Yep, if that cash burn develops as announced, it’s possible that we can still become cash flow positive without offerings. Especially if more of those milestone payments are timed for 2027. Actually, the reason why an offering might be possible would be if more bioline capacity is needed on a quick schedule. But I think in the previous earnings call, the CEO stated in the Q&A session that those biolines would be built in cooperation with a partner if needed, meaning in this case probably with Takeda’s money.
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Excerpt from the autumn securities article
“Edward explains that the financing has been said to be sufficient until the company is cash flow positive. When it listed, the company aimed for cash flow positivity in 2025.
”I now have four months. We both know I might fall a bit short. My thinking is that we are two years slower than what we estimated based on the information at the time of listing.”
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Summary of the analyst briefing:
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Full event:
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I dug up some more information about Halozyme’s acquisition. Here’s a news article about it. 750M USD + milestone payments on top, bringing the total price to 900M. The target of the acquisition was a company called Elektrofi, whose website doesn’t have much information about the method, except that it’s a proprietary technology. Based on this article, the method is based on the development of a CubeSat engine that the company’s founder worked on during his studies. Here you can find the guy’s dissertation titled “Electrically-assisted evaporation of charged fluids : fundamental modeling and studies on ionic liquids”. Smarter people can go read the details there, but it seems to be some kind of electrospray ionization method. How does Nanoform’s method’s production capacity compare to these types of electrospray methods?
edit: Here’s another quote from the investor caller’s summary above regarding Nanoform’s method’s capacity.
“Nanoform’s proprietary Controlled Expansion of Supercritical Solutions (CESS®) technology continued to demonstrate scalability. In January, the R&D team achieved a 20x scale-up on nanoenzalutamide, indicating readiness for targeted 1000kg+ commercial demand upon global launch.”
edit 2: Another quote about the bioline’s capacity:
“Nanoform’s biologics technology offering continued to generate increased interest from the pharmaceutical industry. In April, the Bio R&D team achieved a 10x scale-up of the biologics technology, producing 2kg in one continuous run on the pilot GMP line, supporting efforts to commercialize high-concentration subcutaneous injections of monoclonal antibodies (mAbs).”
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Interesting. They say they can achieve a similar concentration in subcutaneous biological drugs as Nanoform. And the business model also sounds similar.
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SEB Equities maintains a buy recommendation for Nanoform, with an updated target price of 2.25 euros.
According to Swedish bankers, the value of this Nanoform would be double what is currently offered on PöLHex (Foolsville).
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That was good news from Nano regarding the cGMP license for the European market and a bit elsewhere too, even though the market didn’t quite take to it. It was a big step forward. Furthermore, with the ambitious goal of cash burn under €
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[quote=“Yamarin, post:707, topic:5229”]if money starts flowing from the US markets from August 2027
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I myself might not expect much sales for nanoezalutamide for 2027 yet; its sales will likely start a bit slower, but a larger portion of milestone payments could be expected to fall in 2027. That change in cash burn for 2026 will likely consist of both decreased quality control costs (now done in-house) and milestone payments scheduled for next year. However, if the CEO has stated in a securities interview that the goal is now cash flow positivity in 2027, then significantly more milestone payments should be scheduled for that year than for 2026.
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Proprius Partners, founded by Heikkilä and partners, owns the medical technology company Nanoform among
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One would imagine that the launch of sales is significantly affected by who one partners with in the market.
“For Enzalutamide, the partners are not Astellas and Pfizer, but generic drug manufacturers Bluepharma, Helm, and Welding.
”They pay 75 percent of the costs and receive 75 percent of the profits. We pay 25 percent of the costs and receive 25 percent of the profits. In addition, we are paid for the work we do,” Albert says.
Generic drug manufacturers can start selling the nanoformed version when Astellas’ and Pfizer’s patent expires. According to the brothers, the original drug developer is always given the first opportunity to market the drug.”
