Reported Earnings • May 26
First quarter 2026 earnings released: kr0.33 loss per share (vs kr0.17 profit in 1Q 2025) First quarter 2026 results: kr0.33 loss per share (down from kr0.17 profit in 1Q 2025). Revenue: kr4.69m (down 52% from 1Q 2025). Net loss: kr46.2m (down 344% from profit in 1Q 2025). Revenue is expected to decline by 4.8% p.a. on average during the next 2 years, while revenues in the Biotechs industry in Sweden are expected to grow by 13%. Over the last 3 years on average, earnings per share has increased by 98% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 27
Full year 2025 earnings released: EPS: kr2.21 (vs kr1.77 in FY 2024) Full year 2025 results: EPS: kr2.21 (up from kr1.77 in FY 2024). Revenue: kr434.4m (up 30% from FY 2024). Net income: kr284.7m (up 51% from FY 2024). Profit margin: 66% (up from 56% in FY 2024). The increase in margin was driven by higher revenue. Revenue is expected to decline by 3.2% p.a. on average during the next 2 years, while revenues in the Biotechs industry in Sweden are expected to grow by 10%. Over the last 3 years on average, earnings per share has increased by 109% per year but the company’s share price has only increased by 46% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 26
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to kr19.58, the stock trades at a trailing P/E ratio of 4.7x. Average trailing P/E is 18x in the Biotechs industry in Sweden. Total returns to shareholders of 362% over the past three years. Valuation Update With 7 Day Price Move • Jan 26
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to kr25.05, the stock trades at a trailing P/E ratio of 6x. Average trailing P/E is 37x in the Biotechs industry in Sweden. Total returns to shareholders of 720% over the past three years. Valuation Update With 7 Day Price Move • Dec 09
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to kr21.30, the stock trades at a trailing P/E ratio of 5.1x. Average trailing P/E is 31x in the Biotechs industry in Sweden. Total returns to shareholders of 629% over the past three years. Reported Earnings • Nov 28
Third quarter 2025 earnings released: EPS: kr2.39 (vs kr0.27 loss in 3Q 2024) Third quarter 2025 results: EPS: kr2.39 (up from kr0.27 loss in 3Q 2024). Revenue: kr410.7m (up kr403.5m from 3Q 2024). Net income: kr329.6m (up kr359.1m from 3Q 2024). Profit margin: 80% (up from net loss in 3Q 2024). The move to profitability was driven by higher revenue. Revenue is expected to decline by 25% p.a. on average during the next 3 years, while revenues in the Biotechs industry in Sweden are expected to grow by 11%. Over the last 3 years on average, earnings per share has increased by 115% per year but the company’s share price has only increased by 70% per year, which means it is significantly lagging earnings growth. Announcement • Nov 07
Saniona AB (publ), Annual General Meeting, May 27, 2026 Saniona AB (publ), Annual General Meeting, May 27, 2026. Location: malmo Sweden Valuation Update With 7 Day Price Move • Oct 15
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to kr14.28, the stock trades at a trailing P/E ratio of 9.2x. Average trailing P/E is 31x in the Biotechs industry in Sweden. Total returns to shareholders of 372% over the past three years. Reported Earnings • Aug 28
Second quarter 2025 earnings released: kr0.17 loss per share (vs kr0.18 loss in 2Q 2024) Second quarter 2025 results: kr0.17 loss per share. Revenue: kr9.28m (up 16% from 2Q 2024). Net loss: kr22.2m (loss widened 13% from 2Q 2024). Revenue is forecast to grow 26% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Biotechs industry in Sweden. Valuation Update With 7 Day Price Move • Aug 20
Investor sentiment improves as stock rises 38% After last week's 38% share price gain to kr11.90, the stock trades at a trailing P/E ratio of 7.6x. Average trailing P/E is 28x in the Biotechs industry in Sweden. Total returns to shareholders of 171% over the past three years. Valuation Update With 7 Day Price Move • Jun 18
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to kr11.50, the stock trades at a trailing P/E ratio of 7.2x. Average trailing P/E is 29x in the Biotechs industry in Sweden. Total returns to shareholders of 304% over the past three years. Reported Earnings • May 30
First quarter 2025 earnings released: EPS: kr0.17 (vs kr0.10 loss in 1Q 2024) First quarter 2025 results: EPS: kr0.17 (up from kr0.10 loss in 1Q 2024). Revenue: kr9.80m (up 62% from 1Q 2024). Net income: kr19.0m (up kr28.2m from 1Q 2024). Revenue is forecast to grow 19% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Biotechs industry in Sweden. Over the last 3 years on average, earnings per share has increased by 103% per year but the company’s share price has only increased by 38% per year, which means it is significantly lagging earnings growth. Announcement • May 29
