Announcement • Apr 10
Lipidor AB (publ) to Report Fiscal Year 2024 Results on May 09, 2025 Lipidor AB (publ) announced that they will report fiscal year 2024 results at 9:00 AM, Central European Standard Time on May 09, 2025 Announcement • Mar 17
Lipidor Announces All Patients Enrolled in Ongoing Phase III Study Lipidor AB (publ) announced that all patients in the ongoing Phase III study for the drug candidate AKP02G2 have been randomized. Lipidor now expects study results in the last week of May 2025. The main purpose of the clinical study is to compare the therapeutic effect of AKP02G2 against mild to moderate psoriasis with a market-leading product. The clinical study includes 294 patients and is being conducted by a CRO (Clinical Research Organisation) with extensive experience in dermatological research. Recruitment has largely gone according to plan, but with some delay for patients with Fitzpatrick skin type I-III. The study takes 6 weeks to complete from the time the last patient is randomized. Thereafter, patient data will be reviewed by the CRO and any ambiguities will be clarified before database lock. Finally follows the statistical analysis that forms the basis for the study results. According to forecasts from the CRO, the company will see topline results in the last week of May 2025. The updated timeline for the readout of results fits within the existing budget. The company's cash, in combination with the co-investment agreement with Cerbios-Pharma SA, ensures this. New Risk • Mar 09
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: -kr16m 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 (-kr16m free cash flow). Earnings have declined by 1.2% per year over the past 5 years. Shareholders have been substantially diluted in the past year (over 27x increase in shares outstanding). Revenue is less than US$1m (kr5.8m revenue, or US$580k). Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Market cap is less than US$100m (kr224.5m market cap, or US$22.3m). Announcement • Jan 21
Lipidor AB (Publ) Announces Half of Patients Enrolled in Ongoing Phase III Study Lipidor AB (publ) announced that half of the patients in the ongoing Phase III study for the drug candidate AKP02G2 have been randomized in the clinical study. The refined forecast now shows results in April 2025. The main purpose of the clinical study is to compare the therapeutic effect of AKP02G2 against mild to moderate psoriasis with a market-leading product. The clinical study includes 294 patients and is being conducted by a CRO (Clinical Research Organisation) with extensive experience in dermatological research. After the first clinic started recruitment in September 2024, several have gradually been added, and there are now 15 clinics that have started their recruitment. The winter season, together with the increased number of recruiting clinics, has led to achieving an exponential patient recruitment curve, which means that the time to a fully recruited study is significantly shorter than the time it has taken to recruit the first half of the patients. According to forecasts, patient recruitment will be completed in February and results are expected in April. New Risk • Jan 09
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 11% 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 (11% average weekly change). Earnings have declined by 9.2% per year over the past 5 years. Shareholders have been substantially diluted in the past year (over 27x increase in shares outstanding). Revenue is less than US$1m (kr93k revenue, or US$8.3k). Minor Risk Market cap is less than US$100m (kr239.1m market cap, or US$21.4m). Announcement • Dec 03
Lipidor AB (publ), Annual General Meeting, Jun 03, 2025 Lipidor AB (publ), Annual General Meeting, Jun 03, 2025. Location: stockholm Sweden New Risk • Nov 09
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: kr106.6m (US$9.85m) 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 Share price has been highly volatile over the past 3 months (14% average weekly change). Earnings have declined by 9.2% per year over the past 5 years. Shareholders have been substantially diluted in the past year (over 27x increase in shares outstanding). Revenue is less than US$1m (kr93k revenue, or US$8.6k). Market cap is less than US$10m (kr106.6m market cap, or US$9.85m). Announcement • Sep 25
