Västra Hamnen Corp. Finance

• Interim data from the OA study expected by the end of Q1
• Additional patients recruited in the VLU study
• Our model suggests a fair value of SEK 1.43 per share

The interim analysis from the knee osteoarthritis study with XSTEM is expected by the end of Q1 2025. The readout is of great significance for Xintela’s lead project. In the difficult-to-heal leg ulcer (VLU) study, five patients have been recruited, four have completed the study. The company is investigating the possibility of moving to the next step, as no safety issues have been observed. There is no update regarding the process with EQGen Biomedical regarding EQSTEM. We expect the process with Region Östergötland to advance as planned. Minor adjustments to our model suggest a fair value of SEK 1.43 per share.

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