Announcement • Oct 31
Oncoinvent ASA (OB:ONCIN) completed the acquisition of BerGenBio ASA (OB:BGBIO) from Hadean Capital I AS and Hventures Capital I AB, managed by Hadean Ventures and others in a reverse merger transaction. Oncoinvent ASA (OB:ONCIN) agreed to acquire BerGenBio ASA (OB:BGBIO) from Hadean Capital I AS and Hventures Capital I AB, managed by Hadean Ventures and others in a reverse merger transaction for approximately NOK 220 million on June 30, 2025. As part of the deal, NOK 217.47 million shall be paid towards the common equity of BerGenBio ASA. The exchange ratio for the merger is 1.20268049. This is an all-share transaction, the BerGenBio shareholders will receive 25% and Oncoinvent 75% of this merged company. And technically, it's BerGenBio will be the surviving entity, but it will be then we name Oncoinvent. So Oncoinvent will be the name going forward when this is all fully completed. Øystein Soug and Tore Kvam will be appointed as the CEO and CFO of the merged entity respectively. The transaction is subject to approval by regulatory board / committee, approval of offer by acquirer shareholders, approval of offer by target shareholders and approval/consents of lenders/creditors. The expected completion of the transaction is around mid-September 2025. As of September 17, 2025 the Merger will be completed on or about 29 October 2025.
ABG Sundal Collier ASA acted as financial advisor for Oncoinvent ASA. Advokatfirmaet Schjødt As acted as legal advisor for Oncoinvent ASA. DNB Carnegie acted as financial advisor for BerGenBio ASA. Advokatfirmaet Thommessen AS acted as legal advisor for BerGenBio ASA.
Oncoinvent ASA (OB:ONCIN) completed the acquisition of BerGenBio ASA (OB:BGBIO) from Hadean Capital I AS and Hventures Capital I AB, managed by Hadean Ventures and others in a reverse merger transaction on October 29, 2025. Announcement • Oct 30
BerGenBio ASA, Annual General Meeting, May 20, 2026 BerGenBio ASA, Annual General Meeting, May 20, 2026. New Risk • Aug 20
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 26% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 Earnings are forecast to decline by an average of 26% per year for the foreseeable future. Revenue is less than US$1m (kr848k revenue, or US$83k). Market cap is less than US$10m (kr46.2m market cap, or US$4.50m). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (kr220m net loss in 2 years). Share price has been volatile over the past 3 months (10% average weekly change). New Risk • Jul 01
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: -kr153m 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 (-kr153m free cash flow). Revenue is less than US$1m (kr848k revenue, or US$85k). Market cap is less than US$10m (kr54.6m market cap, or US$5.45m). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (kr111m net loss in 2 years). Share price has been volatile over the past 3 months (9.4% average weekly change). Announcement • Jul 01
BerGenBio ASA (OB:BGBIO) agreed to acquire Oncoinvent ASA (OB:ONCIN) from Hadean Capital I AS and Hventures Capital I AB, managed by Hadean Ventures and others for NOK 164.2 million. BerGenBio ASA (OB:BGBIO) agreed to acquire Oncoinvent ASA (OB:ONCIN) from Hadean Capital I AS and Hventures Capital I AB, managed by Hadean Ventures and others for NOK 164.2 million on June 30, 2025. Aspart of the consideration, BerGenBio ASA will issue 117.6 million shares to Oncoinvent ASA. The exchange ratio for the merger is 1.20268049. The merged company is expected to be renamed Oncoinvent. Øystein Soug and Tore Kvam will be appointed as the CEO and CFO of the merged entity respectively. The transaction is subject to approval by regulatory board / committee, approval of offer by acquirer shareholders, approval of offer by target shareholders and approval/consents of lenders/creditors. The expected completion of the transaction is around mid-September 2025.
