Announcement • Apr 09
Stenocare A/S, Annual General Meeting, Apr 29, 2026 Stenocare A/S, Annual General Meeting, Apr 29, 2026, at 10:30 Romance Standard Time. Location: lund elmer sandager law firm, kalvebod brygge 39-41, dk-1560 kobenhavn v., Denmark Announcement • May 16
Stenocare A/S Appoints Henrik Elbæk Pedersen as Board Member Stenocare A/S announced that at the AGM held on 15 May 2025 approved election of Henrik Elbæk Pedersen as a new board member. Hereafter, the board of directors consist of Marianne Wier (chairman), Jeppe Bo Petersen, Rolf Steno Petersen, Søren Melsing Frederiksen and Henrik Elbæk Pedersen. Announcement • Apr 23
Stenocare A/S, Annual General Meeting, May 15, 2025 Stenocare A/S, Annual General Meeting, May 15, 2025, at 10:00 Romance Standard Time. Location: lund elmer sandager law firm, kalvebod brygge 39-41, dk-1560, kobenhavn v, Denmark Announcement • Apr 03
STENOCARE A/S and Its Local Partner Secure Approval for the Reimbursement of the Innovative Astrum 10-10 Product in Germany STENOCARE A/S and its local partner have successfully secured approval for the reimbursement of the innovative ASTRUM 10-10 product by major German health insurance providers. Starting in April 2025, approximately 14 million insured individuals will be eligible for 100% reimbursement when treated with ASTRUM 10-10. The ASTRUM 10-10 oil product was made available to German patients in January 2025 and has now been approved for 100% reimbursement by two leading German health insurance providers, Techniker Krankenkasse and AOK Rheinland. Germany represents the largest medical cannabis market in Europe. Industry analysts, including Prohibition Partners, forecast a 275% growth by 2027, with total sales expected to reach EUR 1 billion. Stenocare's new and innovative medical cannabis oil product is officially named Astrum 10-10 Ext Stenocare. It contains 10 mg/ml of THC and 10 mg/ml of CBD, supplied in a 30 ml bottle. The PNZ is 15192488 and the German supplier is ADREXpharma GmbH. The Stenocare Astrum product is based on advanced oil technology designed to enhance the bioavailability of cannabinoids in the patient's bloodstream. This innovation addresses a common challenge in medicinal dosing by promoting the consistent absorption of active ingredients. Stenocare has conducted a successful pharmacokinetic (PK) study in dogs, which demonstrated two key improvements in the lymphatic system that can significantly enhance bioavailability: A significant increase in cannabinoid uptake into the bloodstream, improving therapeutic effect and a faster, more uniform absorption across patients. Announcement • Mar 31
Stenocare Begins Sales of New CBD100 Oil Product in Denmark STENOCARE A/S has delivered the first shipment of its new CBD100 Oil product to the Danish market. With this new medical cannabis oil product, Stenocare now offers four different prescription-based medical cannabis oil products to Danish patients, making it the leading provider of oil products in the Danish Pilot Programme. The company already offers a THC30 Oil product, a CBD20 Oil product, and a THC/CBD Oil product. Now, Stenocare is adding its CBD100 Oil product to the portfolio-providing patients with even more treatment options and further strengthening its position as a leading provider of medical cannabis oil products in the Pilot Programme. The new product is named CBD100 Oil Stenocare, and it contains 100 mg/ml CBD and 5 mg/ml THC in a 30 ml bottle. The first shipment of CBD100 has just been delivered in Denmark and is now available to patients across the country. Announcement • Feb 14
Stenocare A/S Announces the Innovative Astrum 10-10 Product Is Now Available for Australian Patients Stenocare A/S reach an important milestone with ASTRUM 10-10, that is now ready for sales to Australian patients. The innovative and patented medical cannabis oil product, ASTRUM 10-10 has the potential to improve uptake in the blood and thereby improve efficacy of the treatment. Stenocare's new innovative medical cannabis oil product named Astrum 10-10 has been approved for sales in Australia and is now ready for patient's treatment. Officially named "Astrum 10-10 Oil Stenocare," the product contains 10 mg/ml THC and 10 mg/ml CBD in a 30 ml bottle. The Stenocare Astrum product is based on cutting-edge oil technology designed to enhance the bioavailability of cannabinoids in the patient's bloodstream. This innovation addresses a well-known challenge in medicine dosing by ensuring consistent uptake of active ingredients into the blood. With the Astrum product, Stenocare has successfully completed a pharmacokinetic (PK) study in dogs, documenting two critical parameters in the lymphatic system that can significantly improve bioavailability: Uptake in the Blood: According to the pharmacokinetic (PK) study in dogs, Astrum improves blood uptake by a factor of 2.6 compared to a reference MCT-oil product on the market. Low and inconsistent uptake of drugs in the blood across patients is a well-known challenge in the pharmaceutical industry, affecting most medications. This challenge also applies to medical cannabis. When patients use traditional MCT-oil-based medical cannabis, the metabolism often reduces the uptake of cannabinoids in the body. As a result, a highly variable and often limited amount of active ingredients (i.e., cannabinoids) reaches the patient with a therapeutic effect. This creates difficulties in prescribing a consistent dosage to patients. Additionally, blood uptake varies significantly from one individual to another due to biological differences. The new Astrum product helps mitigate these challenges by offering enhanced bioavailability. Announcement • Jan 22
Stenocare A/S has completed a Follow-on Equity Offering in the amount of DKK 9.095624 million. Stenocare A/S has completed a Follow-on Equity Offering in the amount of DKK 9.095624 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 18,191,248
Price\Range: DKK 0.5
Transaction Features: Rights Offering Announcement • Jan 03
