Board Change • May 13
High number of new directors Director Peter Guenter was the last director to join the board, commencing their role in 2026. Price Target Changed • May 08
Price target decreased by 11% to kr29.50 Down from kr33.00, the current price target is an average from 6 analysts. New target price is 175% above last closing price of kr10.74. Stock is up 35% over the past year. The company is forecast to post a net loss per share of kr1.84 next year compared to a net loss per share of kr1.99 last year. Reported Earnings • May 07
First quarter 2026 earnings: EPS and revenues exceed analyst expectations First quarter 2026 results: kr0.39 loss per share (improved from kr0.47 loss in 1Q 2025). Net loss: kr108.6m (loss narrowed 2.6% from 1Q 2025). Revenue exceeded analyst estimates by 26%. Earnings per share (EPS) also surpassed analyst estimates by 19%. Revenue is forecast to grow 29% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Biotechs industry in Sweden. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has fallen by 24% per year, which means it is significantly lagging earnings. Announcement • Apr 02
Vicore Pharma Holding AB (publ), Annual General Meeting, May 06, 2026 Vicore Pharma Holding AB (publ), Annual General Meeting, May 06, 2026, at 15:00 W. Europe Standard Time. Location: baker mckenzie advokatbyra, on master samuelsgatan 17, floor 6, se-111 44 stockholm, stockholm Sweden Reported Earnings • Apr 01
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: kr1.99 loss per share (further deteriorated from kr1.23 loss in FY 2024). Net loss: kr477.5m (loss widened 183% from FY 2024). Revenue exceeded analyst estimates by 62%. Earnings per share (EPS) missed analyst estimates by 7.9%. Revenue is forecast to grow 28% p.a. on average during the next 3 years, compared to a 10.0% growth forecast for the Biotechs industry in Sweden. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. New Risk • Jan 06
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 3.4% 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 3.4% per year for the foreseeable future. Revenue is less than US$1m (kr8.5m revenue, or US$925k). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (kr528m net loss in 3 years). Shareholders have been diluted in the past year (20% increase in shares outstanding). Announcement • Jan 02
Vicore Pharma Holding AB (publ)(OM:VICO) dropped from OMX Nordic Small Cap Index Vicore Pharma Holding AB (publ has been removed from OMX Nordic Small Cap Index . Price Target Changed • Nov 20
Price target increased by 10% to kr36.33 Up from kr33.00, the current price target is an average from 3 analysts. New target price is 251% above last closing price of kr10.34. Stock is up 33% over the past year. The company is forecast to post a net loss per share of kr1.96 next year compared to a net loss per share of kr1.23 last year. Major Estimate Revision • Nov 19
Consensus revenue estimates fall by 58% The consensus outlook for revenues in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from kr2.73m to kr1.13m. Forecast losses increased from -kr1.89 to -kr1.96 per share. Biotechs industry in Sweden expected to see average net income growth of 23% next year. Consensus price target down from kr33.00 to kr32.00. Share price was steady at kr10.12 over the past week. New Risk • Nov 14
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 Risk Revenue is less than US$1m (kr8.5m revenue, or US$898k). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (kr326m net loss in 2 years). Shareholders have been diluted in the past year (20% increase in shares outstanding). Announcement • Nov 04
Vicore Pharma Holding AB (publ), Annual General Meeting, Jan 15, 2026 Vicore Pharma Holding AB (publ), Annual General Meeting, Jan 15, 2026. New Risk • Sep 19
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Swedish stocks, typically moving 8.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Shareholders have been substantially diluted in the past year (110% increase in shares outstanding). Revenue is less than US$1m (kr7.7m revenue, or US$824k). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (kr344m net loss in 2 years). Share price has been volatile over the past 3 months (8.2% average weekly change). Major Estimate Revision • Aug 29
Consensus revenue estimates increase by 125%, EPS downgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from kr450.0k to kr1.00m. EPS estimate fell from -kr1.71 to -kr1.89 per share. Biotechs industry in Sweden expected to see average net income growth of 19% next year. Consensus price target of kr33.00 unchanged from last update. Share price rose 5.2% to kr11.66 over the past week. New Risk • May 26