Saniona AB (Publ) Announces Board Changes Saniona AB (publ) announced that at its AGM held on May 28, 2025 approved John Haurum was elected as new chairman of the board and Jørgen Drejer was elected as new deputy chairman of the board. The previous board member Pierandrea Muglia was not available for re-election. Valuation Update With 7 Day Price Move • Apr 23
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to kr7.21, the stock trades at a trailing P/E ratio of 5.2x. Average trailing P/E is 29x in the Biotechs industry in Sweden. Total returns to shareholders of 251% over the past three years. New Risk • Apr 15
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 22% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Shareholders have been diluted in the past year (22% increase in shares outstanding). Market cap is less than US$100m (kr907.7m market cap, or US$93.0m). Valuation Update With 7 Day Price Move • Mar 26
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to kr5.60, the stock trades at a trailing P/E ratio of 3.3x. Average trailing P/E is 32x in the Biotechs industry in Sweden. Total returns to shareholders of 163% over the past three years. Board Change • Mar 13
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Director Anna Ljung was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Mar 12
Saniona AB (Publ) Appoints Pierandrea Muglia as Chief Medical Officer Saniona AB (publ) has appointed Pierandrea Muglia, M.D., as Chief Medical Officer, bringing over three decades of expertise from large international pharmaceutical companies, biotech and neuroscience research. A board member since 2023, Muglia has seen Saniona's pipeline grow and its partnerships, like the $610 million deal with Acadia Pharmaceuticals, thrive. Now, he'll steer the company's clinical and regulatory efforts as it prepares three candidates for phase II trials. Announcement • Mar 03
Acadia Pharmaceuticals and Saniona Announce Initial Positive Results from ACP-711 (formerly San711) Phase 1 Study Acadia Pharmaceuticals Inc. and Saniona announced the successful completion of the two originally planned cohorts in their Phase 1 multiple-ascending-dose MAD study (EUCT: 2024-514514-12-00) of ACP-711, formerly SAN711, in healthy volunteers. In the study, ACP-711 was safe and generally well tolerated across all dosing cohorts. There were no serious adverse events, and all participants completed the study. Most adverse events were mild. No safety laboratory concerns, cardiovascular concerns, or abnormal neurological findings were observed. Given the favorable safety and tolerability profile and the prioritization of essential tremor as the lead indication, Acadia Pharmaceuticals and Saniona are seeking regulatory approval to evaluate ACP-711 in elderly healthy volunteers and to test higher repeated doses. To enable this extension, the study has been temporarily paused until regulatory approval. Reported Earnings • Mar 03
Full year 2024 earnings released: EPS: kr1.77 (vs kr1.49 loss in FY 2023) Full year 2024 results: EPS: kr1.77 (up from kr1.49 loss in FY 2023). Revenue: kr334.7m (up kr317.8m from FY 2023). Net income: kr188.7m (up kr284.5m from FY 2023). Profit margin: 56% (up from net loss in FY 2023). The move to profitability was driven by higher revenue. Revenue is forecast to grow 6.6% p.a. on average during the next 2 years, compared to a 19% growth forecast for the Biotechs industry in Sweden. Over the last 3 years on average, earnings per share has increased by 90% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Announcement • Jan 11
Saniona AB (publ), Annual General Meeting, May 28, 2025 Saniona AB (publ), Annual General Meeting, May 28, 2025. New Risk • Dec 13
New major risk - Revenue and earnings growth Earnings have declined by 2.7% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr72m free cash flow). Share price has been highly volatile over the past 3 months (30% average weekly change). Negative equity (-kr21m). Earnings have declined by 2.7% per year over the past 5 years. Shareholders have been substantially diluted in the past year (74% increase in shares outstanding). Minor Risks Revenue is less than US$5m (kr27m revenue, or US$2.4m). Market cap is less than US$100m (kr793.3m market cap, or US$72.2m). Reported Earnings • Nov 29
Third quarter 2024 earnings released: kr0.26 loss per share (vs kr0.38 loss in 3Q 2023) Third quarter 2024 results: kr0.26 loss per share. Revenue: kr7.24m (up 33% from 3Q 2023). Net loss: kr29.5m (loss widened 22% from 3Q 2023). Revenue is forecast to grow 31% p.a. on average during the next 2 years, compared to a 20% growth forecast for the Biotechs industry in Sweden. Announcement • Oct 07