STENOCARE's Innovative ASTRUM 10-10 Product Now Available for Norwegian Patients Stenocare announced on December 2, 2024, that the new innovative medical cannabis oil product, named Astrum 10-10, has been approved for sale in Norway. At the end of December, the first shipment of this product arrived in Norway and is ready for patients' treatment. Officially named 'Astrum 10-10 Oil Stenocare,' the product contains 10 mg/ml THC and 10 mg/ml CBD in a 30 ml bottle. The Stenocare Astrum product is based on cutting-edge oil technology designed to enhance the bioavailability of cannabinoids in the patient's bloodstream. This innovation addresses a well-known challenge in medicine dosing by ensuring consistent uptake of active ingredients into the blood. With the Astrum product, Stenocare has successfully completed a pharmacokinetic (PK) study in dogs, documenting two critical parameters in the lymphatic system that can significantly improve bioavailability:
Parameter 1 - Uptake in the Blood: According to the pharmacokinetic (PK) study in dogs, Astrum improves blood uptake by a factor of 2.6 compared to a reference MCT-oil product on the market. Low and inconsistent uptake of drugs in the blood across patients is a well-known challenge in the pharmaceutical industry, affecting most medications. This challenge also applies to medical cannabis. When patients use traditional MCT-oil-based medical cannabis, the metabolism often reduces the uptake of cannabinoids in the body. As a result, a highly variable and often limited amount of active ingredients (i.e., cannabinoids) reaches the patient with a therapeutic effect. This creates difficulties in prescribing a consistent dosage to patients. Additionally, blood uptake varies significantly from one individual to another due to biological differences. The new Astrum product helps mitigate these challenges by offering enhanced bioavailability. Parameter 2 - Time to Maximum Effect: According to the PK- study in dogs, the Stenocare Astrum product reduces the time from dosing to maximum effect from 2-4 hours to just 1 hour, providing a more consistent experience for patients. Predictability of uptake and time to maximum effect is crucial when doctors prescribe medical cannabis and when patients use it to treat their symptoms. Time to maximum effect refers to the duration it takes for the medication to reach its highest concentration in the blood after administration. Achieving this maximum effect as quickly as possible is important to help patients manage their symptoms effectively. Announcement • Dec 20
Stenocare A/S has filed a Follow-on Equity Offering in the amount of DKK 20.212497 million. Stenocare A/S has filed a Follow-on Equity Offering in the amount of DKK 20.212497 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 40,424,994
Price\Range: DKK 0.5
Transaction Features: Rights Offering Announcement • Dec 19
Stenocare A/S Appoints Rolf Steno to the Board of Directors Stenocare A/S at its EGM held on December 18, 2024, approved to elect Rolf Steno to the board of directors. Announcement • Dec 17
Stenocare Gains Danish Approval for New Medical Cannabis CBD100 Oil Stenocare has received approval from the Danish Medicines Agency to start selling a new medical cannabis oil product to Danish patients. The new CBD100 product has a very high concentration of CBD active ingredients (100 mg/ml), and this makes Stenocare the only supplier under the Danish Pilot Programme to offer a CBD100 oil product. The new CBD100 oil product offers additional options for doctors and patients who require significantly higher doses in their treatment. The Stenocare product portfolio now includes four medical cannabis oil products for Danish patients: CBD100, CBD20, THC30, and the mixed THC15/CBD24 oil product, further solidifying Stenocare's position as the leading supplier under the Pilot Programme. On November 26, 2024, Stenocare announced its strategy to transform into a leading trading company for medical cannabis products. By leveraging the strong foundation built since 2017, the company aims to meet diverse patient needs with a broader range of high-quality products. The approval of CBD100 underscores Stenocare's commitment to regulatory excellence, patient-centric innovation, and driving growth in sales. Announcement • Dec 02
STENOCARE A/S Announces Approval of its Innovative Product, Astrum 10-10, for Sale in Norway STENOCARE A/S announced the approval of its innovative product, Astrum 10-10, for sale in Norway. This milestone paves the way for more patients to access the benefits of medical cannabis treatment. Astrum 10-10 is expected to become available to patients within the next 30 days. Since 2019, Stenocare has been collaborating with partners to develop and test next-generation medical cannabis oil products, positioning itself as a frontrunner in prescription-based medical cannabis. Stenocare is now ready to introduce its patented product to Norwegian patients. Officially named Astrum 10-10 Oil Stenocare, the product contains 10 mg/ml THC and 10 mg/ml CBD in a 30 ml bottle. Innovative Product: The Stenocare Astrum product is based on oil technology designed to enhance the bioavailability of cannabinoids in the patient's bloodstream. This innovation addresses a well-known challenge in medicine dosing by ensuring consistent uptake of active ingredients into the blood. With the Astrum product, Stenocare has successfully completed a pharmacokinetic (PK) study in dogs, documenting two critical parameters in the lymphatic system that can significantly improve bioavailability: Parameter 1 - Uptake in the Blood: According to the pharmacokinetic (PK) study in dogs, Astrum improves blood uptake by a factor of 2.6 compared to a reference MCT-oil product on the market. Low and inconsistent uptake of drugs in the blood across patients is a well-known challenge in the pharmaceutical industry, affecting most medications. This challenge also applies to medical cannabis. When patients use traditional MCT-oil-based medical cannabis, the metabolism often reduces the uptake of cannabinoids in the body. As a result, a highly variable and often limited amount of active ingredients (i.e., cannabinoids) reaches the patient with a therapeutic effect. This creates difficulties in prescribing a consistent dosage to patients. Additionally, blood uptake varies significantly from one individual to another due to biological differences. The new Astrum product helps mitigate these challenges by offering enhanced bioavailability. Parameter 2 - Time to Maximum Effect: According to the pharmacokinetic (PK) study in dogs, the Stenocare Astrum product reduces the time from dosing to maximum effect from 2-4 hours to just 1 hour, providing a more consistent experience for patients. Predictability of uptake and time to maximum effect is crucial when doctors prescribe medical cannabis and when patients use it to treat their symptoms. Time to maximum effect refers to the duration it takes for the medication to reach its highest concentration in the blood after administration. Achieving this maximum effect as quickly as possible is important to help patients manage their symptoms effectively. Board Change • Nov 07
