The shareholder list was updated again today. The same sellers were the largest in the top 25 in December as last time.
DANSKE INVEST -267k shares
HANDELSBANKEN FUNDS -125k shares
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Probably nominee-registered accounts?
At that rate, thereâs enough to sell until the end of 2026; they still have roughly 5 million shares left.
Or else Nanoform needs to attract more eager buyers⊠Meaning impressive results and new openings.
It looks a bit like the situation with Aiforia: rallies on positive news, the rallies fizzle out, and a return to a downward trendâŠ
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Nano mentioned on a Swiss investment site.
âThose who are not afraid of the risk associated with individual stocks in this sector will find what they are looking for at the US investment bank Stifel. Its analysts follow more than 20 smaller European biotechnology companies. Stifelâs experts have been spot on in recent years with their buy recommendations for Abivax, Nanobiotix, Oxford Biomedica, and Synektik. The value of all three stocks has at least doubled. The top performer, Abivax, rose from 5 euros to as much as 102 euros within a year and still has upside potential. Stifel recently raised its price target to 142 euros.
Helsinki-based Nanoform Finland is not a traditional drug developer, but rather a specialized contract development and manufacturing organization (CDMO) service provider, like Lonza or Siegfried. CDMO stands for âContract Development and Manufacturing Organizationâ. It focuses on the so-called ânanonizationâ of active pharmaceutical ingredients (APIs), as 70â90 percent of traditional APIs are not water-soluble and therefore do not meet regulatory approval requirements. Nanoform Finland addresses this challenge by using its proprietary technology to reduce API particles to the nanoscale. This increases surface area, improves solubility, and increases bioavailability. Stifelâs analysts are convinced that Nanoform can achieve its ambitious medium-term targets. The stock price upside potential is over 200 percent.â
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The Trump administration is starting to negotiate drug price reductions again. Now there are 15 drugs on the list, including Erleada (apalutamide). Apalutamide is one candidate for nanoformulated drugs, in addition to enzalutamide.
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Today I stepped aside from this holding, moving to the sidelines to watch. I started feeling more and more anxious about the excessive dependence on the nanoenzalutamide project to replenish the cash reserves over the next couple of years. Over the last couple of years, some flags have appeared regarding the project, but Iâm not sure if they are yellow flags, or if they are even turning red? A partnership agreement was already expected in 2024, preferably with the originator. Then there was talk of a mosaic, and even those pieces seem to be coming together very slowly. Last summer, the fasted state results came out, which donât seem to justify generic substitution, but what exactly is this âalternativeâ registration pathway? Fed state results were first supposed to come soon, then by the end of 2025. Well, nothing has been announced regarding the fed state results yet, only about restructuring negotiations.
Sorry for the vent, I took some losses on this during my two-to-three-year ownership journey.
Anyway, I will continue to follow with interest.
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Nanoform.pdf (8.9 MB)
Anyone else interested should also check out the CMD day agenda. Unfortunately, the Q&A is not included. Interesting stuff.
Peter HĂ€nninen:
"This is a slide (87) that Merckâs Head of Biologics Drug Development presented a few months ago at a major conference. And they placed Nanoform right at the center alongside three US companies. This is a small group of companies that are pioneers in the future transition from intravenous to subcutaneous delivery of biologics.
The subcutaneous delivery market for biologics is being shaped by two major forces. One is the significant opportunity to transition from intravenous to subcutaneous delivery, as I mentioned, and the other is the limited availability of enabling technologies. This means that companies developing biologics must make strategic investments either through exclusivity arrangements with technology developers or through direct acquisitions. And the latest example of this was Halozymeâs acquisition of Elektrofi for nearly one billion US dollars."
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In my own mind, I have also been wrestling with bullish and bearish views on these future potentials that, if successful, could multiply the value of the investment many times over in a few yearsâand on the other hand, the risk that if the nanoenzalutamide launch is delayed or doesnât assemble a sufficiently good mosaic of partners, it would, as I understand it, likely mean a share issue in a situation where the share price would not be at a very commendable level.
I have therefore been worried about what will be communicated about the project in the Q4 report, as for some reason, a press release has still not been issued.
