Västra Hamnen Corp. Finance

• The phase I study successfully completed
• Planning for a financing round in Q2
• Our model suggests a fair value of SEK 15.83 per share

Just before the release of the year-end report, Lipum announced positive topline results from its phase I study with SOL-116 in rheumatoid arthritis. Now, the company is busy planning for the next clinical step, expected to start in Q1 2026. Financing, completing production of the drug candidate, study planning and filing the application are among the activities on the company’s agenda in 2025. Lipum is in transition to become a phase II company, which is an inflection point in terms of valuation. The likelihood of approval for a biological phase II asset is 22.4 per cent, corresponding to a value per share of SEK 23.84. Until Lipum has reached some of its milestones, we keep our tight risk adjustment for now, implying a fair value of SEK 15.83 per share.

Read the full report here.