New Risk • Apr 23
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 Risks Less than 1 year of cash runway based on free cash flow trend (-kr13m free cash flow). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 17% per year over the past 5 years. Revenue is less than US$1m (kr304k revenue, or US$33k). Market cap is less than US$10m (kr41.0m market cap, or US$4.43m). Minor Risk Share price has been volatile over the past 3 months (9.2% average weekly change). New Risk • Feb 18
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: -kr13m 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 (-kr13m free cash flow). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 17% per year over the past 5 years. Revenue is less than US$1m (kr576k revenue, or US$64k). Market cap is less than US$10m (kr47.9m market cap, or US$5.34m). Reported Earnings • Aug 24
First half 2025 earnings released: kr0.62 loss per share (vs kr1.10 loss in 1H 2024) First half 2025 results: kr0.62 loss per share (improved from kr1.10 loss in 1H 2024). Net loss: kr12.3m (loss narrowed 43% from 1H 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 40 percentage points per year, which is a significant difference in performance. Annuncio • May 24
CombiGene AB (publ) announces Annual dividend, payable on June 19, 2025 CombiGene AB (publ) announced Annual dividend of SEK 0.2000 per share payable on June 19, 2025, ex-date on June 13, 2025 and record date on June 16, 2025. Annuncio • May 15
CombiGene AB (publ), Annual General Meeting, Jun 12, 2025 CombiGene AB (publ), Annual General Meeting, Jun 12, 2025, at 11:30 W. Europe Standard Time. Location: at combigene c/o aboutvalue, nybrogatan 7, stockholm Sweden Board Change • Apr 09
No independent directors There are 4 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 4 new directors. No experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). Director Marcus Isaksson is the most experienced director on the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of experienced directors. Reported Earnings • Nov 10
Third quarter 2024 earnings released: kr0.45 loss per share (vs kr0.42 loss in 3Q 2023) Third quarter 2024 results: kr0.45 loss per share (further deteriorated from kr0.42 loss in 3Q 2023). Net loss: kr8.96m (loss widened 6.6% from 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 57% per year but the company’s share price has only fallen by 41% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 25
Second quarter 2024 earnings released: kr0.38 loss per share (vs kr0.32 loss in 2Q 2023) Second quarter 2024 results: kr0.38 loss per share (further deteriorated from kr0.32 loss in 2Q 2023). Net loss: kr7.57m (loss widened 20% from 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 24% per year whereas the company’s share price has fallen by 29% per year. Annuncio • May 29
Combigene AB (Publ) Appoints Annika Ericsson as New Chief Scientific Officer CombiGene AB (publ) announced that Annika Ericsson, current Director Preclinical Development, will take over the role of Chief Scientific Officer, after Karin Agerman, who has decided to leave the company. Annika has worked almost as long as Karin in the company and has solid experience in drug development of gene therapies in the preclinical phase and project management. She started by running the preclinical testing of CG01 and has subsequently been project manager in several projects, most recently for CGT2, the lipodystrophy project, and COZY02, CombiGene's latest gene therapy project that targets severe chronic pain where there is currently a lack of good treatment options. Annuncio • May 24
CombiGene AB (publ) Approves Election of Marcus Isaksson as Board Member CombiGene AB (publ) at its AGM held on May 23, 2024 approved election of Marcus Isaksson, as board member. Reported Earnings • May 19
First quarter 2024 earnings released: kr0.72 loss per share (vs kr0.74 loss in 1Q 2023) First quarter 2024 results: kr0.72 loss per share (improved from kr0.74 loss in 1Q 2023). Net loss: kr14.2m (loss narrowed 2.9% from 1Q 2023). Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 24% per year, which means it is significantly lagging earnings. Annuncio • Mar 13
CombiGene's Epilepsy Project CG01 Receives Patent in Two New Countries CombiGene AB (publ) announced that the patent offices in Australia and India have granted patent for the epilepsy project CG01. The approval strengthens the project, which CombiGene recently has regained the global rights to.CG01 has previously been granted patents in the USA and Russia. CG01 is a unique gene therapy candidate aimed at a large patient population to solve an unmet need in epilepsy treatment. Epilepsy is a major global medical problem with approximately 47,000 drug-resistant patients with focal epilepsy estimated to be added each year in the US, EU4, UK, Japan, and China. CG01 is in preclinical stage. Annuncio • Feb 22
Orphazyme A/S (CPSE:ORPHA) acquired an additional unknown minority stake in CombiGene AB (publ) (OM:COMBI). Orphazyme A/S (CPSE:ORPHA) acquired an additional unknown minority stake in CombiGene AB (publ) (OM:COMBI) on February 21, 2024. Orphazyme informed CombiGene that they in total have acquired approximately 10% of the outstanding shares in CombiGene, which makes Orphazyme one of the larger shareholders in the Company. Orphazyme A/S (CPSE:ORPHA) completed the acquisition of an additional unknown minority stake in CombiGene AB (publ) (OM:COMBI) on February 21, 2024. Reported Earnings • Feb 18
Full year 2023 earnings released: kr1.80 loss per share (vs kr0.31 loss in FY 2022) Full year 2023 results: kr1.80 loss per share (further deteriorated from kr0.31 loss in FY 2022). Net loss: kr35.7m (loss widened 479% from FY 2022). Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has fallen by 35% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 12