ABG Sundal Collier ASA acted as financial advisor for Oncoinvent ASA. Advokatfirmaet Schjødt As acted as legal advisor for Oncoinvent ASA. DNB Carnegie acted as financial advisor for BerGenBio ASA. Advokatfirmaet Thommessen AS acted as legal advisor for BerGenBio ASA. Announcement • Mar 26
BerGenBio ASA Announces Nature Communications Publication of BGBC003 Ph2 Data in Relapsed/Refractory Acute Myeloid Leukemia Patients BerGenBio ASA announced the publication of a peer-reviewed article entitled "Bemcentinib as Monotherapy and in Combination with Low-Dose Cytarabine in Acute Myeloid Leukemia Patients Unfit for Intensive Chemotherapy" in the journal Nature Communications. The article highlights results in 36 patients treated with a combination of BerGenBio's selective oral AXL inhibitor bemcentinib in combination with low-dose cytarabine (LDAC) chemotherapy. Overall, patients who received the combination had an overall survival of 7.8 months, substantially longer than that expected in this difficult-to-treat patient population. New Risk • Feb 26
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: kr74.9m (US$6.73m) 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 (-kr139m free cash flow). Share price has been highly volatile over the past 3 months (26% average weekly change). Earnings are forecast to decline by an average of 24% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (45% increase in shares outstanding). Revenue is less than US$1m (kr521k revenue, or US$47k). Market cap is less than US$10m (kr74.9m market cap, or US$6.73m). Minor Risk Currently unprofitable and not forecast to become profitable over next 3 years (kr331m net loss in 3 years). Announcement • Feb 26
BerGenBio ASA Announces Discinuation of 1L STK11M NSCLC Study and Exploration of Strategic Alternatives BerGenBio ASA announced its decision to close its BGBC016 study of bemcentinib in combination with standard of care therapy in first line (1L) non-squamous Non-Small Cell Lung Cancer (NSCLC) patients with a mutation in the STK11 gene (STK11m). In 2024, the company announced the completion of enrollment in the Ph1b portion of the study which demonstrated acceptable safety in 1L NSCLC patients regardless of STK11 mutational status, as evaluated by an independent Data Safety Monitoring Board (DSMB). Early encouraging data were seen in three STK11m patients, including one patient who experienced a complete response and who remains in response and on treatment after nearly two years. The company, in agreement with the independent DSMB, determined that these initial results warranted the continuation of the study into the Ph2a portion. In March 2024, the company initiated the Ph2a portion of the study designed to recruit 40 evaluable 1L STK11m NSCLC patients. The primary endpoint for the Ph2a was overall response rate (ORR). To determine the feasibility of obtaining near-term funding, the company performed a preliminary analysis of the responses in the 10 efficacy evaluable STK11m patients. While there was 1 response in the Ph1b the company did not observe additional responses in the Ph2a patients. Consequently, the company has decided to discontinue the BGBC016 study. The Board of Directors has now initiated an exploration of strategic alternatives. As part of this process, the board will consider a range of options for the company including, among other things, a potential sale, merger, or other strategic transaction. There can be no assurance that this exploration process will result in any transaction. New Risk • Jan 16
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 45% 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 (-kr139m free cash flow). Share price has been highly volatile over the past 3 months (20% average weekly change). Earnings are forecast to decline by an average of 24% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (45% increase in shares outstanding). Revenue is less than US$1m (kr521k revenue, or US$46k). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (kr331m net loss in 3 years). Market cap is less than US$100m (kr343.5m market cap, or US$30.2m). Announcement • Jan 07