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.7% 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 0.7% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (110% increase in shares outstanding). Revenue is less than US$1m (kr6.0m revenue, or US$630k). Minor Risk Currently unprofitable and not forecast to become profitable over next 2 years (kr353m net loss in 2 years). New Risk • May 07
New major risk - Revenue size The company makes less than US$1m in revenue. Total revenue: kr6.0m (US$626k) This is considered a major risk. Companies with a small amount of revenue 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 Shareholders have been substantially diluted in the past year (110% increase in shares outstanding). Revenue is less than US$1m (kr6.0m revenue, or US$626k). Price Target Changed • Apr 23
Price target decreased by 12% to kr31.52 Down from kr35.99, the current price target is an average from 6 analysts. New target price is 338% above last closing price of kr7.19. Stock is down 58% over the past year. The company is forecast to post a net loss per share of kr1.56 next year compared to a net loss per share of kr1.23 last year. Price Target Changed • Nov 17
Price target decreased by 7.6% to kr33.25 Down from kr35.99, the current price target is an average from 4 analysts. New target price is 337% above last closing price of kr7.61. Stock is down 45% over the past year. The company is forecast to post a net loss per share of kr1.14 next year compared to a net loss per share of kr3.22 last year. Announcement • Nov 04
Vicore Pharma Holding AB (publ), Annual General Meeting, May 06, 2025 Vicore Pharma Holding AB (publ), Annual General Meeting, May 06, 2025. New Risk • Oct 09
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 110% 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 (15% average weekly change). Earnings are forecast to decline by an average of 26% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (110% increase in shares outstanding). Minor Risk Currently unprofitable and not forecast to become profitable over next 2 years (kr328m net loss in 2 years). Announcement • Sep 12
Vicore Pharma Holding AB (publ) has filed a Follow-on Equity Offering in the amount of SEK 782.138028 million. Vicore Pharma Holding AB (publ) has filed a Follow-on Equity Offering in the amount of SEK 782.138028 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 111,734,004
Price\Range: SEK 7
Transaction Features: Rights Offering Announcement • Sep 10
Vicore Pharma Holding AB Initiates the Global, Randomized Phase 2B Aspre Trial Evaluating the Disease-Modifying Potential of Buloxibutid in Idiopathic Pulmonary Fibrosis Vicore Pharma Holding AB announced initiation of the 52-week Phase 2b ASPIRE trial evaluating buloxibutid in IPF. The initiation follows clearance by the US Food and Drug Administration and other regulatory authorities to start the trial. Buloxibutid is a first-in-class angiotensin II type 2 (AT2) receptor agonist that activates an upstream mechanism promoting alveolar integrity and function with corresponding downregulation of aberrant alveolar repair and fibrosis in IPF. ASPIRE is a global 52-week Phase 2b, randomized, double-blind, placebo-controlled, parallel-group clinical trial designed to assess the efficacy and safety of buloxibutid in IPF patients who are either untreated or receiving background nintedanib standard of care. Participants will be randomized to receive one of two doses of buloxibutid (100 mg or 50 mg taken orally twice daily) or placebo. The primary endpoint is change from baseline in forced vital capacity (FVC), the registrational endpoint for IPF. Key secondary endpoints include safety, tolerability, and the proportion of patients with disease progression over the trial period. The trial is expected to enroll 270 patients from over 90 sites across 14 countries, including the United States. This trial was developed in collaboration with world leading pulmonologists, patient advocacy organizations, and an advisory panel of IPF patients and caregivers. This Phase 2b trial will build on positive preclinical, translational, and clinical datasets, which suggest that buloxibutid protects type 2 alveolar epithelial cells, the progenitor cells responsible for maintaining alveolar homeostasis and promoting gas exchange in the lung. By promoting epithelial repair as well as reducing and resolving fibrotic tissue, buloxibutid has the potential to improve lung function, consistent with the effect seen in the Phase 2a AIR trial. In that trial, 36 weeks of treatment with buloxibutid improved FVC by an average of 216 mL from baseline, with a