Third quarter 2023 earnings released: kr0.42 loss per share (vs kr0.20 profit in 3Q 2022) Third quarter 2023 results: kr0.42 loss per share (down from kr0.20 profit in 3Q 2022). Revenue: kr1.17m (down 91% from 3Q 2022). Net loss: kr8.40m (down 313% from profit in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has fallen by 41% per year, which means it is significantly lagging earnings. New Risk • Oct 16
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Swedish stocks, typically moving 15% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. 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 (kr4.5m revenue, or US$411k). Market cap is less than US$10m (kr53.6m market cap, or US$4.90m). New Risk • Oct 10
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: kr107.1m (US$9.77m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Revenue is less than US$1m (kr4.5m revenue, or US$409k). Market cap is less than US$10m (kr107.1m market cap, or US$9.77m). Board Change • Sep 01
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 4 experienced directors. 1 highly experienced director. Independent Director Peter Nilsson is the most experienced director on the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Aug 27
Second quarter 2023 earnings released: kr0.32 loss per share (vs kr0.23 profit in 2Q 2022) Second quarter 2023 results: kr0.32 loss per share (down from kr0.23 profit in 2Q 2022). Net loss: kr6.29m (down 239% from profit in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has fallen by 32% per year, which means it is significantly lagging earnings. Annuncio • Jul 01
CombiGene AB (publ) Announces Chief Executive Officer Changes CombiGene AB (publ) announced that CEO Jan Nilsson will leave his position as CEO of the Company on September 1, 2023, when the Company's current COO Peter Ekolind will take over as CEO in accordance with current succession plan. Peter Ekolind has extensive leadership experience from the pharmaceutical and medtech industry. Many years of experience from a variety of positions have given Peter solid knowledge in product development, sales, marketing, preclinical development and GMP manufacturing. Peter has held several senior positions such as Business Area Manager, COO and CEO. He has served in a variety of firms, ranging from large multi-international companies to small development companies, with roles in business development, capitalization, internationalization, change management, innovation issues, public procurement, negotiations, and research collaborations with universities. Peter has been Chief Operating Officer at CombiGene since September 2022. Jan Nilsson will continue to assist CombiGene on a consultancy basis, including the Company's involvement in the newly formed CCRM Nordic AB, where Jan was recently elected Chairman of the Board. Reported Earnings • May 14
First quarter 2023 earnings released: kr0.74 loss per share (vs kr0.14 loss in 1Q 2022) First quarter 2023 results: kr0.74 loss per share (further deteriorated from kr0.14 loss in 1Q 2022). Revenue: kr2.17m (down 85% from 1Q 2022). Net loss: kr14.6m (loss widened 445% from 1Q 2022). Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Reported Earnings • Feb 19
Full year 2022 earnings released: kr0.31 loss per share (vs kr1.21 profit in FY 2021) Full year 2022 results: kr0.31 loss per share (down from kr1.21 profit in FY 2021). Revenue: kr41.7m (down 54% from FY 2021). Net loss: kr6.16m (down 129% from profit in FY 2021). Over the last 3 years on average, earnings per share has increased by 94% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: kr0.20 (vs kr0.62 loss in 3Q 2021) Third quarter 2022 results: EPS: kr0.20 (up from kr0.62 loss in 3Q 2021). Revenue: kr13.5m (up kr13.1m from 3Q 2021). Net income: kr3.95m (up kr14.2m from 3Q 2021). Profit margin: 29% (up from net loss in 3Q 2021). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has fallen by 30% per year, which means it is significantly lagging earnings. Board Change • Nov 16
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. 2 experienced directors. 1 highly experienced director. Independent Director Peter Nilsson is the most experienced director on the board, commencing their role in 2014. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: kr0.20 (vs kr0.62 loss in 3Q 2021) Third quarter 2022 results: EPS: kr0.20 (up from kr0.62 loss in 3Q 2021). Revenue: kr13.5m (up kr13.1m from 3Q 2021). Net income: kr3.95m (up kr14.2m from 3Q 2021). Profit margin: 29% (up from net loss in 3Q 2021). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has fallen by 29% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Oct 05
Investor sentiment improved over the past week After last week's 16% share price gain to kr9.00, the stock trades at a trailing P/E ratio of 3.6x. Average trailing P/E is 33x in the Biotechs industry in Sweden. Total loss to shareholders of 57% over the past three years. Reported Earnings • Aug 25
Second quarter 2022 earnings released: EPS: kr0.23 (vs kr1.18 loss in 2Q 2021) Second quarter 2022 results: EPS: kr0.23 (up from kr1.18 loss in 2Q 2021). Revenue: kr14.6m (up kr13.8m from 2Q 2021). Net income: kr4.52m (up kr19.9m from 2Q 2021). Profit margin: 31% (up from net loss in 2Q 2021). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has fallen by 32% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Aug 01
Investor sentiment improved over the past week After last week's 20% share price gain to kr10.15, the stock trades at a trailing P/E ratio of 6.9x. Average trailing P/E is 36x in the Biotechs industry in Sweden. Total loss to shareholders of 66% over the past three years. Reported Earnings • May 13