Bergenbio Asa Announces First Patient Enters into Advanced Adenocarcinoma Lung Cancer Trial BerGenBio ASA announced that the first patient has been included in a clinical trial sponsored by the Mays Cancer Center at The University of Texas Health Science Center at San Antonio (UT Health San Antonio). The study is led by Josephine A. Taverna, MD, a thoracic oncologist at the Mays Cancer Center and Associate Professor in the Division of Hematology and Oncology at UT Health San Antonio. The trial is designed to study BerGenBio's bemcentinib in combination with pacritinib, which is a JAK2 inhibitor indicated for treatment of the bone marrow disorder myelofibrosis in patients with platelet counts below 50 x 109/L. It works by blocking certain growth factors and cytokines. Pacritinib is marketed in the United States as VONJO and owned by Swedish Orphan Biovitrum AB (Sobi), a specialized international biopharmaceutical company. Bemcentinib is a first-in-class, selective, oral once-a-day inhibitor of AXL receptor tyrosine kinase, a promising therapeutic target for serious diseases. The study will include patients with lung adenocarcinoma, the most common type of lung cancer in the United States, accounting for approximately 40% of all lung cancers. The study is funded by a grant from the National Cancer Institute (NCI) of the National Institutes of Health (NIH). Announcement • Dec 16
BerGenBio ASA, Annual General Meeting, May 20, 2025 BerGenBio ASA, Annual General Meeting, May 20, 2025. Announcement • Nov 21
BerGenBio ASA Appoints Olav Hellebø as CEO, Effective November 21, 2024 BerGenBio ASA announced the appointment of Olav Hellebø as CEO. Mr. Hellebø will assume the position on November 21, 2024. Mr. Hellebø brings three decades of experience in the pharmaceutical and biotechnology industries. Since 2023, he has served as board director in the clinical stage immuno-oncology company Cytovation ASA, and since 2021 he has been a board director at the clinical stage biopharmaceutical company, Antev Ltd, specializing in urology and oncology treatments. Prior to this, Mr. Hellebø's experience includes the role as CEO of ReNeuron Group PLC, a UK-based clinical-stage company specializing in cell therapy for ophthalmic and neurology-related diseases, and CEO at Clavis Pharma ASA, an oncology-focused biotech company traded at the Oslo Stock Exchange. Mr. Hellebø's earlier career includes leadership roles at UCB-Celltech, Novartis UK, and at Schering-Plough (now part of Merck & Co.). New Risk • Nov 19
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 Norwegian 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 Less than 1 year of cash runway based on free cash flow trend (-kr139m free cash flow). Share price has been highly volatile over the past 3 months (15% average weekly change). Earnings are forecast to decline by an average of 24% per year for the foreseeable future. Revenue is less than US$1m (kr521k revenue, or US$47k). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (kr331m net loss in 3 years). Shareholders have been diluted in the past year (49% increase in shares outstanding). Market cap is less than US$100m (kr312.9m market cap, or US$28.2m). Announcement • Oct 11
Martin Olin to Step Down from BerGenBio ASA as CEO BerGenBio ASA announced that CEO, Martin Olin will be leaving the company to pursue other opportunities. Martin will remain in his position during
a transition period. The Board of Directors has initiated a succession process and will actively work with the management to support and review the business requirements. Announcement • Oct 07
BerGenBio ASA Announces Safety Data from Dose Escalation Phase 1b in First Line NSCLC Patients BerGenBio ASA announced preliminary safety data from the Phase 1b portion of the BGBC016 study in first-line (1L) Non-Small Cell Lung Cancer (NSCLC) patients. The Phase 1b part of the study evaluated three escalating doses of BerGenBio's selective AXL inhibitor bemcentinib in combination with standard chemo-immunotherapy (CIT), doublet chemotherapy and pembrolizumab, Keytruda, for the 1L treatment of advanced/metastatic NSCLC patients. The primary endpoint was the assessment of the safety profile of the combination in NSCLC patients regardless of their STK11 mutational status. Key conclusions include: All three selected doses demonstrated that the triplet combination is well tolerated with no new safety signals identified, supporting the further clinical development of bemcentinib and CIT in 1L NSCLC patients. No dose-related impact on electrocardiographic changes (QTc), a known class effect of tyrosine kinase inhibitors, was reported for bemcentinib during the observation period. Pharmacokinetic analyses confirmed adequate plasma exposure of bemcentinib, achieving levels consistent with that previously observed in responders in BerGenBio's BGBC008 study of bemcentinib and pembrolizumab in second-line NSCLC patients. Announcement • Dec 16