Saniona Initiates SAN711 Biomarker Study Saniona announced that it has dosed the first subjects with SAN711 in a Phase 1 multiple ascending dose (MAD)/biomarker study. This marks a significant milestone that put the foundation for launching a clinical proof-of-concept study in children with absence seizures, scheduled for 2025. Topline data from the Phase 1 study is anticipated by the end of 2024. This Phase 1 MAD/biomarker study will investigate three critical aspects to inform future clinical trials: the effect of food intake on SAN711 dosing, the safety and tolerability as well as the potential benefits of higher doses using clinically relevant pharmacodynamic biomarkers. These insights will refine the dosing strategy for future patient studies as the Phase 1 MAD/biomarker study will assess the safety, tolerability, and pharmacokinetics of SAN711 in higher doses than those used in the previous Phase 1 study, while gathering data on food interactions and the drug's pharmacodynamic effects on EEG during both awake and sleep states in healthy volunteers. Saniona’s earlier Phase 1 study demonstrated excellent tolerability and indicated potential therapeutic benefit at relevant clinical plasma concentrations. The current study builds on these findings by exploring whether higher doses can offer even greater potential without compromising safety. Additionally, preclinical data suggests that SAN711 selective pharmacology modulates certain brain circuits, which can be detected via EEG measurements during both awake and sleep states. This not only serves as a functional biomarker of SAN711’s activity in the brain but may also indicate potential benefits for patients in future studies. The study is being conducted in collaboration with Evotec at the Clinical Research Centre (CRC) of the University Hospital in Verona, Italy. Both Evotec and CRC bring extensive expertise in neurological and psychiatric clinical research, which will support the successful execution of the study. Announcement • Sep 18
Saniona Receives Regulatory Approval for San711 Biomarker Study Saniona announced that it has been granted approval to begin a Phase 1 multiple ascending dose (MAD)/biomarker study in adults for SAN711. This study is a key step towards launching a clinical proof-of-concept study in children with absence seizures, scheduled for 2025. The Phase 1 MAD/biomarker study will assess the safety, tolerability, and pharmacokinetics of higher SAN711 doses in a multiple-dose setting. It will also gather data on food interactions and the drug's pharmacodynamic effects on EEG during both awake and sleep states in healthy volunteers. The biomarker data can provide evidence of SAN711's central pharmacological activity, aiding in defining the dosing strategy for future patient studies. This information, combined with receptor occupancy data from a prior PET study, will guide the next steps. Saniona is conducting this study in collaboration with Evotec at the Clinical Research Centre of the University Hospital in Verona, Italy. Evotec and CRC bring extensive experience in neurological and psychiatric clinical research, enhancing the study's execution. Additionally, Saniona is conducting a preclinical juvenile toxicity study and physiologically based pharmacokinetic modeling to translate adult Phase 1 data into appropriate dosing for children. New Risk • Sep 02
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -kr76m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr76m free cash flow). Share price has been highly volatile over the past 3 months (17% average weekly change). Shareholders have been substantially diluted in the past year (73% increase in shares outstanding). Minor Risks Currently unprofitable and not forecast to become profitable next year (kr34m net loss next year). Revenue is less than US$5m (kr25m revenue, or US$2.4m). Market cap is less than US$100m (kr476.1m market cap, or US$46.4m). Reported Earnings • Sep 01
