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Bioextrax: High interest and steady progress
Since last summer, Bioextrax has received numerous inquiries from research institutes and from both small and large companies. At the same time, the company reports progress in its leading projects. For example, two offers for feasibility studies have been sent to customers in the collaboration with Chematur Engineering. Bioextrax is also waiting for a decision from Konkan Specialty Polyproducts to move on to the next phase of the agreement, which includes higher revenues. In the project with the candy producer, prototypes of chewing gum have been developed for evaluation. In addition, Bioextrax carried out a rights issue in Q4 of SEK 14.1 million, which extends the financial runway to 2026.
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Crunchfish: Awaiting commercial break-through
After evaluating different funding options, Crunchfish conducted a preferential rights issue in November 2024 raising a gross of MSEK 26. With short-term funding secured, the company can focus on its eight potential revenue streams highlighted in the Q3 report. These include the agreement with IDFC First Bank in India, discussions with the National Payments Corporation of India, and digital wallet providers. The company has also decided to close its Gesture Interaction business after efforts to divest it. Given the future revenue prospects, forecasting lower costs, accounting for the financial risk, and adjusting for dilution, our model suggests a fair value of SEK 7.42 per share.
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aXichem: Study and test results around the turn of the year
Although sales came in lower than expected during the quarter, there are good prospects for growth in 2025. The increase in sales will be driven by business with aXiphen in Brazil and a continued positive trend for aXivite. In addition, we expect an EU approval of aXiphen around mid-year 2025 and the launch of the product towards the end of next year. Through the warrant TO1A, aXichem raised SEK 18.8 million. With the cash injection, we do not see any future capital needs, given our forecast of sales growth. After dilution and minor adjustments, our model suggests a fair value of SEK 2.50 per share.
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Medimi: Focusing on Denmark after the cancelled acquisition
Medimi's results for Q3 2024 were slightly higher than our estimates, mainly driven by lower costs during the period. Net sales came in slightly lower than our forecast and cash balance amounted to SEK 3.2 million. CEO Johan Wiesel expressed optimism about the development in Denmark, which contributed to a sales increase of almost 30 percent compared to Q3 2023. However, the financial situation remains vulnerable. We forecast that the company will need new financing in Q2 2025, despite rising sales and lower costs. At the same time, Medimi is evaluating strategic alternatives after the cancelled acquisition in Norway.
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