BerGenBio ASA Announces Closure of EU-Solidact Bemcentinib Study Arm in Hospitalized COVID-19 Patients BerGenBio ASA announced that the Trial Steering Committee of the EU-SolidAct has recommended to discontinue the bemcentinib study arm in the Ph2b EU-SolidAct platform study in hospitalized COVID-19 patients due to a lack of eligible patients. This recommendation is supported by BerGenBio. The regulatory sponsor of the study, Oslo University Hospital, will enact this decision. In April 2023, BerGenBio announced that the parties unanimously decided to pause the bemcentinib study arm due to a lack of eligible patients. The parties also agreed that a potential resumption of the study arm would be subject to eligible patients being available. BerGenBio will not incur any financial impact from the closure of the bemcentinib study arm. Announcement • Dec 11
BerGenBio ASA Announces Final Bemcentinib Phase 2 Data in AML and MDS Presented at the 2023 ASH Meeting BerGenBio ASA announced that a poster highlighting final results from a Phase 2 clinical study of its highly selective AXL inhibitor bemcentinib in patients with Acute Myeloid Leukemia (AML) or Myelodysplastic Syndrome (MDS) was presented during the 2023 American Society of Hematology (ASH) Annual Meeting being on December 9th in San Diego, CA. The data presented by Professor Sonja Loges, MD, Ph.D. of the University Medical Centre Mannheim, Heidelberg, Germany, showed that bemcentinib was well tolerated in AML and MDS patients. Durable responses were observed across all cohorts with bemcentinib as monotherapy and in combination with chemotherapy. In addition, longitudinal samples analyzed from patients enrolled in the study showed that bemcentinIB inhibited pAXL and downstream markers of activation. This large Phase 2 study included 122 patients in several cohorts of AML and MDS patients treated with bemcentinib monotherapy or in combination with two different chemotherapies. Announcement • Dec 08
BerGenBio ASA has completed a Follow-on Equity Offering in the amount of €240.87 million. BerGenBio ASA has completed a Follow-on Equity Offering in the amount of €240.87 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 10,500,000
Price\Range: €22.94
Transaction Features: Subsequent Direct Listing New Risk • Nov 17
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: -kr281m 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 (-kr281m free cash flow). Share price has been highly volatile over the past 3 months (22% average weekly change). Earnings are forecast to decline by an average of 17% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (over 28x increase in shares outstanding). Revenue is less than US$1m (kr389k revenue, or US$36k). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (kr313m net loss in 3 years). Market cap is less than US$100m (kr412.5m market cap, or US$37.9m). Announcement • Oct 23
BerGenBio ASA Announces Full Results of its Phase 2 BGBC008 Study of Bemcentinib and Pembrolizumab in Second Line Non-Small Cell Lung Cancer BerGenBio ASA announced that the full results of its Phase 2 BGBC008 study of bemcentinib and pembrolizumab in second line Non-Small Cell Lung Cancer (NSCLC) were presented during the European Society of Clinical Oncologists (ESMO) Annual Meeting 2023. In addition, on October 21st, Dr. Oddbjorn Straume, M.D., Ph.D., Assistant Professor, Clinical Science at the Haukeland University Hospital in Bergen, Norway presented results of the Investigator Led Study LBA52 of bemcentinib in addition to pembrolizumab or the targeted therapies dabrafenib/trametinib in 1L and 2L metastatic melanoma patients. Price Target Changed • Aug 23
Price target decreased by 63% to kr5.68 Down from kr15.33, the current price target is an average from 3 analysts. New target price is 5,039% above last closing price of kr0.11. Stock is down 99% over the past year. The company is forecast to post a net loss per share of kr0.14 next year compared to a net loss per share of kr3.41 last year. New Risk • Jun 15