First quarter 2022 earnings released: kr0.14 loss per share (vs kr0.95 loss in 1Q 2021) First quarter 2022 results: kr0.14 loss per share (up from kr0.95 loss in 1Q 2021). Revenue: kr14.5m (up 183% from 1Q 2021). Net loss: kr2.68m (loss narrowed 75% from 1Q 2021). Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has fallen by 34% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • May 10
Investor sentiment deteriorated over the past week After last week's 15% share price decline to kr7.67, the stock trades at a trailing P/E ratio of 7.2x. Average trailing P/E is 45x in the Biotechs industry in Sweden. Total loss to shareholders of 72% over the past three years. Board Change • Apr 27
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. 2 experienced directors. 1 highly experienced director. Independent Director Peter Nilsson is the most experienced director on the board, commencing their role in 2014. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Apr 04
Board Member recently bought kr100k worth of stock On the 31st of March, Peter Nilsson bought around 222k shares on-market at roughly kr0.45 per share. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold kr520k more in shares than they bought in the last 12 months. Is New 90 Day High Low • Mar 08
New 90-day low: kr0.51 The company is down 32% from its price of kr0.74 on 08 December 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 5.0% over the same period. Annuncio • Mar 03
CombiGene Announces the Material from the First Large-Scale Production of CG01 Now Released for Use in the Final Parts of the Preclinical Program In the autumn of 2020, CombiGene, together with the Spanish gene therapy manufacturer Viralgen, successfully completed the first large-scale production of the gene therapeutic drug candidate CG01, which is developed for the treatment of drug-resistant focal epilepsy. The produced CG01 material has since undergone a regular quality assurance with a large number of different analyses to ensure that the material meets all the requirements necessary for it to be used in the final parts of the preclinical program. All analyses have now been completed and the produced material has been released at Viralgen and is ready to be used in the important biodistribution and safety studies that will be conducted, as planned, by CombiGene’s CRO partners, the US based NBR and the UK based Neurochase. Once the final preclinical studies have been conducted and analysed with documented positive results, CombiGene will be ready to apply for permission to start the first study in humans, a so-called clinical study. CombiGene is currently working with interested clinics and clinicians to design the protocol of the first clinical study. Unlike many gene therapies, which are developed for the treatment of rare diseases, CG01 caters to a large population of patients. Epilepsy is a major global problem. Every year, approximately 47,000 drugresistant patients with focal epilepsy are estimated to be added in the US, EU4, UK, Japan and China. CombiGene believes that it is realistic that 10-20% of these patients could be treated with the drug candidate CG01. Recent Insider Transactions Derivative • Nov 26
CEO & Director exercised options to buy kr82k worth of stock. On the 23rd of November, Jan Nilsson exercised options to buy 127.76k shares at a strike price of around kr0.50, costing a total of kr64k. This transaction amounted to 34% of their direct individual holding at the time of the trade. Since March 2020, Jan's direct individual holding has increased from 244.48k shares to 372.24k. Company insiders have collectively sold kr479k more than they bought, via options and on-market transactions in the last 12 months. Reported Earnings • Nov 19
Third quarter 2020 earnings released: kr0.045 loss per share Third quarter 2020 results: Net loss: kr6.45m (loss widened 87% from 3Q 2019). Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has fallen by 37% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Nov 17
New 90-day low: kr0.61 The company is down 45% from its price of kr1.10 on 19 August 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 8.0% over the same period. Annuncio • Nov 10
CombiGene Announces Update on Lipodystrophy Project CGT2 CombiGene's lipodystrophy project CGT2 is in an exciting phase where different drug candidates are evaluated with the goal of selecting the final candidate for further preclinical studies in 2021. A first selection of the drug candidates has been made in vitro trials with liver cells and CombiGene is now starting the next stage of the selection process with in vivo studies to evaluate which protein expression can be achieved in experimental models. The first of two in vivo studies now being conducted aims to measure the level of protein expression from the different drug candidates and in which organs it is expressed. The second in vivo study is performed to measure the different candidates' effect on fatty liver disease, which is the condition that the CGT2 project primarily intends to treat in partial lipodystrophy. Is New 90 Day High Low • Oct 29
New 90-day low: kr0.64 The company is down 24% from its price of kr0.84 on 30 July 2020. The Swedish market is up 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Biotechs industry, which is down 6.0% over the same period. Is New 90 Day High Low • Oct 12
New 90-day low: kr0.80 The company is down 7.0% from its price of kr0.86 on 14 July 2020. The Swedish market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Biotechs industry, which is up 2.0% over the same period. 