Lipidor AB (publ) Announces First Patient Enrolled in Phase III Study of AKP02G2 for Topical Treatment of Psoriasis Lipidor AB (publ) announced that the first patient has been enrolled in the Phase III clinical study with AKP02G2. The drug candidate AKP02G2 combines calcipotriol and betamethasone and is based on Lipidor's patented AKVANO technology. The goal of AKP02G2 is to offer a patient-friendly and fast-drying spray for the treatment of mild to moderate psoriasis with equivalent effect to the market-leading Enstilar. The clinical Phase III study is being conducted by Cliantha, the company's contracted CRO (Clinical Research Organisation), which together with Lipidor has carried out solid preparatory work to enable the start of the study according to plan. The work has resulted in the first of the 294 patients being included in the study. New Risk • Sep 05
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Over 27x 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 Share price has been highly volatile over the past 3 months (27% average weekly change). Earnings have declined by 9.2% per year over the past 5 years. Shareholders have been substantially diluted in the past year (over 27x increase in shares outstanding). Revenue is less than US$1m (kr3.2m revenue, or US$311k). Market cap is less than US$10m (kr81.3m market cap, or US$7.93m). Announcement • Aug 21
Lipidor AB (publ) Announces That Clinical Trial Material for Psoriasis Candidate AKP02G2 Has Been Releases According to Plan Lipidor AB (publ) announced that the clinical trial material for the company's upcoming clinical Phase III study with the drug candidate AKP02G2 is ready and has been shipped to CRO. It marks a critical milestone in the project plan and creates the conditions for the start of studies according to plan. The main aim of the study is to compare the therapeutic efficacy of AKP02G2 against mild to moderate psoriasis with a market-leading product. Production of clinical trial material is an extensive exercise and a prerequisite for being able to carry out the clinical study. The process must ensure that the material is of the highest quality for use on humans. Preparations for the study itself are also on track and, among other things, approval has already been obtained from the ethics committee for around half of the clinics. The Phase III study will include 294 patients and is being conducted by Cliantha Research, a reputable CRO (Clinical Research Organisation) with extensive experience in dermatological research. The next major milestone is to initiate the work at the clinics and enroll the first patient to the study. The company estimate that this will happen towards the end of next month. Reported Earnings • May 23
First quarter 2024 earnings released: EPS: kr0.011 (vs kr0.014 in 1Q 2023) First quarter 2024 results: EPS: kr0.011 (down from kr0.014 in 1Q 2023). Net income: kr310.0k (down 25% from 1Q 2023). Announcement • Apr 23
Lipidor AB (publ) to Report Fiscal Year 2023 Final Results on May 15, 2024 Lipidor AB (publ) announced that they will report fiscal year 2023 final results on May 15, 2024 Announcement • Mar 22
Lipidor AB (publ) Announces Approval for Start of Phase III Clinical Trial of Psoriasis Candidate AKP02G2 Lipidor AB (publ) announced that the company's planned Phase III clinical trial with the drug candidate AKP02G2 for the treatment of psoriasis has been cleared to start by the Indian Medical Products Agency (DCGI). The main objective of the study is to compare the therapeutic efficacy of AKP02G2 against mild to moderate psoriasis with a market-leading product. The application to start the clinical study was submitted to the Indian Medical Products Agency in December. After a meeting with the agency's Subject Expert Committee, the go-ahead to start the study has now been obtained. The main objective of the study is to compare the therapeutic efficacy of AKP02G2 in mild to moderate psoriasis with the market-leading product Enstilar, with the intention of providing a basis for market approval in Europe in the first stage. The Phase III study will include 294 patients and is to be conducted by Cliantha Research, a well-reputed CRO (Clinical Research Organisation) with extensive experience in dermatological research. The clinical trial material in the study will be manufactured by Oy MedFiles Ltd. in Finland. Reported Earnings • Feb 29
Full year 2023 earnings released: kr0.40 loss per share (vs kr1.43 loss in FY 2022) Full year 2023 results: kr0.40 loss per share (improved from kr1.43 loss in FY 2022). Net loss: kr11.5m (loss narrowed 72% from FY 2022). Announcement • Dec 21