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Over 28x increase in shares outstanding. 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 (-kr288m free cash flow). Share price has been highly volatile over the past 3 months (39% average weekly change). Earnings are forecast to decline by an average of 19% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (over 28x increase in shares outstanding). Revenue is less than US$1m (kr389k revenue, or US$37k). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (kr523m net loss in 3 years). Market cap is less than US$100m (kr827.1m market cap, or US$78.7m). Announcement • Jun 15
BerGenBio ASA has completed a Follow-on Equity Offering in the amount of NOK 250 million. BerGenBio ASA has completed a Follow-on Equity Offering in the amount of NOK 250 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 1,750,000,000
Price\Range: NOK 0.1
Discount Per Security: NOK 0.012
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 750,000,000
Price\Range: NOK 0.1
Transaction Features: Rights Offering Recent Insider Transactions Derivative • Jun 12
Chief Executive Officer exercised options to buy kr323k worth of stock. On the 5th of June, Martin Olin exercised options to buy 1m shares at a strike price of around kr0.10, costing a total of kr105k. This transaction amounted to 2,820% of their direct individual holding at the time of the trade. Since June 2022, Martin's direct individual holding has increased from 37.10k shares to 1.08m. Company insiders have collectively bought kr373k more than they sold, via options and on-market transactions, in the last 12 months. Announcement • Jun 07
BerGenBio Announces Data from Bemcentinib Trial in Mesothelioma Presented at ASCO BerGenBio ASA announced that an oral presentation detailing the initial results from a Phase IIa trial evaluating bemcentinib in patients with mesothelioma was presented on June 5, 2023 at the 2023 American Society of Clinical Oncology (ASCO) Annual Meeting in Chicago. The abstract, Bemcentinib and pembrolizumab in patients with relapsed mesothelioma: MiST3, a phase IIa trial with cellular and molecular correlates of efficacy, was presented by the study lead investigator, Dr. Matthew Krebs, Ph.D., FRCP, The University of Manchester, UK. MiST, the Mesothelioma Stratified Therapy umbrella trial, led by Professor Dean Fennell at the University of Leicester, UK, is a British Lung Foundation funded study dedicated to improving survival outcomes for patients with mesothelioma. MiST3, the third arm of the trial, was designed to assess the efficacy of AXL/PD-1 inhibition with the combination of BerGenBio's AXL inhibitor bemcentinib and pembrolizumab. 26 patients with relapsed mesothelioma were enrolled in MiST3 and all received at least one dose of bemcentinib and pembrolizumab. The primary endpoint of disease control rate at 12 weeks (DCR12w) was met: 46.2% (90% CI: 29.2, 63.4). Secondary endpoints included a disease control rate at 24 weeks (DCR24w) of 38.5% (95% CI: 20.2, 59.4) and an overall response rate of (ORR) of 15.4% (95% CI: 4.4, 34.9). The combination of bemcentinib and pembrolizumab was generally safe and well-tolerated. Announcement • May 23
BerGenBio ASA Announces Resignation of Francois Thomas from the Board of Directors BerGenBio ASA at it's AGM announced that board member Francois Thomas resigned from the board of Directors and was not replaced. Announcement • May 10
BerGenBio ASA to Report Q1, 2023 Results on Jun 22, 2023 BerGenBio ASA announced that they will report Q1, 2023 results at 12:00 PM, Central European Standard Time on Jun 22, 2023 Board Change • Mar 01
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. 1 experienced director. 1 highly experienced director. Non-Executive Director Sveinung Hole is the most experienced director on the board, commencing their role in 2010. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Feb 16