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. 3 experienced directors. No highly experienced directors. Independent Director Jeppe Petersen 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 • Nov 05
Third quarter 2024 earnings released Third quarter 2024 results: Net loss: kr.4.70m (loss narrowed 7.9% from 3Q 2023). 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 49% per year, which means it is significantly lagging earnings. Announcement • Nov 01
Stenocare A/S Announces Resignation of Søren Kjær as Board Member STENOCARE A/S is changing the Board of Directors. Board member Søren Kjær will leave the board. The Company will nominate Rolf Steno to join the Board at the next general meeting. The Company has accepted the resignation from Board member Søren Kjær and would like to thank him for his contribution to the Board of Directors. The Company will nominate Rolf Steno to join the Board of Directors at the next general meeting. Rolf Steno has a background in sales and international business development. Announcement • Oct 14
Stenocare A/S Updates Earnings Guidance for the Year 2024 Stenocare A/S updated earnings guidance for the year 2024. For the year, the company expects gross sales of between DKK 6 million - DKK 8 million is now expected to be DKK 4.5 million for 2024. Based on the Third Quarter actual market performance, the Company is updating guidance for 2024. Reported Earnings • Aug 22
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: kr.745.3k (down 57% from 2Q 2023). Net loss: kr.3.75m (flat on 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 40% per year, which means it is performing significantly worse than earnings. New Risk • Aug 21
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: €8.78m (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 Less than 1 year of cash runway based on free cash flow trend (-kr.11m free cash flow). Earnings have declined by 37% per year over the past 5 years. Revenue is less than US$1m (kr.4.3m revenue, or US$647k). Market cap is less than US$10m (€8.78m market cap, or US$9.77m). Minor Risks Share price has been volatile over the past 3 months (8.8% average weekly change). Shareholders have been diluted in the past year (34% increase in shares outstanding). Announcement • Aug 20
Stenocare A/S Updates Sales Guidance for the Year 2024 STENOCARE A/S is updating the guidance from November 06, 2023 based on actual market performance from First Quarter and Second Quarter 2024 and the forecast for Third Quarter and Fourth Quarter 2024. The guidance of gross sales of DKK 12 million -DKK 18 million is now expected to be DKK 6 million -DKK 8 million for 2024, which is a growth of +7% compared to 2023. This will also influence the ambition to reach break-even for the last quarter of 2024, which is not realistic with the new sales forecast. Announcement • May 24
Stenocare A/S Launches Next Generation Medical Cannabis Oil Product in Australia Stenocare A/S announced their new innovative product-line is ready for the market - six months ahead of expectation. The new Astrum brand is an innovative cannabis oil product featuring a patented oil technology that enhances the bioavailability of its active ingredients. This breakthrough allows for higher uptake in the blood, and reduced dosage requirements. The first Astrum product will be launched for patients in Australia during Summer 2024. Ahead of plan: Stenocare has since 2019 been investing with partners to develop and test next generation medical cannabis oil products, that can position Stenocare as a true leader within prescription-based medical cannabis. The new product-line is branded Astrum, and the company has worldwide exclusivity for this patented oil technology. The company is now ready to commercialize the first market during Summer 2024 in Australia. The first product is Astrum 10-10 oil Stenocare, with 10 mg/ml THC and 10 mg/ml CBD. Innovative product: The Stenocare Astrum product is based on an innovative oil technology, that has the potential to increase the cannabinoid's bioavailability in the patient's blood. Thereby, the new product is addressing a well-known challenge with dosing medicine and securing consistent uptake of the active ingredients in the blood. With the Astrum product, Stenocare has completed a pharmacokinetic (PK) study in dogs that documented two important parameters in the lymphatic system that can improve the bioavailability: Parameter 1 - uptake in the blood: According to the PK-study, Astrum improves uptake in the blood with a factor 2.6 - compared to a reference MCT-oil product in the market. Low and inconsistent uptake of the drug in the blood across patients is a well-known challenge in the pharma industry, that applies to most drugs. This also applies to medical cannabis. Today, when patients are administrating traditional MCT-oil based medical cannabis, the metabolism will reduce the uptake of cannabinoids in the body. This means that a highly variable and often little part of the active ingredients (ie. cannabinoids) are delivered inside the patient with a therapeutic effect. This is creating problems to prescribe a steady dosage of the drug to patients. Also, the uptake in the blood is very different for each individual due to biological differences between patients. The new Astrum product is mitigating these challenges and offering higher bioavailability. Parameter 2 - time to max effect: According to the PK-study, the Stenocare Astrum product improves time from dosing to max effect from 2-4 hours to just 1 hour, and offer's a more uniform experience. Predictability of uptake