forthcoming end-of-Phase II meeting with the FDA should provide greater clarity on the Phase III regulatory pathway, a key consideration for prospective partners. In parallel, top-line data from the Phase II RESPIRE study in respiratory insufficiency due to viral infections (expected in Q326) should provide an important opportunity to validate resomelagon’s broader applicability across inflammation-driven indications.
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Research: Industrials
Mikron reported H126 results that confirmed a slowdown in revenue after a record H125 performance. Despite the lower revenue, the operating margin remained within the range expected for FY26. While the Automation business saw slower revenue and order intake as pharma customers digested recent purchases, the Tool business saw strong growth and the Machining business appears to be approaching the bottom for order intake. The company reiterated its outlook for FY26 and we maintain our forecasts.