BerGenBio ASA Announces Positive Data From Phase 2 Trial of Bemcentinib in Combination with Pembrolizumab in 2L+ NSCLC Patients BerGenBio ASA announced topline data from BGBC008, a phase 2 trial evaluating its lead compound bemcentinibin combination with MSD's anti-PD-1 therapy pembrolizumab in 2L+ Non-Small Cell Lung Cancer (NSCLC) patients. The open-label, multi-center, single arm, multi-cohort, international phase 2 trial conducted in collaboration with MSD (Merck and Co. Inc.Rahway, NJ, USA), enrolled 90 evaluable patients with disease progression at study entry, who had received at least one prior line of chemotherapy, immunotherapy, or the combination. Enrolled patients received the combination of bemcentiniband pembrolizumab until disease progression as assessed by investigators. Topline results from the total evaluable population: A clinically meaningful survival benefit and evidence of disease control was demonstrated with bemcentinibin combination with pembrolizumab regardless of prior therapy, providing a median overall survival (mOS) of 13.0 months (95% CI: 10.1, 16.7), median progression free survival (mPFS) of 6.2 months (95% CI: 4.6, 9.8), disease control rate (DCR) of 51.1% (95% CI: 40.3, 61.8) and overall response rate (ORR) of 11.1% (95% CI: 6.2, 18.1). A significant (p-value < 0.05) and clinically meaningful improvement in mOS based on AXL tumor proportion score (TPS) was observed. Patients with AXL TPS > 5 (46% of evaluable patients) achieved a mOS of 14.8 months (95% CI: 12.4, 29.6) compared to patients with AXL TPS < 5, who achieved a mOS of 9.9 months (95% CI: 6.7, 17.4). In addition, patients with an AXL TPS > 5 had a mPFS of 8.7 months (95% CI: 6.0, 14.8) compared to 4.6 months (95% CI: 2.7, 8.1) for patients with AXL TPS < 5. The ORR for AXL TPS > 5 was 21.9%. The observed mOS was similar regardless of patient PD-L1 status. Treatment with bemcentinib in combination with pembrolizumab was well-tolerated. Announcement • Feb 02
BerGenBio ASA Announces Board Appointments BerGenBio ASA announced the formation of a scientific advisory board consisting of four world-renowned non-small cell lung cancer (NSCLC) experts from top oncology centers around the globe to enhance the development of bemcentinib for the treatment of NSCLC patients with STK11 mutations (STK11m). Members of the company NSCLC Scientific Advisory Board: Enriqueta Felip, M.D., Ph.D, Dr. Enriqueta Felipis the Head of the Thoracic Cancer Unit at Vall d'Hebron University Hospital, Spain, where she is responsible for thoracic malignancy management and all lung cancer trials. She is President of the Spanish Society of Medical Oncology (SEOM) 2021-23, a member of the Spanish Lung Cancer Group (SLCG) and a Professor of Medicine at the Universitat de Vic. Previously, Dr. Felip was on the Board of Directors of the International Association for the Study of Lung Cancer (IASLC). She received her M.D. and Ph.D. from Autonomous University of Barcelona; John Heymach, M.D., Ph.D., Dr. John Heymach is the Chair of Thoracic/Head and Neck Medical Oncology at the MD Anderson Cancer Center, Texas, and holds the David Bruton Endowed Chair in Cancer Research. Dr. Heymach is a co-leader of the MD Anderson Lung Cancer Moon Shot, in addition to serving as a Principal Investigator of lung cancer programs funded by the National Cancer Institute (NCI), LUNGevity and American Association for Cancer Research (AACR), and earning several prestigious awards for excellence in basic science, translational research and mentoring. He received his M.D. and Ph.D. from Stanford University; Tony Mok, M.D., BMSc, Dr. Tony Mok is a Professor and Chairman of the Department of Clinical Oncology at the Chinese University of Hong Kong. Dr. Mok's research was instrumental in establishing the use of precision medicine in advanced lung cancer. He co-founded the Lung Cancer Research Group and served as the associate editor for thoracic oncology for the Journal of Clinical Oncology. Dr. Mok is a Fellow of the American Society of Clinical Oncology (ASCO), former President of IASLC and received the ESMO Lifetime AchievementAward. He received his M.D. and BMSc from the University of Alberta, Canada; Solange Peters, M.D., Ph.D., Dr. Solange Peters is a Professor and Head of Medical Oncology and Thoracic Malignancies at the Department of Oncology at Lausanne University, Switzerland, where she is also building a translational program in collaboration with molecular oncology laboratories. Dr. Peters was recently the President of the European Society for Medical Oncology (ESMO) 2020-22 and was formerly an IASLC Board member and co-chair of the Swiss Lung Cancer Research Group. She is Associate Editor of the Annals of Oncology and Deputy Editor of Lung Cancer. She received her M.D. and Ph.D. from the University of Lausanne. Price Target Changed • Nov 16