and time to max effect is important when doctors prescribe medical cannabis and when patients use it to treat their symptoms. The time to max effect is the duration of time it takes to reach maximum concentration of the drug in the blood after dosing the drug to the individual. Reaching the maximum as fast as possible is important to help patients manage their symptoms. Commercializing the next generation product: The Stenocare Astrum product is the next generation product, that offers better predictability and uniformity for prescribers and for patients. The new product is protected with a patent and Stenocare is the first company to launch a prescription-based medical cannabis oil product with a lymphatic targeting technology. The commercial stage is now ready to begin, and Stenocare will work with their local partners in Australia to educate prescribers and collect feedback from the market. Stenocare also has the ambition to launch the new product in several additional markets and hope the next commercial launch will happen during second half of 2024 - pending regulatory approvals from the local medicine agency. Path from development to market launch: The findings from the PK-study was announced on September 20, 2022 - which described the potential of the Astrum oil technology. Then Stenocare announced on June 2, 2023 - that an experienced manufacturer was found to produce the new Astrum products. It was expected that the first product would become commercially available during 2024. Since that announcement, the parties have been working hard to source the ingredients and testing production procedures for the new Astrum oil product. The process for having the product approved for sales has successfully been completed, and Stenocare is waiting for the last export certificate that will allow shipment of the new product into Australia. The market launch is expected during Summer 2024. Reported Earnings • May 03
First quarter 2024 earnings released First quarter 2024 results: Revenue: kr.1.15m (up 43% from 1Q 2023). Net loss: kr.3.70m (loss narrowed 17% from 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has fallen by 33% per year, which means it is performing significantly worse than earnings. Announcement • Apr 19
Stenocare A/S Announces That the New STENOCARETHC/CBD Medical Cannabis Oil Product Available for Sale in Denmark Stenocare A/S announced, that it had received approval to supply a new THC/CBD medical cannabis oil product under the Danish Pilot Programme. Starting April 18, 2024 the new product is available for sales to patients, and Stenocare is the only supplier of THC/CBD oil products under the Pilot. Out of the many suppliers seeking approval to sell their products, Stenocare has been in a clear leadership position from the start of the Pilot in 2018 and is the only supplier of three different medical cannabis oil products under the Pilot. The company has successfully imported the first batch of a new medical cannabis oil product into Denmark. The new product is a combination THC/CBD oil containing 15 mg/ml THC and 24 mg/ml CBD with dosing delivered via an oral syringe. The new product is available starting today via pharmacies and requires a prescription. Strong product portfolio:Stenocare is the first and so far, only supplier of this THC/CBD oil product for the Danish Pilot Programme. With this, Stenocare now once again has the complete portfolio of three medical cannabis oil products (ie. THC30 oil, CBD20 oil and now the THC/CBD oil). With this new product, Stenocare is able to offer the complete range of oil products they successfully sold to patients during 2018 and 2019, that grew the company sales and allowed the Company to reach breakeven in First Quarter 2019. Therefore, having this complete product range for the Danish Pilot Programme is an important element in the 2024 ambitions to once again reach breakeven at the end of the year. Announcement • Mar 12
Stenocare A/S to Deliver New Medical Cannabis Oil Product for Australian Patients Stenocare A/S announced that the company and its partners are now ready to deliver a new medical cannabis oil product for Australian patients. Stenocare announced in November 2023 that the company and its partners had received approval for a new medical cannabis oil product in Australia, set to be available for patients in the first quarter of 2024. This week (March 12), the new product is officially released and made ready for sale to Australian patients. The new product is a "Balanced 25-25 oil" in a 30 ml bottle which has the potential to address a larger target group of patients compared to the first 12.5-12.5 oil product Stenocare introduced for the Australian market. Announcement • Feb 27
STENOCARE Receives Approval to Sell a New Medical Cannabis Oil Product in Denmark STENOCARE A/S announced that it has received approval from The Danish Medicines Agency to sell a new THC/CBD medical cannabis oil product to Danish patients. With this, Stenocare has regained the position as the exclusive (only) provider of all three essential oil products under the Danish Pilot Programme; THC oil, CBD oil, and now also the new THC/CBD oil. This is considered an important milestone for the company towards doubling sales and achieving break-even in 2024. Dedicated to supplying prescription-based medical cannabis products for patient treatment, Stenocare is the only European company with a proven track record in delivering such products across Denmark, Norway, Sweden, the UK, Australia, and Germany. With the new THC/CBD medical cannabis oil product, Stenocare solidifies its position as the pioneer and leading supplier for the Danish Pilot Programme. The new product is called "THC/CBD Olie STENOCARE" and contains 15 mg/mL THC and 24 mg/mL CBD. The new product has been examined by The Danish Medicines Agency for compliance with the Danish Pilot Programme and its strict quality standards. After a very thorough process, the product has now been accepted into the Danish Pilot programme and will be available soon as prescription-based medicine for patients in Denmark pending international import/export certificates and logistics. The three approved Stenocare products are addressing critical therapeutic needs. When looking at data from the Danish Health Data Authority, there is a strong correlation between number of patients and availability of Stenocare oil products. With the new THC/CBD oil introduction, the company is now - once again - able to offer a full product line of medical cannabis oil products, equal to that of 2018-2019. Based on the historic insight it is expected that the number of patients will grow further in the coming year(s). Stenocare has guided that sales may double in 2024 and that break-even is within reach by the end of the year. Having the full product line is a key assumption behind this guidance. Reported Earnings • Feb 23