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I have a strong hunch that if one were to jump on the Nanoform bandwagon at these prices, the annualized return in 10 years would certainly be in good shape. Of course, this brings us to why these listings tend to fizzle out a bit. When companies list on the small-cap market, it’s almost always because they need money, so it shouldn’t come as a surprise to anyone that it’s needed for their needs because they aren’t making money yet. That’s why it’s extremely essential in these companies to monitor what the goals, opportunities, potential are, and above all, how progress is made towards them. Nanoform has fallen behind schedule but has been progressing constantly. I strongly believe it will soon take off 
, because people always wake up to these late. All it takes is one really good piece of news and we’ll soon be at 2€. Since money is probably no longer needed from the markets and the stock price is really low, it’s a truly opportune situation.
My investing hobby took a bit of a backseat because I burned out and went personally bankrupt (for reasons unrelated to the stock market, damn it; my portfolio would now be 500k€ instead of 100k€, but it’s empty, so the strategy has shifted to be even more return-seeking). This, in my opinion, is the clearest next multi-multibagger in Helsinki. Time will tell, but all my little funds are now tied up in this. Hopefully, I can get back on my feet with Nanoform’s help.
(Edit: if anyone wonders about the difference between these numbers and those in the return% thread: the previous update to the forum was when the first 100k in the portfolio was reached, and then another amount came as profit from my apartment, which I had to sell, and these funds were lost. If they hadn’t been lost, I would have more than doubled this money, which is how I get to the 500k figure. I have calculated this because I was twisting the knife in the wound when I had to learn to let go of money.)
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“As I understand it, the company has unique expertise in its field. Cash reserves are easily sufficient for at least next year. The hope is for an acquisition or some significant cooperation arrangement for 2026.”
I myself do not wish for that acquisition. I would rather see the company’s technology break through and displace others. Good companies should not be allowed to leave Finland.
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Jesus Christ, what kind of strange urge is it to sell off these most promising companies at a bargain price? Just when we’re about to climb out of the valley of death. Nanoform’s market value right now is about the same as the money raised in the 2020 IPO, and in my opinion, the path to becoming cash flow positive within the next two years is very realistic.
There’s a good reason why Halozyme invested $900M in acquiring Elektrofi. These nanoformulated suspensions pose an existential risk to Halozyme’s Enhanze, and Enhanze brings in quite a lot of money for Halozyme. Enhanze is based on recombinant hyaluronidase added to the drug formulation. Producing recombinant enzymes is expensive, and if another formulation practically guarantees similar properties without that enzyme, why would drug manufacturers choose the more expensive or complex option?
Anyway, the ownership of Proprius Partners reminded me of this Heikkilä & Vilén episode from the early days of the corona bubble. Nanoform is mentioned somewhere around 20 minutes in. It didn’t become a tenbagger in the first five years, but now we get to start a bit lower for the next five-year period 
Excuse my rant 
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Owner lists updated today. No major changes in the top 25. The biggest sellers are the same two rascals as last month:
HANDELSBANKEN FUNDS -153k pcs
DANSKE INVEST -196k pcs
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I came across this news regarding subcutaneous antibody injections: https://www.thebrighterside.news/post/antibody-injections-could-replace-slow-iv-drips-in-treating-many-diseases-mit-scientists-find/. That is an abridged version of a published research article. In it, researchers have precipitated antibodies with polyethylene glycol (PEG) and managed to suspend the antibody particles in water at a high PEG concentration. This PEG concentration dilutes after injection, allowing the antibodies to dissolve.
Nanoform’s method is probably closer to that microglassification method in the image. Nanoform’s tested non-aqueous solvents have been mentioned previously in this slide. However, this news had a good point regarding potential problems associated with non-aqueous solvents.
\u003e"Some groups experimented with non-water solvents to achieve even higher loads. Those mixtures carried more drug, but they came with strong drawbacks that included pain at the injection site and added toxicity concerns. The ideal solution for patients and caregivers is a formulation that stays fully aqueous, holds a high dose and feels similar to common injectable medicines."
So, this might also need further adjustment during early-phase pre-/clinical trials if there are any tolerability issues related to the injectable solvent.
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What expectations and thoughts does Tuesday’s CMD evoke here?
“During the event, Nanoform’s management will present Nanoform’s key priorities for the next strategy period, as well as new business and financial targets.”
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