significant effect over the expected decline in untreated patients (n=28, p<0.001) [1,2]. Sixty-five percent of patients showed improved FVC, suggesting a robust treatment effect. Taken together with its excellent safety and tolerability profile, buloxibutid’s Phase 2a trial results reflect disease-modifying potential. Approximately three million people suffer from IPF worldwide. Current therapies are limited, often causing gastrointestinal side effects while only moderately slowing disease progression [3]. The current global market for nintedanib and pirfenidone is over $4 billion and continues to grow, despite modest benefit, poor tolerability, and the high discontinuation rates observed with these drugs [4]. If successful, buloxibutid has the potential to change standard treatment practices and provide a better tolerated, more effective therapy for patients. Vicore has engaged the contract research organization PSI to support the company in executing the Phase 2b ASPIRE study with the highest standards of quality and efficiency. Major Estimate Revision • Aug 17
Consensus revenue estimates increase by 100% The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from kr52.0m to kr104.1m. EPS estimate unchanged from -kr1.76 at last update. Biotechs industry in Sweden expected to see average net income growth of 34% next year. Consensus price target down from kr61.50 to kr50.50. Share price was steady at kr16.92 over the past week. Major Estimate Revision • Aug 16
Consensus revenue estimates increase by 100% The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from kr52.0m to kr104.1m. EPS estimate unchanged from -kr1.76 at last update. Biotechs industry in Sweden expected to see average net income growth of 34% next year. Consensus price target down from kr61.50 to kr50.50. Share price was steady at kr16.92 over the past week. Major Estimate Revision • Aug 16
Consensus revenue estimates increase by 100% The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from kr52.0m to kr104.1m. EPS estimate unchanged from -kr1.76 at last update. Biotechs industry in Sweden expected to see average net income growth of 34% next year. Consensus price target down from kr61.50 to kr50.50. Share price was steady at kr17.16 over the past week. New Risk • Jun 02
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Swedish stocks, typically moving 9.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (kr174m net loss in 2 years). Share price has been volatile over the past 3 months (9.0% average weekly change). Shareholders have been diluted in the past year (37% increase in shares outstanding). Board Change • May 14
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Director Heidi Hunter was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Major Estimate Revision • May 12
Consensus EPS estimates fall by 20% The consensus outlook for fiscal year 2024 has been updated. 2024 expected loss increased from -kr1.35 to -kr1.63 per share. Revenue forecast of kr52.0m unchanged since last update. Biotechs industry in Sweden expected to see average net income growth of 1.4% next year. Consensus price target of kr61.50 unchanged from last update. Share price rose 6.3% to kr20.45 over the past week. Announcement • May 08
Vicore Pharma Holding AB (Publ) Announces Board Appointments Vicore Pharma Holding AB (publ) at the annual general meeting held on 7 May 2024 approved the election of Yasir Al-Wakeel and Ann J. Barbier as members of the board of directors for the period until the end of the next annual general meeting. Hans Schikan was elected as the new chairman of the board of directors. New Risk • May 02
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.7% 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 1.7% per year for the foreseeable future. Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (kr302m net loss in 3 years). Shareholders have been diluted in the past year (37% increase in shares outstanding). New Risk • Apr 16
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Swedish stocks, typically moving 8.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (kr302m net loss in 3 years). Share price has been volatile over the past 3 months (8.6% average weekly change). Shareholders have been diluted in the past year (37% increase in shares outstanding). Announcement • Apr 04
Vicore Pharma Holding AB (Publ) Announces Maarten Kraan, as Board Member Declined Re-Election Vicore Pharma Holding AB (publ) announced that Maarten Kraan, as board member has declined re-election at its AGM, to be held on 7 May 2024. Price Target Changed • Mar 28