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This subcutaneous formulation of biologics really has remarkable potential. I havenât read the CMD transcripts yet, but I did flip through the slides earlier. There seem to be limited competitors regarding this technology at the moment. These slides from the CMD show those who have agreed on fairly large deals and acquisitions.
And this slide shows the biomolecules under development by competitors. A very large portion of these are controlled by Halozyme, leaving competitors with few options.
In my opinion, the question here is on what timeline the bio-line(s) can be converted to GMP standards, how much capital is required for that, and from where. In a previous earnings webcast, management commented that the next bio-line would be set up with a collaboration partner (using their funds?), which practically means Takeda at this point, I suppose. At least the A1AT project is currently underway with Takeda.
As for those other lines, the next two are supposed to come into GMP use during the next five-year period (as I recall, as early as '26 and '27). Below is a copy-paste from those CMD slides.
2026-3030: Expanding
âą Expansion of commercial manufacturing
authorization to GMP2 and GMP3
âą Inspections from relevant authorities, e.g. US FDA,
PDMA (Japan)
BTW, Halozyme bought another smaller company for the development of these subcutaneous high-concentration biomolecules: https://www.fiercepharma.com/pharma/halozyme-catches-ma-wave-snap-surf-bio-delivery-tech-deal-worth-400m. In my opinion, it is completely realistic to assume that Nanoform might be bought out from the stock exchange by some larger player. I just hope it wonât be sold at the current price yet.
edit: Here is a quote from the news above.
âSurf comes with a hyperconcentration technology that allows for the delivery of formulations of monoclonal antibodies and small molecules at high concentrations of up to 500 mg/mL via auto-injector administration at home or in a doctorâs office, according to Halozyme.â
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Itâs true that management said in the Q3 report that they expect results by the end of the year. That doesnât mean the results will be bad, does it?
So, they give volunteers the drug and measure blood concentrations. From these, you get Cmax (peak concentration) and AUC (âarea under the curveâ, essentially the total exposure to the drug dose). This basic testing is, as I understand it, simple enough that it shouldnât take half a year to get the results of the drug dose studied with food, following the study conducted in a fasting state (last summer). So, I suspect these results must already exist. If they were problem-freeâmeaning both were within the 80-125% range of the reference drugâs valuesâit would be a clear success, and they would gladly announce it with a PR. We already know that the Cmax for the fasting administration was âslightly low.â The way forward thus seems a bit unclear, and there must be some deliberation with partners and regulatory authorities regarding the next steps, given that coming forward with the matterâand thus communicating the results/path forwardâis taking so long.
Edit: but it is a separate question how much of this assumption is already priced in, and whether it is âstillâ a good time to sell⊠then again, the share price will likely take a significant dip if it seems the promised schedule will be delayed. And these are purely my own speculations; I am not an expert in the field.
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I disagree with this a bit. This is such an important study that the company must publish the results without delay once they receive the results themselves. The study is being conducted by a third party, and Nanoform presumably should not know the result until the final study results are reported to them. The results are, of course, about a month late; perhaps someone more knowledgeable can say how typical one-month delays are in medical studies.
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Didnât those results last time (fastes state) come out with the Q2 interim report? Or am I remembering wrong? I feel like exciting results have been shared via press releases, while lukewarm ones like these country-specific partnerships come out with the interim reportsâŠ
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True, thatâs how it wasâthe results were provided in connection with the earnings report. Perhaps it is possible that the results are already known but wonât be published until the Q4 report. However, I find that a bit strange from both a regulatory and company communication perspective, if they have the final results but arenât releasing them to the market. 1) This is significant inside information regarding the companyâs value, as a successful study result means it is very likely that nanoenzalutamide will indeed reach the market. This is also the final proof of the technologyâs functionality. 2) Why would the company state that the results are coming at the end of the year if they didnât intend to publish them before the Q4 report?
Hopefully, we will get answers to these questions soon.
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âAs a result of the negotiations, 49 employees will be terminated. In addition, temporary part-time layoffs may be implemented for a portion of the remaining personnel in Finland starting from March 1, 2026. The duration of the layoffs can be a maximum of 6 months. Through these measures, the company expects to achieve cost savings of approximately EUR 5â6 million for the 2026 calendar year.â
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