Full year 2023 earnings released: kr.1.18 loss per share (vs kr.1.40 loss in FY 2022) Full year 2023 results: kr.1.18 loss per share. Revenue: kr.3.99m (down 11% from FY 2022). Net loss: kr.17.6m (loss widened 7.8% from FY 2022). New Risk • Jan 02
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 59% 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 Less than 1 year of cash runway based on free cash flow trend (-kr.10.0m free cash flow). Shares are highly illiquid. Earnings have declined by 43% per year over the past 5 years. Shareholders have been substantially diluted in the past year (59% increase in shares outstanding). Revenue is less than US$1m (kr.5.6m revenue, or US$826k). Market cap is less than US$10m (€6.18m market cap, or US$6.82m). Announcement • Nov 23
Stenocare A/S Expands Presence with New Medical Cannabis Oil Product Stenocare A/S is experiencing stronger than expected sales (budgets vs. actual) performance in Australia and is now expanding its presence with a new medical cannabis oil product. Off to a good start: Stenocare entered the Australian market in the second half of 2022 with the initial Stenocare-branded Balanced 12.5-12.5 oil product. The response from both doctors and patients has exceeded the expectations. A new product: This positive market launch has prompted Stenocare to introduce its second medical cannabis oil product in Australia. agreements have been signed that will make the new product, a "Balanced 25-25 oil", available to patients in the first quarter of 2024. With these two offerings, the company will expand its reach to doctors and patients and provide choices for both first-time medical cannabis users and experienced patients. Board Change • Nov 21
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Director Jeppe Petersen 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 • Oct 30
Stenocare Ready to Ship Medical Cannabis to German Patients STENOCARE A/S announced in June that a Stenocare branded medical cannabis oil product has been approved for sales in Germany, and now the product is ready for sales to German patients. The company is constantly reviewing existing and new market opportunities as the young cannabis industry is evolving around the world. Stenocare has a strong track record of entering new markets and working with local health agencies to have products approved for sales. The first Stenocare branded product is now ready for shipment and sales to German patients. The new Stenocare medical cannabis oil product is called "AD 10-10 STENOCARE Extrakt", which contains 10 mg/mL THC and 10 mg/mL CBD. This completes a thorough approval process with the Federal Institute for Drugs and Medical Devices (BfArM) and logistical planning together with the German partner, ADREXPharma. The first shipment to pharmacies is planned for the week of October 30. Product reimbursement for patients: Germany is the most mature market for medical cannabis in Europe with its large ecosystem of products, suppliers and distributors that serve the approx. 18.000 pharmacies and approx. 230.000 patients. However, only some of the products in the German market are covered by insurance. The new Stenocare product will be eligible for reimbursement by the insurance companies which allows more affordable access to treatment with the new Stenocare product. Announcement • Aug 18
Stenocare A/S Provides Sales Guidance for the Year 2023 Stenocare A/S provided sales guidance for the year 2023. For the year, the company expects sales to be lower than expected, probably in the range of 7.5 to 10.0 mDKK, which is 167% to 222% of sales in 2022. Stenocare still expects to reach an annual revenue run rate by end of 2023 of 15-20 mDKK which will be an important steppingstone ahead of break-even, which is now expected in 2024. Announcement • Jul 28
Stenocare A/S Provides Update on Their Strong Danish Product Pipeline Stenocare A/S is sharing the plans and work with their strong Danish product pipeline across its four stages from concept to commercialization. Meeting Danish Drug Standards (DLS) the company has a full product program of 2nd generation medical cannabis oil products (stage 3+4), specialized products with unique potency profiles (stage 2) and also 3rd generation product program that can revolutionize the industry (stage 1). Since 2018, Stenocare has been the sole supplier of medical cannabis oil products for the Danish Pilot Programme. The company currently offers two prescription-based oil products (stage 4) for patients: a THC 30 mg/mL product and a CBD 20 mg/mL product. The company continuously analyse market opportunities and feedback from doctors to qualify the product pipeline and deliver on the mission to provide prescription-based medical cannabis products for treatment of patients. Denmark is both the Stenocare home market and a valuable test market for products. This is because the Danish Pilot Program and Danish Medicines Agency are leading the regulatory development for standardization of medical cannabis products, and because highly experienced medical specialists are sharing clinical information that is critical for developing the right product formulations. Having products approved for sales in Denmark has been a gateway for the Stenocare to enter other markets with its product portfolio. Stenocare actively work with their product pipeline to meet needs from medical specialists and offer more choice for patients. The Danish Medicines Agency has a policy of only reviewing one product application at a time (stage 3), and therefore Stenocare carefully manage and prioritize the product pipeline from concept to commercialization in four stages. As more pipeline products reach the commercial stage 4, this is expected to have a significantly positive impact on sales activities in Denmark. Especially the Balanced Oil product in stage 3 is expected to become a hero product - as this product formulation has historically represented +50% of sales volume. The speed of the process towards completion of stage 3 will depend on the Danish Medicines Agency's internal capacity, as they have faced delays in 2023 due to pressure on agency resources, making it challenging for them to meet their own timelines for reviewing applications. Reported Earnings • Jun 21