Second quarter 2024 earnings released: kr0.18 loss per share (vs kr0.34 loss in 2Q 2023) Second quarter 2024 results: kr0.18 loss per share (improved from kr0.34 loss in 2Q 2023). Revenue: kr8.02m (up 108% from 2Q 2023). Net loss: kr19.7m (loss narrowed 7.1% from 2Q 2023). Revenue is forecast to grow 36% p.a. on average during the next 2 years, compared to a 18% growth forecast for the Biotechs industry in Sweden. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has fallen by 36% per year, which means it is significantly lagging earnings. New Risk • Jun 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Swedish stocks, typically moving 9.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (78% increase in shares outstanding). Minor Risks Less than 1 year of cash runway based on current free cash flow (-kr80m). Currently unprofitable and not forecast to become profitable next year (kr38m net loss next year). Share price has been volatile over the past 3 months (9.2% average weekly change). Revenue is less than US$5m (kr21m revenue, or US$2.0m). Market cap is less than US$100m (kr340.9m market cap, or US$32.4m). Reported Earnings • May 30
First quarter 2024 earnings released: kr0.08 loss per share (vs kr0.35 loss in 1Q 2023) First quarter 2024 results: kr0.08 loss per share (improved from kr0.35 loss in 1Q 2023). Revenue: kr6.03m (up 179% from 1Q 2023). Net loss: kr9.24m (loss narrowed 57% from 1Q 2023). Revenue is forecast to grow 41% p.a. on average during the next 2 years, compared to a 16% growth forecast for the Biotechs industry in Sweden. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has fallen by 52% per year, which means it is significantly lagging earnings. Announcement • Mar 01
Saniona AB (publ) to Report Fiscal Year 2023 Results on Apr 30, 2024 Saniona AB (publ) announced that they will report fiscal year 2023 results at 9:00 AM, Central European Standard Time on Apr 30, 2024 Reported Earnings • Mar 01
Full year 2023 earnings released: kr1.49 loss per share (vs kr3.93 loss in FY 2022) Full year 2023 results: kr1.49 loss per share (improved from kr3.93 loss in FY 2022). Revenue: kr16.8m (up 10% from FY 2022). Net loss: kr95.8m (loss narrowed 61% from FY 2022). Revenue is forecast to grow 22% p.a. on average during the next 2 years, compared to a 16% growth forecast for the Biotechs industry in Sweden. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has fallen by 52% per year, which means it is significantly lagging earnings. New Risk • Feb 19
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 72% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (17% average weekly change). Shareholders have been substantially diluted in the past year (72% increase in shares outstanding). Minor Risks Less than 1 year of cash runway based on current free cash flow (-kr84m). Currently unprofitable and not forecast to become profitable over next 2 years (kr47m net loss in 2 years). Revenue is less than US$5m (kr15m revenue, or US$1.4m). Market cap is less than US$100m (kr234.4m market cap, or US$22.5m). Price Target Changed • Feb 09
Price target decreased by 37% to kr6.00 Down from kr9.50, the current price target is provided by 1 analyst. New target price is 147% above last closing price of kr2.43. Stock is down 21% over the past year. The company posted a net loss per share of kr3.93 last year. Announcement • Jan 02
Saniona Announces the Selection of Its Proprietary GABAA A5 Negative Allosteric Modulator (NAM) Lead Compound, San2465 Saniona announced the selection of its proprietary GABAA a5 Negative Allosteric Modulator (NAM) lead compound, SAN2465, as a clinical candidate for major depressive disorder. This decision follows encouraging results obtained from a rodent model, specifically the chronic mild stress model of depression. SAN2465 demonstrated rapid and sustained reversal of chronic stress-induced depressive-like symptoms, including anhedonia, anxiety, and cognitive impairment. This positions SAN2465 as an innovative and rapid-acting approach to treating major depressive disorder and its associated comorbidities. Originally discovered through collaboration with Boehringer Ingelheim for schizophrenia, SAN2465 is a highly potent and selective negative allosteric modulator of GABAA a5. Saniona holds exclusive global rights to the program following the termination of the collaboration with BoehringerIngelheim in November 2020. SAN2465 is now poised for pre-clinical development as a rapid-acting antidepressant for collaboration with a partner. SAN2465 was rigorously tested in the chronic mild stress model of Depression in the laboratory of Professor Mariusz Papp, Maj Institute of Pharmacology, Polish Academy of sciences, Krakow, Poland. The chronic mild stress model is widely acknowledged as the most valid animal model of depression with translational potential to human disease. Results indicate that a single oral treatment of SAN2465, administered 24 and 48 hours before testing, effectively reversed depressive-like symptoms, as assessed by stress-induced reduction of sucrose intake. Furthermore, SAN2465 reversed the anxiogenic-like behaviors and cognitive impairments induced by stress after a single oral treatment administered 48 hours