Price target decreased to kr12.00 Down from kr38.50, the current price target is an average from 2 analysts. New target price is 63% above last closing price of kr7.35. Stock is down 62% over the past year. The company is forecast to post a net loss per share of kr3.49 next year compared to a net loss per share of kr3.52 last year. Recent Insider Transactions • Jun 18
Chairman of the Board recently bought kr268k worth of stock On the 16th of June, Anders Tullgren bought around 25k shares on-market at roughly kr10.73 per share. This was the largest purchase by an insider in the last 3 months. This was Anders' only on-market trade for the last 12 months. Major Estimate Revision • Jun 03
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from kr310.0m to kr50.0k. EPS estimate unchanged from -kr3.51 per share at last update. Biotechs industry in Norway expected to see average net income growth of 10% next year. Consensus price target down from kr47.50 to kr38.50. Share price fell 2.2% to kr15.07 over the past week. Price Target Changed • May 05
Price target decreased to kr47.50 Down from kr56.33, the current price target is an average from 3 analysts. New target price is 180% above last closing price of kr16.96. Stock is down 37% over the past year. The company is forecast to post a net loss per share of kr1.88 next year compared to a net loss per share of kr3.52 last year. Board Change • Feb 02
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. No experienced directors. 1 highly experienced director. Director Sveinung Hole is the most experienced director on the board, commencing their role in 2010. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Recent Insider Transactions • Jan 11
Chief Executive Officer recently bought kr204k worth of stock On the 7th of January, Martin Olin bought around 10k shares on-market at roughly kr20.43 per share. This was the largest purchase by an insider in the last 3 months. This was Martin's only on-market trade for the last 12 months. Executive Departure • Aug 26
Chief Executive Officer Richard Godfrey has left the company During their tenure, earnings grew by 30% annually compared to the industry average of 20%. We don't have any record of a personal shareholding under Richard's name. Richard is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 3.00 years. Is New 90 Day High Low • Mar 01
New 90-day low: kr30.75 The company is down 3.0% from its price of kr31.85 on 01 December 2020. The Norwegian 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 26% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is kr3.65 per share. Major Estimate Revision • Feb 17
Analysts update estimates The 2021 consensus revenue estimate was lowered from kr311.6m to kr27.2m. Earnings per share (EPS) saw an improvement, with analysts raising their estimates from -kr3.38 to -kr3.29 for the same period. The Biotechs industry in Norway is expected to see an average net income growth of 8.7% next year. The consensus price target was lowered from kr63.00 to kr60.33. Share price is down by 1.2% to kr32.30 over the past week. Analyst Estimate Surprise Post Earnings • Feb 11
Revenue and earnings in line with expectations Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Over the next year, revenue is forecast to grow 51,750%, compared to a 2,737% growth forecast for the Biotechs industry in Norway. Price Target Changed • Feb 03
Price target raised to kr63.00 Up from kr57.16, the current price target is an average from 5 analysts. The new target price is 91% above the current share price of kr32.90. As of last close, the stock is up 76% over the past year. Is New 90 Day High Low • Jan 11
New 90-day high: kr37.30 The company is up 26% from its price of kr29.70 on 13 October 2020. The Norwegian market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Biotechs industry, which is up 13% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is kr456 per share. Is New 90 Day High Low • Dec 16
New 90-day high: kr36.00 The company is up 5.0% from its price of kr34.40 on 17 September 2020. The Norwegian 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 up 39% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is kr452 per share. 