Lipidor Applies to the Indian Medical Products Agency to Start A Phase III study of AKP02G2 Lipidor AB (publ) announced that the company, through its partner Cliantha Research, has submitted an application to the Indian Medical Products Agency to start a Phase III study with the drug candidate AKP02G2. The main purpose of the study is to compare the therapeutic effect of AKP02G2 with Enstilar in the topical treatment of mild to moderate plaque psoriasis. The drug candidate AKP02G 2 combines calcipotriol and betamethasone and is based on Lipidor's patented AKVANO®? technology. The aim of AKP02G2 is to offer a patient-friendly spray-based form of treatment for mild to moderate plaque psor psoriasis. AKP02G2 is a further development of AKP02, which underwent a clinical phase III study in 2022. Experience from this study, together with development work and preclinical studies conducted in 2023, has led to a new formulation that is expected to produce an improved effect compared to AKP02. The registration-based Phase III study with AKP02G2 is planned to include 294 patients and will be conducted by Cliantha Research, a reputable CRO (Clinical Research Organization) with solid experience in dermatological research. The aim of the Phase III study withAKP02G2 is to demonstrate good therapeutic efficacy in comparison to Enstilar, in the treatment of mild to moderate plaqueiasis on both the body and scalp. Enstilar is a commonly prescribed preparation in foam form for the topical treatment of psoriasis and contains the same combination of active substances as AKP02G2. A prerequisite for the Phase III study to be able to start according to plan is that Lipidor will have new funding in place. Announcement • Dec 06
Lipidor AB (publ), Annual General Meeting, Jun 05, 2024 Lipidor AB (publ), Annual General Meeting, Jun 05, 2024, at 10:00 Central European Standard Time. Announcement • Nov 22
Lipidor AB (publ) to Report Q2, 2024 Results on Aug 28, 2024 Lipidor AB (publ) announced that they will report Q2, 2024 results on Aug 28, 2024 Announcement • Oct 28
Lipidor AB (publ) Files New Patent Application with the European Patent Office Lipidor AB (publ) announced that the company has filed a new patent application with the European Patent Office (EPO). The patent originates from the development that took place during the reformulation work with AKP02, now AKP02G2. In line with Lipidor's strategy, the company continuously reviews and works to further strengthen and expand patent protection for its AKVANO-technology. The new patent application is based on the development work carried out over the past year, which led to an updated formulation of the company's most important drug candidate for the treatment of psoriasis, AKP02G2. The new patent application (a so-called priority application) was filed with the European Patent Office (EPO) on October 27, 2023, and also covers the use of the formulation technology in other treatment areas. With the new patent application, AKP02G2 and a number of other applications of thetechnology (subject to approval by the patent authorities) will be patent protected until 2044. Reported Earnings • Aug 24
Second quarter 2023 earnings released: kr0.13 loss per share (vs kr0.30 loss in 2Q 2022) Second quarter 2023 results: kr0.13 loss per share (improved from kr0.30 loss in 2Q 2022). Net loss: kr3.66m (loss narrowed 58% from 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has fallen by 53% per year, which means it is performing significantly worse than earnings. Board Change • Jul 02
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. 5 experienced directors. No highly experienced directors. Independent Director Otto Skolling was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Jun 23
Lipidor AB (Publ) Confirms Clinical Plan for New Version of Akp02 Lipidor AB (publ) announced that the Swedish Medical Products Agency considers that AKP02G2, a modified version of the company's drug candidate AKP02 for the treatment of psoriasis, can be used in a new Phase III clinical study. This means that no further clinical studies with AKP02G2 will be needed before a new Phase III study can be initiated. The company has conducted a scientific advisory meeting with preclinical, clinical and quality experts at the MPA. The changes in the composition of AKP02G2 presented are not considered by the MPA to require further clinical studies before initiating a Phase III study. The main purpose of the planned study is to compare the therapeutic effect of AKP02G2 for mild to moderate psoriasis with the market-leading product Enstilar, with the intention of providing a basis for a first-stage market authorization in Europe. According to the MPA, if the study can demonstrate comparable efficacy to Enstilar after 4 weeks in this study, the results can be extrapolated so that AKP02G 2, like Enstilar, can be prescribed for maintenance treatment for 52 weeks (treatment twice a week). The planning of the clinical study also includes a process for selecting the clinical trial material manufacturer (CMO) and the clinical trial organization (CRO). Reported Earnings • Feb 24