and 72 hours before testing, respectively. Importantly, the onset and robustness of the effect are comparable to the NMDA antagonist ketamine, suggesting a potential new mechanism of action with a differentiated side effect profile. The rapid antidepressant effect of esketamine is believed to stem from fast onset neuroplastic changes in molecular signaling cascades in relevant brain regions. Similar changes have been observed through pharmacological negative allosteric modulation of the GABAA a5 receptors in rodent studies suggesting that this mechanism could have a comparable rapid antidepressant effect in humans. Importantly, unlike NMDA receptor blockade with esketamine, negative modulation of GABAA a5 receptors is not anticipated to lead to significant adverse effects, as the expression of these receptors is more localized and mainly restricted to limbic areas. Use of esketamine is restricted by a Risk Evaluation and Mitigation Strategy (REMS) Program. Announcement • Dec 27
Saniona AB (publ) Strengthens Epilepsy Pipeline with Selection of SAN2355 as Clinical Candidate Saniona AB (publ) announced that it marks a significant epilepsy pipeline milestone by selecting SAN2355 as the first clinical candidate from its Kv7 epilepsy program. SAN2355, a subtype-selective activator of Kv7.2/Kv7.3 channels, represents a promising new generation of effective and well-tolerated epilepsy medicines. Having successfully passed critical candidate selection steps and secured a favorable opinion from the European Patent Office (EPO), Saniona is poised to advance SAN2355 into the preclinical development phase. Epilepsy, a brain disorder characterized by recurrent seizures, affects millions of people worldwide. Approximately 30% of patients are unresponsive to current medicines, emphasizing a substantial unmet need in the field. Kv7 channels play a crucial role in mediating potassium ion transport across the cell membrane of neurons, reducing the likelihood of generating uncontrolled bursts of nerve impulses. The Kv7 channel family comprises five subtypes, with channels consisting of Kv7.2 and Kv7.3 subunits selectively expressed in the brain. Activators of Kv7.2 and Kv7.3 channels effectively dampen overactive neurons, aiding in the prevention of epileptic seizures. Mutations in the Kv7.2 and Kv7.3 subunits are the second most common cause of inherited, severe childhood epilepsies, underscoring the importance of Kv7.2/Kv7.3 channels in controlling nerve cell activity. The non-selective Kv7 activator retigabine has provided clinical and commercial proof-of-concept for treating patients with resistant focal onset seizures. However, it has been withdrawn from the market due to compound-specific and non-target-related side effects. Reported Earnings • Dec 01
Third quarter 2023 earnings released: kr0.38 loss per share (vs kr0.28 profit in 3Q 2022) Third quarter 2023 results: kr0.38 loss per share (down from kr0.28 profit in 3Q 2022). Revenue: kr5.45m (up 128% from 3Q 2022). Net loss: kr24.1m (down 238% from profit in 3Q 2022). Revenue is forecast to grow 60% p.a. on average during the next 2 years, compared to a 20% growth forecast for the Biotechs industry in Sweden. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 34% per year, which means it is significantly lagging earnings. Announcement • Nov 29
Saniona AB (publ) Announces Composition of Nomination Committee Saniona AB (publ) announced the composition of the Nomination Committee for the Annual General Meeting 2024. Pursuant to the instruction and charter for the Nomination Committee adopted by the general meeting, the Nomination Committee shall comprise of three members, which shall be the Chairman of the Board of Directors and two members appointed by the two larger shareholders as of last September. On September 30, 2023, the two larger shareholders, who desired to appoint a representative to the Nomination Committee, were Jørgen Drejer and Dan Peters. Each such shareholder has appointed a representative, as shown below, who together with the Chairman of the Board of Directors will form Saniona AB’s Nomination Committee. The Nomination Committee’s members are: John Haurum, professional board member for life science companies and former CEO of F-star Biotechnology Limited, Cambridge, UK, appointed by Jørgen Drejer; Søren Skjærbæk, Partner at Ursus law firm, Vejle, Denmark, appointed by Dan Peters; Jørgen Drejer, Chairman of Saniona AB’s Board. Søren Skjærbæk has been appointed as Chairman of the Nomination Committee. The Nomination Committee shall prepare and submit proposals to the Annual General Meeting 2024. Announcement • Nov 22