Price target decreased by 13% to kr61.50 Down from kr70.50, the current price target is an average from 4 analysts. New target price is 319% above last closing price of kr14.68. Stock is down 15% over the past year. The company is forecast to post a net loss per share of kr1.35 next year compared to a net loss per share of kr3.22 last year. Announcement • Mar 20
Vicore Announces FDA Breakthrough Device Designation for AlmeeTM, a Digital Therapy for Patients with Pulmonary Fibrosis Vicore Pharma Holding AB (publ) announced FDA Breakthrough Device Designation status for AlmeeTM, a 9-week digital cognitive behavioral therapy (CBT), to be used as an adjunct treatment of anxiety symptoms related to PF. The FDA Breakthrough Devices Program designates those medical devices that are evaluated as providing a more effective treatment for life-threatening or irreversibly debilitating diseases. Breakthrough designation reflects the effectiveness of this new therapy compared to treatment as usual for anxiety associated with pulmonary fibrosis and demonstrates the impactful nature of this digital therapy. Almee is a patient-facing tool based on CBT principles accessed via a smartphone or tablet. The COMPANION study on Almee demonstrated a 2.7-point improvement over control in GAD-7 (generalized anxiety disorder scale) and a 4.4 improvement in KBILD (King's Brief Interstitial Lung Disease) total score for quality of life. PF affects approximately 250,000 people in the United States[1], with increasing incidence[2]. Currently available therapies only slow the progression of this devastating and fatal disease. The physical burden of PF drives psychological impact with studies showing that 60% of patients with PF report having anxiety. Vicore plans to present Almee and the COMPANION study at a pulmonology conference in 2024. The company is seeking to advance Almee in partnership with the developers of approved and late- stage molecular therapies for the treatment of pulmonary fibrosis. "Almee represents the future of healthcare and is poised to deliver significant patient impact as an example of innovation in digital- molecular combination therapies," said Jessica Shull, PhD, Director of Digital Health at Vicore. Almee is subject to medical device regulation in the United States and Europe and is developed in partnership with Alex Therapeutics. Major Estimate Revision • Mar 06
Consensus revenue estimates increase by 3,123,023% The consensus outlook for revenues in fiscal year 2024 has improved. 2024 revenue forecast increased from kr0 to kr104.0m. Forecast losses expected to reduce from -kr2.18 to -kr0.893 per share. Biotechs industry in Sweden expected to see average net income growth of 19% next year. Consensus price target of kr68.60 unchanged from last update. Share price rose 2.4% to kr14.34 over the past week. Breakeven Date Change • Feb 29
No longer forecast to breakeven The 3 analysts covering Vicore Pharma Holding no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of kr318.4m in 2026. New consensus forecast suggests the company will make a loss of kr296.4m in 2026. Announcement • Jan 02
Vicore Pharma Holding AB (publ) Confirms IPF Development Program on Track and Provides Early-Stage Pipeline Updates Vicore Pharma Holding AB (publ) announced pipeline updates as the company continues to focus on development of C21 for idiopathic pulmonary fibrosis (IPF). The updates announced include confirmation that development of the lead program, C21 for IPF is on track, with final Phase 2a AIR data in the first half of next year. In addition, start-up activities for the global, double-blind, placebo-controlled, 52-week, Phase 2b ASPIRE study of C21 for IPF are progressing with initiation expected in the first half of 2024. Development of the Almee digital therapy advances as well, with topline results of the COMPANION pivotal study for anxiety associated with pulmonary fibrosis expected to be reported in January 2024. In its early-stage pipeline, as a result of an on-going portfolio review process that aims to focus investments, Vicore will discontinue development of the preclinical IMiD program, inhaled thalidomide for IPF cough. The review is also expected to select the best possible follow-on indications and ATRAG molecules for further development in view of the unique characteristics of this upstream mechanism of action that drives tissue repair. Announcement • Dec 18