First quarter 2023 earnings released First quarter 2023 results: Revenue: kr.807.9k (down 9.9% from 1Q 2022). Net loss: kr.4.46m (loss widened 18% from 1Q 2022). New Risk • Jun 15
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 20% 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 Less than 1 year of cash runway based on free cash flow trend (-kr.16m free cash flow). Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings have declined by 55% per year over the past 5 years. Revenue is less than US$1m (kr.4.5m revenue, or US$659k). Minor Risks Shareholders have been diluted in the past year (20% increase in shares outstanding). Market cap is less than US$100m (€11.8m market cap, or US$12.9m). Announcement • Jun 03
Stenocare A/S Reports on Significant Progress in Development of Its New Innovative Medical Cannabis Product Stenocare A/S has selecected an international, highly experienced partner to produce a new and innovative medical cannabis oil product, that has the potential to revolutionize the industry and offer patients improved treatment effect. The new product is based on a patented oil technology, that Stenocare has global exclusivity to use for medical cannabis. Absorption and dosage are major problems: A common challenge with mostical medicine as well as in medical cannabis is the accuracy of the dosage uptake in the patients. Generally speaking, the human digestive system breaks down everything that is ingested orally. This results in predictable dosage volume of the medicine to be absorbed in the blood of the patient. Absorption is individual from patient to patient, and therefore prescribing doctors are challenged with defining the right dosage. For the patient this means that there might not be consistency in effect, time to maximum effect, duration of effect and difference between dosing in either fasted or fed state. Announcement • May 30
Stenocare A/S Launches IT-Platform for Online Clinics Stenocare A/S has developed an IT-platform, that enables doctors to launch and operate Online Clinics. The first Online Clinic will be launched in the UK. Stenocare takes prescribing of medical cannabis to the next level: With announcement, Stenocare enables doctors to reach more patients. In short, the new and innovative IT platform enables prescribing doctors, wherever they are, to launch and operate online clinics. This increases a doctor's reach to patients across their geography and facilitates patients' access to trained and experienced doctors and specialists, regardless of where they live within their country. The platform supports doctors in several ways: Administration: patient booking, video consultation, patient journal; knowledge: training, supervision by and ongoing access to the Stenocare medical consultant and specialists; Ownership: Stenocare will transfer ownership to the doctors as the clinic enters more stable operation. Cost efficiency: The platform helps doctors manage total costs and may limit cost per prescription to patients; Compliance: The new IT-platform is GDPR compliant to protect the patient's data. The first to use the new IT-platform is a UK Online pain clinic. The founders are Dr. Ayman Eissa and Stenocare, and it is expected that further doctors will join the clinic. Stenocare has commitment to the transfer of its ownership to the clinic doctors as the clinic reaches a stable operation. The clinic will have a specialty in pain management and treatment with both traditional medicine and medical cannabis. Dr. Ayman Eissa is an experienced pain specialist for +20 years, and a Committee Honorary Secretary within the British Pain Society. It is expected that the new online clinic will go live for UK patients during 2H 2023 - pending regulatory approvals. Reported Earnings • Feb 24
Full year 2022 earnings released Full year 2022 results: Revenue: kr.4.49m (up 138% from FY 2021). Net loss: kr.16.3m (loss widened 28% from FY 2021). Board Change • Feb 02
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Director Jeppe Petersen 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 • Jan 10
Stenocare A/S Provides Sales Guidance for the Year 2023 Stenocare A/S provided sales guidance for the year 2023. Stenocare entered three new countries during 2022, and thereby expanded their market presence to five countries with prescription-based medical cannabis oil products approved for sale. With this, Stenocare is in a unique positiveposition to grow its revenue. In the guidance from March 10, 2022, it was expected that majority of sales would materialize during the last part of the year as more markets were added. The guidance was to reach a sales run rate for 2022, that could support a 2023 annual sale of DKK 15-20 million. Based on the Fourth Quarter 2022 performance, Stenocare is on track to deliver on this guidance for 2023. Announcement • Jan 03
Stenocare's New STENOCARE CBD Medical Cannabis Oil Product Is Available in Denmark STENOCARE A/S (Stenocare) announced October 14, 2022, that it had received approval to supply a new CBD 20 mg/mL medical cannabis oil product to the Danish Pilot Programme. With this new product, Stenocare is the only supplier of CBD oil products under the Pilot Programme and the new products are officially ready for sales across the entire country. Sales can begin:STENOCARE has completed the import of the new medical cannabis oil product into Denmark. The new product is a CBD oil containing 20 mg/mL with dosing delivered via an oral syringe. The new product is available via pharmacies and requires a prescription from a doctor. Stenocare is the first and so far, only supplier of oil based medical cannabis products for the Danish Pilot Programme with a portfolio of two medical cannabis oil products (ie. THC30 oil and CBD20 oil) from the GMP certified Canadian supplier, AgMEDICA Bioscience. Board Change • Nov 21