Saniona Promotes Kv7 Epilepsy Compound to Candidate Selection Phase Saniona AB (publ) announced that it has initiated the candidate selection phase with a proprietary subtype selective frontrunner molecule from the Kv7 lead optimization program for epilepsy. The compound has a unique selectivity profile and represents a potential new generation of effective and well tolerated epilepsy medicines. Epilepsy, a brain disorder characterized by recurrent seizures, affects millions of people worldwide. There is considerable unmet need since about 30% of the patients are unresponsive to current medicines. Kv7 channels mediate potassium ion transport across the cell membrane of neurons, which decreases the likelihood of generating uncontrolled nerve impulses. Activators of Kv7 channels are therefore very effective in dampening overactive neurons and thus prevent the generation of epileptic seizures. Mutations in Kv7 channels containing the Kv7.2 and Kv7.3 subunits are the second most common cause of inherited severe childhood epilepsies, which demonstrate their importance in controlling nerve cell activity. The non-selective Kv7 activator retigabine has provided both clinical and commercial proof-of-concept for treatment of patients with resistant focal onset seizures. Retigabine has also shown anti-epileptic effect and developmental improvement in smaller investigator-driven studies with children with loss-of-function mutations in Kv7.2. However, retigabine has been withdrawn from the market due to compound specific and non-target related side-effects. The Kv7 channel family comprise five subtypes, of which channels consisting of Kv7.2 and Kv7.3 subunits are selectively expressed in the brain. The Saniona program focuses on development of subtype selective Kv7.2/Kv7.3 activators, thus avoiding retigabine´s troublesome side effects on the CNS and urinary system, which caused a high drop-out rate in the clinical studies and eventually resulted in quite low adherence to the drug despite good efficacy. Reported Earnings • Sep 01
Second quarter 2023 earnings released: kr0.34 loss per share (vs kr1.42 loss in 2Q 2022) Second quarter 2023 results: kr0.34 loss per share (improved from kr1.42 loss in 2Q 2022). Revenue: kr3.85m (up 30% from 2Q 2022). Net loss: kr21.2m (loss narrowed 76% from 2Q 2022). Revenue is expected to decline by 6.2% p.a. on average during the next 3 years, while revenues in the Biotechs industry in Sweden are expected to grow by 25%. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has fallen by 32% per year, which means it is performing significantly worse than earnings. New Risk • Aug 20
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.8% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (15% average weekly change). Revenue is less than US$1m (kr11m revenue, or US$985k). Minor Risks Less than 1 year of cash runway based on current free cash flow (-kr212m). Currently unprofitable and not forecast to become profitable over next 2 years (kr42m net loss in 2 years). Shareholders have been diluted in the past year (2.8% increase in shares outstanding). Market cap is less than US$100m (kr454.0m market cap, or US$41.3m). Reported Earnings • May 26
First quarter 2023 earnings released: kr0.35 loss per share (vs kr2.14 loss in 1Q 2022) First quarter 2023 results: kr0.35 loss per share (improved from kr2.14 loss in 1Q 2022). Revenue: kr2.16m (down 67% from 1Q 2022). Net loss: kr21.7m (loss narrowed 84% from 1Q 2022). Revenue is forecast to grow 74% p.a. on average during the next 2 years, compared to a 26% growth forecast for the Biotechs industry in Sweden. Over the last 3 years on average, earnings per share has fallen by 43% per year whereas the company’s share price has fallen by 40% per year. Reported Earnings • Feb 24
Full year 2022 earnings released: kr3.93 loss per share (vs kr6.59 loss in FY 2021) Full year 2022 results: kr3.93 loss per share (improved from kr6.59 loss in FY 2021). Revenue: kr15.3m (up 46% from FY 2021). Net loss: kr245.4m (loss narrowed 40% from FY 2021). Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has only fallen by 48% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 18
Third quarter 2022 earnings released: EPS: kr0.28 (vs kr1.50 loss in 3Q 2021) Third quarter 2022 results: EPS: kr0.28 (up from kr1.50 loss in 3Q 2021). Revenue: kr2.39m (up 5.5% from 3Q 2021). Net income: kr17.5m (up kr111.2m from 3Q 2021). Over the last 3 years on average, earnings per share has fallen by 52% per year whereas the company’s share price has fallen by 49% per year. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 1 highly experienced director. Independent Director Anna Ljung was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 25