Full year 2022 earnings released: kr1.43 loss per share (vs kr0.75 loss in FY 2021) Full year 2022 results: kr1.43 loss per share (further deteriorated from kr0.75 loss in FY 2021). Net loss: kr41.4m (loss widened 94% from FY 2021). Announcement • Dec 09
Lipidor AB (publ), Annual General Meeting, Jun 08, 2023 Lipidor AB (publ), Annual General Meeting, Jun 08, 2023, at 10:00 Central European Standard Time. Agenda: To discuss proposals of Nomination Committee. Reported Earnings • Aug 26
Second quarter 2022 earnings released: kr0.30 loss per share (vs kr0.26 loss in 2Q 2021) Second quarter 2022 results: kr0.30 loss per share (down from kr0.26 loss in 2Q 2021). Revenue: kr7.0k (up 250% from 2Q 2021). Net loss: kr8.71m (loss widened 17% from 2Q 2021). Over the next year, revenue is expected to shrink by 25% compared to a 91% growth forecast for the Pharmaceuticals industry in Sweden. Price Target Changed • Apr 27
Price target decreased to kr14.50 Down from kr18.50, the current price target is provided by 1 analyst. New target price is 98% above last closing price of kr7.34. Stock is down 45% over the past year. The company is forecast to post a net loss per share of kr0.70 next year compared to a net loss per share of kr0.75 last year. Breakeven Date Change • Apr 27
Forecast to breakeven in 2024 The analyst covering Lipidor expects the company to break even for the first time. New forecast suggests the company will make a profit of kr10.6m in 2024. Average annual earnings growth of 48% is required to achieve expected profit on schedule. Breakeven Date Change • Mar 04
Forecast to breakeven in 2024 The analyst covering Lipidor expects the company to break even for the first time. New forecast suggests the company will make a profit of kr10.6m in 2024. Average annual earnings growth of 48% is required to achieve expected profit on schedule. Major Estimate Revision • Mar 03
Consensus EPS estimates fall by 40% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from kr22.4m to kr21.0m. Losses expected to increase from kr0.50 per share to kr0.70. Pharmaceuticals industry in Sweden expected to see average net income growth of 16% next year. Consensus price target down from kr18.50 to kr14.50. Share price rose 8.4% to kr6.96 over the past week. Price Target Changed • Mar 02
Price target decreased to kr14.50 Down from kr19.50, the current price target is provided by 1 analyst. New target price is 99% above last closing price of kr7.28. Stock is down 33% over the past year. The company is forecast to post a net loss per share of kr0.60 next year compared to a net loss per share of kr0.66 last year. Recent Insider Transactions • Mar 01
Independent Chairman of the Board recently bought kr111k worth of stock On the 23rd of February, Fredrik Sjovall bought around 15k shares on-market at roughly kr7.37 per share. This was the largest purchase by an insider in the last 3 months. This was Fredrik's only on-market trade for the last 12 months. Recent Insider Transactions • Feb 26
Independent Chairman of the Board recently bought kr111k worth of stock On the 23rd of February, Fredrik Sjovall bought around 15k shares on-market at roughly kr7.37 per share. This was the largest purchase by an insider in the last 3 months. This was Fredrik's only on-market trade for the last 12 months. Breakeven Date Change • Nov 24
No longer forecast to breakeven The analyst covering Lipidor no longer expects the company to break even during the foreseeable future. The company was expected to make a profit of kr9.30m in 2021. New forecast suggests the company will make a loss of kr18.0m in 2023. Recent Insider Transactions Derivative • Oct 21
Chief Executive Officer exercised options to buy kr3.7m worth of stock. On the 19th of October, Ola Holmlund exercised options to buy 370k shares at a strike price of around kr2.00, costing a total of kr740k. This transaction amounted to 74% of their direct individual holding at the time of the trade. Since June 2021, Ola has owned 500.00k shares directly. This was the only transaction from an insider over the last 12 months. Is New 90 Day High Low • Feb 10
New 90-day low: kr10.93 The company is down 25% from its price of kr14.50 on 11 November 2020. The Swedish market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Pharmaceuticals industry, which is up 9.0% over the same period. Is New 90 Day High Low • Jan 20
New 90-day low: kr11.98 The company is down 13% from its price of kr13.81 on 22 October 2020. The Swedish market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Pharmaceuticals industry, which is up 5.0% over the same period. Is New 90 Day High Low • Sep 18
New 90-day low: kr12.55 The company is down 32% from its price of kr18.44 on 18 June 2020. The Swedish market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Pharmaceuticals industry, which is up 31% over the same period. 