SciBase AB - Dermatology Diagnostic Devices from Sweden to the World

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Hi, is Scibase still under Inderes’ coverage? It would be nice to hear updated views from the analyst and others following the company.

Q1 results came out yesterday. Sales in the US seem to have grown significantly.

The share price has fluctuated between 0.3 and 0.5 since last summer. For the past 6 months, the price has stayed around 0.4. Any views on when the direction might turn upwards? I’m holding onto the shares myself and will follow with interest if US sales continue to grow substantially.

https://investors.scibase.se/sites/scibase/files/pr/202505121073-1.pdf](https://investors.scibase.se/sites/scibase/files/pr/202505121073-1.pdf)

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Coverage agreement terminated and coverage ended in December 2024:

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Unfortunately, the coverage ended a while ago, so we don’t have fresh comments available. If one considers the share price formation, this point about the termination of coverage is very essential to keep in mind:

We highlight that the high number of TO2 warrants (strike price SEK 0.42) has a significant impact on the valuation of the company and investors should evaluate the warrants’ claim on the company’s equity value when assessing the valuation of the stock.

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Interesting company, and with the increasing prevalence of melanoma, the market should grow. I personally held a small position in this, but those warrants seem to prevent a larger price increase. In addition, revenue growth has been so slow that a new share issue (and more warrants) might be on the horizon again by the end of the year. The number of employees has now slightly increased, apparently the US sales organization has been strengthened?

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Thanks for the insights.

Can more experienced investors estimate how common it is for the option exercise period to be set so far out, all the way to spring 2029? It feels like a very long timeframe. This is indeed a big hindrance to the share price increase, especially since such a huge number of options are redeemable.

Or how do the rest of you see it?

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Where can I buy those warrants? They sound like a very interesting investment if the maturity period is that long.

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Now, apparently, a solution is being sought in connection with a share issue for this difficult capital structure due to TO2 warrants. Warrants are being converted into shares here, so that two warrants are exchanged for one share :backhand_index_pointing_down:

That TO2 warrant structure made the company’s valuation exceptionally complex during our company coverage, so, fundamentally, evaluating the company as an investment will become easier with this :+1:

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The stock is surging for some reason. I don’t see any news, at least.