Vicore Pharma Holding AB (publ) Appoints Bertil Lindmark as Chief Medical Officer Vicore Pharma Holding AB (publ), announced that Dr. Bertil Lindmark, will join as Chief Medical Officer. A luminary in advancing respiratory medicines, Dr. Lindmark's distinguished career spans global leadership roles at major pharmaceutical organizations and pioneering biotechnology companies. Formerly Global Vice President, Clinical Development for Respiratory and Inflammation at AstraZeneca, Dr. Lindmark spearheaded the development of Symbicort and Pulmicort, among other globally renowned respiratory medicines, and as Head of Research and Development at Almirall, lead the global approval of the second to market long acting antimuscarinic for the treatment of COPD. His recent tenure as Chief Medical Officer at Galecto focused on leading major global clinical development efforts in IPF. Rohit Batta, outgoing Chief Medical Officer, has accepted a Managing Director role leading a Swiss biopharmaceutical venture company. As he transitions from his position, Vicore reinforces its commitment to develop life-changing treatments for patients suffering from lung diseases such as IPF through this appointment. Dr. Lindmark obtained his MD and PhD degree in molecular epidemiology from Lund University in Sweden, supervised by Professor Sten Eriksson, who described the alpha1-antitrypsin deficiency. Dr. Lindmark also served as visiting Professor in Innovation and Entrepreneurship at the Institute of Medicine at Gothenburg University. Announcement • Oct 27
Vicore Pharma Holding AB (publ) Provides Update Regarding Phase 1 Study of C106 Vicore Pharma Holding AB (publ) announced that the Phase 1 study of C106 has concluded and that Vicore will not continue further development due to a transient increase in blood pressure observed at doses believed to be in the clinically effective range. The Phase 1 study of C106 (NCT05427253), initiated in June 2022, was designed as a double-blind, placebo-controlled, randomized first-in-human study to evaluate safety, tolerability, and pharmacokinetics of single and multiple ascending oral doses of the drug candidate from 5 to 300 mg. While there were no major safety signals or tolerability concerns in the doses tested, an increase in blood pressure was observed at twice-daily doses of 140 mg and higher. New Risk • Aug 31
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 14% 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 Less than 1 year of cash runway based on free cash flow trend (-kr314m free cash flow). Earnings are forecast to decline by an average of 14% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (55% increase in shares outstanding). Revenue is less than US$1m. Minor Risk Currently unprofitable and not forecast to become profitable over next 2 years (kr364m net loss in 2 years). Announcement • Aug 22
Vicore Pharma Holding AB (publ) Reports Data from EndoPAT® Exploratory Trial Vicore Pharma Holding AB reported that its clinical study investigating the EndoPAT® technology as a tool to assess the effect of C21 on endothelial function is complete and that the data were inconclusive. The study was designed as a single-dose, double-blind, exploratory crossover trial to compare the ATRAG C21 with placebo in eleven patients with type 2 diabetes. However, the intra-individual variability in the EndoPAT® assessments was high, including between placebo and baseline readings in the primary measure, reactive hyperemia index score, resulting in inconclusive data. EndoPAT® is a diagnostic device that measures endothelium-dependent reflex hyperemia after short-term occlusion of the blood flow to the arm. It is a simple and non-invasive technique that if successful could have facilitated the comparison of efficacy of different ATRAGs and also for assessment of acute effects on endothelial function in various diseases. New Risk • Jul 19
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 55% 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 (-kr309m free cash flow). Shareholders have been substantially diluted in the past year (55% increase in shares outstanding). Revenue is less than US$1m. Minor Risk Currently unprofitable and not forecast to become profitable over next 3 years (kr180m net loss in 3 years). Announcement • Jul 14
Vicore Pharma Holding AB (Publ) Announces Executive Changes Vicore Pharma Holding AB (publ) announced that the board of directors has resolved to appoint Ahmed Mousa as new CEO of the company with start in September 2023. This follows the July 5 announcement that Carl-Johan Dalsgaard plans to retire as CEO of the company. Ahmed Mousa is an experienced biotechnology executive with deep expertise in business and corporate development across several therapeutic areas, including respiratory disease. He joins the company from Pieris Pharmaceuticals where he served as Chief Business Officer. During his time at Pieris, Ahmed executed strategic partnerships yielding over USD 400 million in upfront, milestone, and