Second quarter 2022 earnings released: kr1.42 loss per share (vs kr1.67 loss in 2Q 2021) Second quarter 2022 results: kr1.42 loss per share (up from kr1.67 loss in 2Q 2021). Net loss: kr88.6m (loss narrowed 15% from 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has only fallen by 37% per year, which means it has not declined as severely as earnings. Board Change • Jun 29
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 1 highly experienced director. Independent Director Anna Ljung was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 25
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: kr6.59 loss per share (down from kr1.79 loss in FY 2020). Net loss: kr410.9m (loss widened 460% from FY 2020). Revenue missed analyst estimates by 46%. Over the last 3 years on average, earnings per share has fallen by 41% per year whereas the company’s share price has fallen by 37% per year. Recent Insider Transactions • Dec 05
President & CEO recently bought kr100k worth of stock On the 2nd of December, Rami Levin bought around 10k shares on-market at roughly kr10.00 per share. In the last 3 months, there was an even bigger purchase from another insider worth kr229k. This was Rami's only on-market trade for the last 12 months. Recent Insider Transactions • Nov 23
Independent Chairman of the Board recently bought kr229k worth of stock On the 19th of November, J. deBethizy bought around 20k shares on-market at roughly kr11.43 per share. This was the largest purchase by an insider in the last 3 months. This was J.'s only on-market trade for the last 12 months. Reported Earnings • Nov 19
Third quarter 2021 earnings released: kr1.50 loss per share (vs kr1.24 loss in 3Q 2020) Third quarter 2021 results: Net loss: kr93.7m (loss widened 78% from 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 31% per year whereas the company’s share price has fallen by 27% per year. Reported Earnings • Aug 27
Second quarter 2021 earnings released: kr1.67 loss per share (vs kr1.24 loss in 2Q 2020) Second quarter 2021 results: Net loss: kr103.9m (loss widened 185% from 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has fallen by 20% per year, which means it is performing significantly worse than earnings. Reported Earnings • May 28
First quarter 2021 earnings released: kr1.34 loss per share (vs kr1.47 profit in 1Q 2020) First quarter 2021 results: Net loss: kr83.4m (down 293% from profit in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 18
Full year 2020 earnings released: kr1.79 loss per share (vs kr2.95 loss in FY 2019) Full year 2020 results: Net loss: kr73.4m (loss narrowed 3.1% from FY 2019). Over the last 3 years on average, earnings per share has fallen by 11% per year whereas the company’s share price has fallen by 9% per year. Is New 90 Day High Low • Feb 10
New 90-day low: kr18.70 The company is down 24% from its price of kr24.65 on 11 November 2020. The Swedish market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Biotechs industry, which is up 3.0% over the same period. Is New 90 Day High Low • Jan 14
New 90-day low: kr20.10 The company is down 21% from its price of kr25.45 on 16 October 2020. The Swedish market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Biotechs industry, which is down 1.0% over the same period. Is New 90 Day High Low • Dec 30
New 90-day low: kr20.70 The company is down 31% from its price of kr30.20 on 01 October 2020. The Swedish market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Biotechs industry, which is down 11% over the same period. Recent Insider Transactions • Dec 17
Co-Founder recently bought kr108k worth of stock On the 14th of December, Jørgen Drejer bought around 5k shares on-market at roughly kr21.50 per share. In the last 3 months, they made an even bigger purchase worth kr115k. Jørgen has been a buyer over the last 12 months, purchasing a net total of kr223k worth in shares. Recent Insider Transactions • Dec 02
Co-Founder recently bought kr115k worth of stock On the 30th of November, Jørgen Drejer bought around 5k shares on-market at roughly kr23.04 per share. This was the largest purchase by an insider in the last 3 months. This was Jørgen's only on-market trade for the last 12 months. Is New 90 Day High Low • Dec 02
New 90-day low: kr22.55 The company is down 15% from its price of kr26.55 on 03 September 2020. The Swedish market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Biotechs industry, which is down 3.0% over the same period. Reported Earnings • Dec 01
Third quarter 2020 earnings released: kr1.24 loss per share Third quarter 2020 results: Net loss: kr52.7m (loss widened 90% from 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings.