I apologize for my offensive message; I will strive to do better in the future.
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That âmade up out of thin airâ remark is quite unnecessary and doesnât exactly encourage one to keep writing here. The fact that an interpretation needs clarification doesnât mean the matter was fabricated.
The 9.99% condition is found in the terms of Faronâs debt restructuring arrangement, and my own interpretation is that it may be relevant in this context. To my knowledge, it hasnât changed either. However, I havenât claimed it to be the only possible interpretation, but specifically my own view on the matter.
In flagging notifications, a distinction is made between direct shares and financial instruments. According to the Financial Supervisory Authorityâs instructions, a flagging obligation can arise from three different baskets: 1. existing share and voting proportion 2. long position through financial instruments 3. the combined total of these. HCM can flag a total position of over 20 percent, even if direct share ownership is a different matter.
In the announcement of Faronâs second bond tranche, the 9.99% point relates to repayment made in shares. It states that the use of share payment requires, among other things, that the ownership of HCM, its affiliates, or other bondholders in the company does not exceed 9.99% of the shares. Based on the public wording, this applies to shares, not the combined total of shares and financial instruments shown in flagging.
In the April 20th flagging notification, HCM held 10.13% in direct shares and 15.44% through financial instruments, totaling 25.58%. So yes, HCM has been over 10% in direct shares this year.
In Faronâs May 5th flagging notification, HCMâs direct shareholding had dropped to 9.55% and the share of financial instruments remained at 15.44%, totaling 24.99%.
I could certainly still be wrong, as itâs impossible to follow everything and I am not a financial professional. Feel free to comment, as long as you leave out the unnecessary snark.
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The TOP100 has been updated, and there were a few larger additions. @Paavo_Koivisto, would it be possible to have the changes in nominee-registered shares (hallintarekisteröity) visible in the listing for the period under review? Of course, it would be even better if the holdings of the nominee-registered owners on the list were also checked monthly, but that might be unnecessarily burdensome.
edit. A flagging notification arrived from HCM. According to my calculations, approx. 1.1 million shares were sold between April 30 and May 28. So, these are being absorbed into the market slowlyâŠ
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They are only selling the shares they received as repayment. In other words, those shares that converted from indirect ownership to direct ownership. They have held onto the offering shares (subscription shares) so far and I believe they even lent them out to someone last week.
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We will soon see how the research results have evolved.
Here is a recent study by Zeidan et al.
https://www.sciencedirect.com/science/article/pii/S2950328026000129
The study analyzed over 500 patients. Patients were treated with current standards of care, such as the HMA+Venetoclax combination or intensive chemotherapy, and the goal was to determine which factors most affect the prognosis.
Key findings:
- The TP53 mutation remained one of the strongest factors for a poor prognosis.
- The median OS (overall survival) for TP53 patients was approximately 6 months.
- The median OS for very high-risk AML patients was approximately 8 months.
- HMA+Venetoclax did not solve the problem for the most difficult-to-treat patients.
- Outcomes also remained poor with intensive chemotherapy.
- âIn the study, stem cell transplantation was the only factor clearly associated with better survival.â
Then, when reflecting this against what Amer Zeidan highlighted from the BEXMAB data:
âBEXMAB achieved a high remission rate, the median OS for relapsed/refractory patients rose to 14.5 months, and approximately half of the TP53 frontline patients reached stem cell transplantation.â
Letâs see what the upcoming research results will reveal.
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Thank you for sharing that.
Are we expecting some data to be released within the next few weeks? Or have I got that wrong?
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June 12, 2026 EHA
June 15, 2026 Post-EHA webcast
Iâm not sure if us regular retail investors (tuulipuvut) will get our hands on that EHA data immediately on June 12th or if weâll have to wait, but at the latest, we should hear more from the company on June 15th.
Screenshot from Faronâs website, from the link above.
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Much appreciated thank you!
Hopefully some positive news soon 
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It is to be expected that there will be plenty of shares available on the sell side. HCM received its installment, i.e., 3,366,377 million new shares, and if they follow their usual pattern, they will push them onto the market immediately. So, there will likely be plenty to buy for a while.
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This does not directly concern Faron, but to fill the quiet news cycle, here is some similar cancer research from across the Atlantic and Turku:
Ionic regulation of cancer cell stiffness and metastatic colonization via the MRTFA-KCNMB1 axis
https://www.cell.com/developmental-cell/fulltext/S1534-5807(26)00162-0
And in Turku:
Researchers played music to cells â aggressiveness of laryngeal cancer decreased
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Faron has been fined by the Nasdaq Helsinki Disciplinary Committee for violating exchange rules. Faron has not disclosed this ruling.
edit: Faronâs release has now been issued
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Well, it looks like JJ has been in a talkative mood on some social media platform. Apparently, there is a need to slightly offset the disciplinary ruling issued by the Nasdaq Disciplinary Committee. If one dares to draw conclusions from the surname, it seems this Jalkanen from HUS is one of those âTurku Jalkanesâ? Itâs great that Finnish hospitals got early access to a new cancer drug; itâs likely an AstraZeneca drug. If the Bex study progresses favorably, Iâm sure it will also be fast-tracked into use in Finnish hospitals.
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As I understand it, several Faron-linked trials are aiming to solve these exact problems - isnât that right?
Even though the pessimists seem to have disappeared from the forum,
could someone shed some light on how the competitors are doing?
Faron surely doesnât have a monopoly on this!
âT Cells, Tumour Macrophages, and Why Lung Cancer Evades Your Immune Systemâ
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This forum is pretty quiet. Must be summer. However, since Iâm heavily invested in this, it would be nice to hear some views with a bit of a longer perspective. In just over a year, weâll be at a âmoment of truth,â so to speak. Itâll start to become clear whether we played the wrong card or if weâre holding a joker. How do you guys see it? Is the trust still there, or is this crawling share price starting to take its toll? What are your thoughts Clark (critique, perhaps?), Vino, Jere??? And the rest of the forum members.
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Macrophages as predictors and new targets for immunotherapy in colorectal cancer
Forum version
The new 2026 CRC/TAM review is interesting for Bex, as it lists the TAMs associated with poor prognosis: CD163+, CD206+, SPP1+, and Stabilin-1 (Clever-1)+ macrophages.
The big message of the paper is that immunotherapy resistance in CRC is not just a T-cell PD-1 issue, but a comprehensive TME/TAM (tumor microenvironment/tumor-associated macrophage) issue.
Julia Kzhyshkowska is not just a random TAM review author, but one of the long-term core researchers in the Stabilin-1/Clever-1 field. She has been researching macrophages at Heidelberg University since the early 2000s and published articles on Stabilin-1 as early as 2006. She has shown, for example, that Stabilin-1 is also linked to human breast cancer and tumor growth in preclinical models.
The TAM review she published earlier in 2024 is a significant background paper for Bex. She is a researcher not affiliated with Faron.
Targeting of TAMs: can we be more clever than cancer cells?
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This is a total lottery ticket for me. I originally bought the stock with a target amount X, and I wonât be putting a single euro more into it. If the stock doesnât generate returns in the long run, Iâll just curse quietly to myself and accept my fate. If the stock performs well, Iâm the worldâs best investor with riches glimmering in my future.
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Aki Pyysing has taken quite heavy losses on Faron, according to Sundayâs article on Sijoitustieto.
Edit: fixed a typo and the date of the post.
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Itâs a bit comical to complain about a loss that is entirely caused by oneâs own impatience. A share issue has been an option all along, even if Faronâs management didnât advertise it as the primary choice. Juho has said (pretty much word for word) that âAll options are on the table,â meaning a share issue was never ruled out at any point (and by the way, it still hasnât been). And if anyone thinks itâs easy to say this in hindsight, they can dig up old posts from this very forum. Share issue speculation has been ongoing throughout. A share issue is also not catastrophic news. All forms of financing have their price: interest or dilution. It shouldnât come as a surprise that one of those is ahead when investing in a drug development company that has no revenue. Just because a share issue as a financing method causes frustration doesnât make it a bad option for the company. In my opinion, this was a better option than a partner (acquired at too early a stage). In a dream scenario, we still get to snag an AA (Accelerated Approval) from the FDA for a drug candidate that is 100% internally owned.
I expect Faron to be quite subdued now for the next year, unless some particularly good news comes as a surprise from left field. In a year and a half, results are expected that will certainly move the share price one way or the other and also activate partnering or M&A scenarios. Perhaps there will be some news from investigator-led studies in between, which could at best spark FOMO in both investors and Big Pharma.
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Great articles. Direct mentions of BEX have been avoided very skillfully.
However, the message is somewhat clear:
âThe macrophage wall must be broken so that other treatments can be effectiveâ
Hopefully, in next Mondayâs event, they will be able to put some impressive results on the table to make the summer a bit more exciting.
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