co-development program investment, and over USD 6 billion in milestone potential with leading biopharmaceutical companies including AstraZeneca, Genentech, Seagen and Servier. He also played a leading role in growing Pieris from less than 30 employees in 2016 to approximately 150 in 2022 and in the advancement of multiple therapeutic programs from concept to clinical studies. Ahmed is a US citizen and resides in Boston, Massachusetts. Prior to joining Pieris, Ahmed was an attorney with the law firm Covington & Burling, where he represented pharmaceutical and biotech companies in a range of matters. He was previously a law clerk at the US Court of Appeals for the Third Circuit and an IP associate at the law firm Kirkland & Ellis. Ahmed obtained undergraduate degrees in molecular biology and government from Cornell University and a Master's degree in biotechnology from John Hopkins University with research experience focused in oncology, angiogenesis, and--notably--angiotensin II biology. He obtained a Juris Doctor degree from Georgetown Law with honors, where he was the Editor-in-Chief of the Georgetown Journal of International Law. Announcement • May 20
Vicore Pharma Holding AB (publ) Reports New 36-Week Data from the Air Trial Demonstrating Sustainable Disease Stimulating the Potential of A New Class of Drugs to Stop Disease Propose and Restate in IPF Patients Vicore Pharma Holding AB (publ) announced an updated interim analysis of its AIR phase 2a trial with C21 in idiopathic pulmonary fibrosis (IPF). With 51 patients enrolled, the data demonstrates that C21 has the potential to transform the treatment of IPF and restore lung function. The disease is currently considered to be incurable and inevitably progressive. C21 continues to be safe and well tolerated with no treatment-related serious adverse events C21 continues to demonstrate long-term efficacy, at 36 weeks the average FVC had increased to +350 mL over baseline, which is +530 mL over the expected trajectory of untreated patients (n= 19; p=0.001). The data will be orally presented at the American Thoracic Society (ATS) international congress on May 21st and during a webcast on May 26th, including a Q&A session. Vicore plans to progress clinical development of C21 through initiation of a phase 2b trial (ANDAS) and will conclude recruitment to the AIR trial. The AIR trial, a multi-center, open label, single arm 24-week trial with a 12-week extension studying the safety and efficacy of the angiotensin II type 2 receptor agonist (ATRAG) C21 in patients with IPF, has now enrolled 51 patients. At the time of analysis, 27 patients had completed 24 weeks of treatment with an average increase in FVC of +50mL and a 3-visit average increase of +110 mL (p=0.007 versus the expected trajectory of untreated patients), and 19 patients had completed 36 weeks of treatment with an average increase in FVC of +350 mL and a 3-visit average increase of +220 mL (p=0.001 versus the expected trajectory of untreated patients). Out of the 19 patients that had completed 36 weeks of treatment, 17 presented an FVC value that was better than what would have been expected of an untreated population. The new dataset shows a stabilization of lung capacity already at week 6 and, in line with previous interim analysis, a subsequent increase of FVC from week 16 to 36. Now, with twice the number of patients versus the interim analysis announced in November 2022, the previously reported early stabilization followed by an increase in lung function is confirmed, suggesting that C21 has the potential to transform the treatment of IPF. C21 continued to be safe and well tolerated with no treatment-related serious adverse events; there was a low rate of disease progression or worsening of cough and no gastrointestinal tolerability issues. 94% and 96% of patients at week 12 and 24, respectively, showed a positive benefit/risk, according to a joint benefit/risk assessment by the patients and principal investigator. Recruitment to the AIR trial will be concluded to fully focus on the next step of development, the phase 2b ANDAS trial. Vicore has engaged world leading experts and patient advocacy organizations in its advisory committee to aid in the design and successful conduct of the trial. Biomarkers further validate C21 results: The clinical findings with FVC have been confirmed with relevant biomarkers, thereby increasing the confidence in C21. FVC correlated strongly with lung volume (p=0.001) as measured in 3D reconstructions of CT scans, reinforcing the accuracy of the FVC measurements. Furthermore, patients with early IPF disease showed significantly less end-terminal fibrosis in the scans (p<0.02) and a higher degree of FVC increase after 36 weeks of treatment compared to patients with established IPF. This is in line with the C21 mechanism of action, promoting alveolar repair. The biomarker TGFb1 was reduced from baseline by 57% at 24 weeks (n=18), suggesting a reduced fibrosis drive. TGFb1 is a key mediator of fibrosis and its reduction has consistently been seen in cell cultures, animal models as well as in slices of human IPF lung tissue exposed to C21. Price Target Changed • Jan 10
Price target decreased to kr74.67 Down from kr80.40, the current price target is an average from 5 analysts. New target price is 277% above last closing price of kr19.82. Stock is up 21% over the past year. The company is forecast to post a net loss per share of kr4.05 next year compared to a net loss per share of kr4.25 last year. Buying Opportunity • Jan 01
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 40%. The fair value is estimated to be kr22.44, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 172% over the last 3 years. Earnings per share has declined by 32%. Major Estimate Revision • Nov 22
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from kr22.1m to kr36.8m. EPS estimate unchanged from -kr4.05 at last update. Biotechs industry in Sweden expected to see average net income growth of 22% next year. Consensus price target of kr83.40 unchanged from last update. Share price was steady at kr26.80 over the past week. Major Estimate Revision • Oct 13
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from kr22.1m to kr27.6m. EPS estimate unchanged from -kr4.02 at last update. Biotechs industry in Sweden expected to see average net income growth of 8.6% next year. Consensus price target of kr80.40 unchanged from last update. Share price fell 11% to kr28.75 over the past week. Price Target Changed • Sep 16
Price target decreased to kr80.40 Down from kr86.50, the current price target is an average from 5 analysts. New target price is 206% above last closing price of kr26.30. Stock is up 27% over the past year. The company is forecast to post a net loss per share of kr4.02 next year compared to a net loss per share of kr4.25 last year. Recent Insider Transactions • Jun 07
Independent Director recently bought kr87k worth of stock On the 3rd of June, Sara Malcus bought around 3k shares on-market at roughly kr30.15 per share. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Price Target Changed • Apr 27
Price target increased to kr93.50 Up from kr55.00, the current price target is an average from 2 analysts. New target price is 300% above last closing price of kr23.35. Stock is down 12% over the past year. The company is forecast to post a net loss per share of kr4.52 next year compared to a net loss per share of kr4.25 last year. Price Target Changed • Oct 22
Price target decreased to kr55.00 Down from kr76.00, the current price target is an average from 2 analysts. New target price is 195% above last closing price of kr18.62. Stock is down 12% over the past year. The company is forecast to post a net loss per share of kr4.84 next year compared to a net loss per share of kr2.71 last year. Breakeven Date Change • Aug 01
No longer forecast to breakeven The 2 analysts covering Vicore Pharma Holding no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of kr47.9m in 2022. New consensus forecast suggests the company will make a loss of kr58.6m in 2023. Board Change • Jul 31
High number of new directors Chairman Michael Jensen was the last director to join the board, commencing their role in 2020. Price Target Changed • May 26
Price target increased to kr72.00 Up from kr56.67, the current price target is an average from 3 analysts. New target price is 230% above last closing price of kr21.80. Stock is up 57% over the past year. Is New 90 Day High Low • Dec 22
New 90-day high: kr28.70 The company is up 46% from its price of kr19.60 on 22 September 2020. The Swedish market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Biotechs industry, which is down 12% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is per share. Price Target Changed • Dec 22
Price target raised to kr54.00 Up from kr44.00, the current price target is an average from 2 analysts. The new target price is 88% above the current share price of kr28.70. As of last close, the stock is up 96% over the past year. Is New 90 Day High Low • Nov 24
New 90-day low: kr18.40 The company is down 8.0% from its price of kr20.00 on 26 August 2020. The Swedish market is up 8.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Biotechs industry, which is down 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is per share. 