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Director Jeppe Petersen 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 • Nov 16
Stenocare A/S Reaffirms Sales Guidance for the Fourth Quarter of 2022 and Provides Sales Guidance for the Year 2023 Stenocare A/S reaffirmed sales guidance for the fourth quarter of 2022 and provides sales guidance for the year 2023. The company confirmed its sales guidance. On March 10, 2022, the company issued guidance that it would reach a quarterly sales run rate of DKK 4 million - DKK 5 million by end of 2022, corresponding to an annual sale of DKK 16 million - DKK 20 million or more in 2023. Reported Earnings • Nov 11
Third quarter 2022 earnings released Third quarter 2022 results: Net loss: kr.4.35m (loss widened 56% from 3Q 2021). Announcement • Oct 14
Stenocare A/S Receives Approval from the Danish Medicines Agency to Sell New Cbd Medical Cannabis Oil Product to Danish Patients STENOCARE A/S announces that it has received approval from The Danish Medicines Agency to sell a new CBD medical cannabis oil product to Danish patients. With this, STENOCARE once again becomes the only supplier of both CBD and THC medical cannabis oil products under the Danish Pilot Programme. STENOCARE is a supplier of prescription-based medical cannabis products for patients' treatment. The company has experience delivering prescription-based products for patients in Denmark, Sweden, and the UK, and now enters the Danish market with a new CBD medical cannabis oil product. The product is called "CBD Olie STENOCARE" and contains 20 mg/mL CBD. The new product has been examined by The Danish Medicines Agency for compliance with the Danish Pilot Programme and its strict quality standards. After a very thorough process, the product has now been accepted into the Danish program. The new product from STENOCARE becomes the second oil product available for patients under the Programme in Denmark - where both products are supplied by Stenocare. It is expected that the new product will be available for patients during Fourth Quarter 2022 pending international import and export certificates. Announcement • Sep 20
Stenocare A/S Announces Results from New Medical Cannabis Oil Study Stenocare A/S announced results from their study of a new medical cannabis oil formulation. The study shows that the new formulation dramatically enhances the bioavailability and thus uptake of cannabinoids, regardless of meal consumption and inter-individual biological differences. The findings may have the potential to formulate novel medical cannabis products with vastly improved characteristics in the treatment of chronical pain and a variety of indications and diseases. THE PHARMACOKINETIC STUDY: The study announced was a pharmacokinetic study completed at accredited pre-clinical contract research organizations in Scandinavia. The study revealed significant positive effects on dogs. The study administered two different product formulations of CBD 25 mg/mL oil by a single oral administration in a four-way cross-over design to dogs. Product A was CBD25 with MCT-oil, and product B was CBD25 with the new LTT-oil based upon Solural Pharma's Lymphatic Targeting Technology (LTT). The CBD uptake was measured in the blood with these two different formulations in both a fasted and fed state. Challenge #1: Uptake: Low and inconsistent uptake of the drug in the blood across patients is a major and well-known challenge in the pharma industry, that applies to most drugs. This also applies to medical cannabis. Today, when patients are administrating traditional oil based medical cannabis, the metabolism will reduce the uptake of cannabinoids in the body. This means that a highly variable and often little part of the cannabinoids are actively delivered inside the patient with a therapeutic effect. This is creating problems to prescribe a steady dosage of the drug to patients. Also, the uptake in the blood is very different for each individual due to biological differences between patients. What the study concludes: Improves uptake in the blood with a factor 2.6 (called "C-max") comparing fed MCT to fed LTT oil ingestion. Improves uptake in the blood with a factor 15 (called "C-max") comparing fasted MCT to fasted LTT oil ingestion. Improves uptake in the blood with a factor 34 when comparing fasted MCT-oil to fed LTT-oil ingestion. Provides a lower inter-individual variation? as LTT-oil is taken up more uniformly between individuals. Challenge #2: Onset of action: Onset of action is the duration of time it takes to reach maximum concentration of the drug in the blood after administration to the individual. Reaching the maximum (called "T-max") as fast as possible is important to help patients manage their treatment. For medical cannabis oil products, T-max is typically reached within hours depending on whether patients are fed or fasting. Predictability of onset time is critical to planning the dosing, and therefore the T-max should be identical regardless of the patient's food intake. What the study concludes: Fasted individuals with LTT-oil dosing reach maximum concentration faster (from 3,8 hours to 1,0 hour). Fed individuals with LTT-oil dosing reach maximum concentration faster (from 1,9 hours to 1,0 hour). Regardless of fed or fasted state, maximum concentration was reached in the same time with the LTT oil. Reported Earnings • Aug 19
Second quarter 2022 earnings released Second quarter 2022 results: Net loss: kr.4.81m (loss widened 122% from 2Q 2021). Reported Earnings • May 07
First quarter 2022 earnings released First quarter 2022 results: Net loss: kr.3.80m (loss widened 30% from 1Q 2021). Board Change • May 02
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. 1 independent director (3 non-independent directors). Independent Director Jeppe Petersen was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Jan 18
Stenocare A/S and Solural Pharma Announce Positive Outcome of Feasibility Study STENOCARE A/S and Solural Pharma hereby announced that they have reached milestone 1 in the research and development of a new medical cannabis oil formulation, that has the potential to improve the uptake of cannabinoids to be consistent in patients. The milestone is reached in a feasibility study and shows that the Solural Pharma's Lymphatic Targeting Technology is compatible with full spectrum medical cannabis materials. In December 2019, STENOCARE and Solural announced their partnership to jointly develop and test new medical cannabis products that address important challenges with medical cannabis products, such as: Optimizing dosage delivery to patients: When patients are ingesting (eating or swallowing) medical cannabis, their uptake and metabolism will reduce the cannabinoid dose that is absorbed by the body. This mean that a highly variable and very little part the cannabinoids are actively delivered inside the patient for a therapeutic effect. Up to 85% is "lost", which translates into a very low bioavailability for some patients. Eliminating food effect during dosage delivery: Prescribing the right dosage volume for patients at a given point in time is depending upon whether the drug is taken before or after intake of food. The body's absorption will be different in these two scenarios. By eliminating the food effect, the patients can take the dose at any time of the day, with or without food, and still obtain the same consistency and effectiveness of the medicinal cannabis. Conclusion for step 1: The important objective was to test and verify that the Lymphatic Targeting Technology is compatible with medical cannabis material. Solural has in their Lab tested their technology with different carrier oils and full spectrum cannabis flower batches from the STENOCARE facility. The conclusion is that the technology is fully compatible with medical cannabis. This indicate that there is a very high likelihood to address the mentioned challenges, and STENOCARE could leverage this in future products that are exclusive and patented for STENOCARE all over the world. Ready for step 2 study: The next step in the development process is to analyze and validate the effect of the new oil formulation to confirm the beneficial effects in vivo (i.e in living organisms). An external research company will be used to complete a pharmacokinetic study that should measure bioavailability in Fed and Fasted state. The study will be designed to compare the special formulation with a commercially available medical cannabis oil product. This will enable a benchmark for the potential and effectiveness of the new product formulation. The timeline for completing step 2 is during Third Quarter 2022. Longer-term perspectives:STENOCARE has a pharma mindset to cultivation and production of medical cannabis products. An important element is to develop unique product formulations for patients' treatment, that optimize the effectiveness of the drug. Provided that Step 2 is also concluded with success, STENOCARE can begin building the application package for new products in Fourth Quarter 2022. This includes real time stability studies with an external research company, lab analyses of multiple batches and pharmaceutical documentation of each individual compound in the product. Once the application package is complete, then the application is ready for the review and approval process with the medicines agency. The process is projected to take 18-36 months to complete from the time the approval package is ready. Announcement • Jan 09
Stenocare A/S Approves to Supply Danish Patients with Medical Cannabis Oil Products STENOCARE A/S announced that it has received approval from The Danish Medicines Agency to sell a new medical cannabis oil product to Danish patients. With this, STENOCARE once again becomes the only supplier of medical cannabis oil products under the Danish Pilot Programme. The product is called "THC Olie STENOCARE" and contains 30 mg/mL THC. The new product has been examined by The Danish Medicines Agency for compliance with the Danish Pilot Programme and its strict quality standards. After a very thorough process, the product has now been accepted into the Danish program. The new product from STENOCARE becomes the first and only oil product available for patients under the Programme. It is expected that the new product will be available for patients during First Quarter 2022 pending international import and export certificates. STENOCARE is working with the Danish Medicines Agency to have further two products approved for the Pilot Programme, and the products are a CBD oil and a mixed THC-CBD oil. Reported Earnings • May 09
First quarter 2021 earnings released First quarter 2021 results: Net loss: kr.2.93m (loss widened 3.4% from 1Q 2020). Is New 90 Day High Low • Dec 28
New 90-day high: €2.42 The company is up 17% from its price of €2.06 on 28 September 2020. The German market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Pharmaceuticals industry, which is flat over the same period. Is New 90 Day High Low • Dec 04
New 90-day high: €2.41 The company is up 3.0% from its price of €2.35 on 04 September 2020. The German market is up 4.0% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the Pharmaceuticals industry, which is also up 3.0% over the same period. Announcement • Nov 06
Stenocare A/S to Report Q1, 2021 Results on May 06, 2021 Stenocare A/S announced that they will report Q1, 2021 results on May 06, 2021 Announcement • Nov 05
Stenocare A/S to Report Q2, 2021 Results on Aug 19, 2021 Stenocare A/S announced that they will report Q2, 2021 results on Aug 19, 2021 Is New 90 Day High Low • Oct 22
New 90-day low: €1.99 The company is down 19% from its price of €2.45 on 24 July 2020. The German market is down 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Pharmaceuticals industry, which is down 11% over the same period. Announcement • Sep 09
Stenocare A/S (Denmark) to Be from Other OTC Stenocare A/S (Denmark) will be deleted from Other OTC effective September 09, 2020. The deletion is due to Inactive Security. Announcement • Aug 21
Stenocare A/S to Report Fiscal Year 2020 Results on Feb 25, 2021 Stenocare A/S announced that they will report fiscal year 2020 results on Feb 25, 2021 Announcement • Aug 20
Stenocare A/S to Report Q3, 2020 Results on Nov 05, 2020 Stenocare A/S announced that they will report Q3, 2020 results on Nov 05, 2020 