New Risk • Feb 16
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 106% 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 14% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (106% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (kr44m net loss in 2 years). Market cap is less than US$100m (kr96.0m market cap, or US$10.7m). New Risk • Feb 03
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 106% 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 (14% average weekly change). 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 (106% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (kr44m net loss in 2 years). Market cap is less than US$100m (kr98.4m market cap, or US$11.0m). Announcement • Jan 24
Vivesto AB has completed a Follow-on Equity Offering in the amount of SEK 53.804346 million. Vivesto AB has completed a Follow-on Equity Offering in the amount of SEK 53.804346 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 538,043,455
Price\Range: SEK 0.1
Transaction Features: Rights Offering Price Target Changed • Nov 21
Price target decreased by 35% to kr0.24 Down from kr0.37, the current price target is provided by 1 analyst. New target price is 67% above last closing price of kr0.14. Stock is down 48% over the past year. The company is forecast to post a net loss per share of kr0.06 next year compared to a net loss per share of kr0.074 last year. New Risk • Nov 20
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: kr88.0m (US$9.22m) 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 Earnings are forecast to decline by an average of 17% per year for the foreseeable future. Revenue is less than US$1m. Market cap is less than US$10m (kr88.0m market cap, or US$9.22m). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (kr49m net loss in 2 years). Share price has been volatile over the past 3 months (11% average weekly change). Announcement • Nov 20
Vivesto AB has filed a Follow-on Equity Offering in the amount of SEK 53.804346 million. Vivesto AB has filed a Follow-on Equity Offering in the amount of SEK 53.804346 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 538,043,455
Price\Range: SEK 0.1
Transaction Features: Rights Offering Announcement • Nov 08
Vivesto AB, Annual General Meeting, May 07, 2026 Vivesto AB, Annual General Meeting, May 07, 2026. Location: stockholm Sweden Board Change • Sep 15
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. 11 experienced directors. No highly experienced directors. Independent Director Pal Ryfors was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Announcement • Apr 08
Vivesto AB, Annual General Meeting, May 08, 2025 Vivesto AB, Annual General Meeting, May 08, 2025, at 09:00 W. Europe Standard Time. Location: at gustav iii:s boulevard 42, ground floor, se-169 73 solna, Sweden Announcement • Apr 01
Vivesto AB Reports Positive Cantrixil Results in an Animal Hematological Cancer Model Vivesto AB announced that positive preclinical efficacy data was obtained in an animal model of hematological cancer. The results support continued development of the candidate drug Cantrixil within this indication and are in line with previous positive preclinical data. The experimental trial demonstrates, for the first time, that Cantrixil can reduce tumor growth and increase survival times in a well-established mouse model of hematological cancer. The treatment was well tolerated and safe. With the new positive data, Vivesto is continuing the planning of activities needed to bring Cantrixil into clinical trials and in parallel will investigate opportunities to partner the project in order to optimize the development program. Announcement • Jan 16
Vivesto AB Receives Approval to Initiate A Dose-Finding Study of Paccal Vet in Cats Vivesto AB announced that ethical approval has been obtained from the US Veterinary Review Board Clinical Studies Committee for a planned Paccal Vet dose-finding clinical trial in cats with cancer. The approval authorizes the participating clinical sites to enroll patients in the study. The dose-finding study will initially be conducted at two clinical sites in Washington and Oregon, with the possibility to include more sites as the study progresses. The study will be managed by CASTR Alliance, the contract research organization (CRO) currently running Paccal Vet's pilot clinical trial in dogs with splenic hemangiosarcoma in the US. FDA's Center for Veterinary Medicine, CVM, has previously confirmed that the cat study can be conducted under the existing INAD (Investigational New Animal Drug). The dose-finding study will follow the 3+3 design, a widely used approach to determine the maximum tolerated dose (MTD). A maximum of 12 cats will be included, receiving Paccal Vet treatment in groups of three, with doses escalating for each group until the MTD is identified. This study design ensures patient safety while effectively identifying the appropriate dosage for Paccal Vet administration in cats. Announcement • Dec 20
Vivesto Strengthens Cantrixil Program with New Preclinical Results and Patent Application Vivesto AB, announced that positive results were obtained from preclinical studies with combination treatments within the company’s Cantrixil program, supporting continued development in hematological cancer. Vivesto also announced that a new patent application covering the treatment of hematological cancer with Cantrixil was filed, with the aim to strengthen the IP position. The drug candidate Cantrixil has been evaluated in further combination treatments with other anti-cancer drugs generating new in vitro data in hematological cancer cell lines. The results demonstrate clear positive effects of Cantrixil in combination with other anti-cancer drugs. The positive results confirm previous preclinical efficacy results and support continued development in hematological cancer. New results from hematological cancer models are expected to be presented throughout 2025. Cantrixil has previously shown strong cytotoxic effects at low doses in cell lines derived from patients with hematological cancer. The recently generated data provides important input to the dosing selection and treatment regime in upcoming preclinical and clinical studies. Announcement • Jan 30
Vivesto's International Patent Application for XR-18 Receives Positive Decision Vivesto AB, announced that the European Patent Office (EPO) has granted a positive approval regarding the patentability of the company's XR-18 technology platform in Vivesto's international patent application (Patent Cooperation Treaty; PCT). The patent application for XR-18 is now in an international phase, which provides the opportunity to apply for patents in countries that are part of the PCT collaboration (157 countries). Vivesto now has two independent assessments that have been positive about the patentability of the XR-18 invention; EPO and earlier from the Swedish Intellectual Property Office (PRV). The company will now evaluate in which countries the company intends to seek protection. Announcement • Dec 28
Vivesto AB's US Clinical Paccal Vet Trial Receives Approval to Start Patient Recruitment Vivesto AB announced that the US Veterinary Review Board Clinical Studies Committee approved the company's planned Paccal Vet open label, pilot clinical study in dogs with splenic hemangiosarcoma following splenectomy. Clinical sites have been chosen and will be ready to start activities after supply of Paccal Vet (investigational veterinary product, IVP) in January. A planned interim analysis is expected in the second half of 2024. The Paccal Vet development program was discussed with FDA earlier this year. No further Agency approval is required prior to study start. The study is an open label, exploratory indication finding study in dogs with different stages of splenic hemangiosarcoma (HSA) following splenectomy. The study will include 4 treatment cycles of Paccal Vet (paclitaxel micellar) and it is planned to investigate 2 cohorts. Each cohort is planned to include a maximum of 23 patients. The study will be conducted at 6 clinical sites in Washington and Oregon. First patients are expected to be dosed in early 2024 and a planned interim analysis is expected in the second half of 2024. If promising activity in either cohort is shown, the study shall be followed by a pivotal study designed to confirm the initial findings of this pilot study and to gather further evidence on the safety and efficacy of Paccal Vet in dogs with splenic hemangiosarcoma. Vivesto's drug candidate Paccal Vet consists of paclitaxel formulated with the company's proprietary XR-17 technology. Vivesto has previously shown good safety of Paccal Vet in the treatment of various types of cancer in dogs. The absence of the solvent cremophor, to which dogs are particularly sensitive, may reduce the risk of serious side effects and death associated to the treatment. Paccal Vet also does not require the addition of human albumin, which when used in dogs can cause hypersensitivity reactions and reduced treatment effectiveness. Announcement • Nov 24
Vivesto AB (publ) Announces Composition of Nomination Committee In accordance with the principles for appointing a Nomination Committee, which were adopted at Vivesto AB's Annual General Meeting in 2022, it is hereby announced that the Nomination Committee for the 2024 Annual General Meeting has been appointed, based on the ownership structure as per 30 September 2023. The Nomination Committee for the 2024 Annual General Meeting comprises the following members: Per Arwidsson, appointed by Arwidsro, Håkan Lagerberg, appointed by Mastan AB, and Peter Zonabend, Chairman of the Board of Vivesto. Per Arwidsson has been appointed Chairman of the Nomination Committee. Announcement • Nov 18
Vivesto AB, Annual General Meeting, May 23, 2024 Vivesto AB, Annual General Meeting, May 23, 2024. New Risk • Oct 12
New major risk - Revenue and earnings growth Earnings have declined by 16% per year over the past 5 years. 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 declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. 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 have declined by 16% per year over the past 5 years. Revenue is less than US$1m (kr3.0m revenue, or US$277k). Minor Risk Market cap is less than US$100m (kr115.1m market cap, or US$10.5m). New Risk • Aug 25
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: -kr84m 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 (-kr84m free cash flow). Revenue is less than US$1m (kr2.2m revenue, or US$194k). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (kr145m net loss in 2 years). Market cap is less than US$100m (kr122.7m market cap, or US$11.1m). Announcement • Aug 05
Vivesto AB Announces Early Termination of Patient Enrollment in the Investigator-Initiated Phase 1B Docetaxel Micellar Study Vivesto AB announced early termination of patient enrollment in the Docetaxel micellar advanced prostate cancer Phase 1b study with the Swiss Group for Clinical Cancer Research (SAKK). The open-label, multicenter, single-stage Phase 1b study has closed its accrual after enrollment of 11 of the planned 18 patients, since Vivesto believes that the data generated will be sufficient ahead of switching into development with a new formulation based on its improved XR-18 micelle technology platform. Docetaxel mousellar has shown good tolerability at doses considered standard for conventional docetaxel formulations, as well as signs of clinical activity. Docetaxel miceLLar has been well received by investigators of the SAKK 67/20 and by participating prostate cancer patients. Vivesto's Docetaxel micellAR is a solvent-free formulation of docetaxel developed to avoid the need for the solubility enhancers in a solvent-based docetaxel and the mandatory high-dose steroid premedication. Patients treated with other existing formulations of docetaxel require steroid administration to avoid certain serious adverse events related to the formulations with solvent. The administration of steroids can lead to marked bone fragility, exacerbated by cancer metastases in the bone, or steroid-related metabolic issues. Vivesto has progressed in the development of its XR-18 drug delivery platform and intends to use this next-generation improved technology in future development of Docetaxel miceller. Reported Earnings • Feb 24
Full year 2022 earnings released: kr0.34 loss per share (vs kr0.30 loss in FY 2021) Full year 2022 results: kr0.34 loss per share (further deteriorated from kr0.30 loss in FY 2021). Net loss: kr166.7m (loss widened 26% from FY 2021). Revenue is forecast to grow 48% p.a. on average during the next 2 years, compared to a 21% growth forecast for the Biotechs industry in Sweden. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 62% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 19
Third quarter 2022 earnings released: kr0.14 loss per share (vs kr0.069 loss in 3Q 2021) Third quarter 2022 results: kr0.14 loss per share (further deteriorated from kr0.069 loss in 3Q 2021). Net loss: kr71.7m (loss widened 131% from 3Q 2021). Revenue is forecast to grow 30% p.a. on average during the next 3 years, compared to a 28% growth forecast for the Biotechs industry in Sweden. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 46% per year, which means it is significantly lagging earnings. Price Target Changed • Nov 16
Price target decreased to kr1.05 Down from kr6.10, the current price target is provided by 1 analyst. New target price is 62% above last closing price of kr0.65. Stock is down 71% over the past year. The company is forecast to post a net loss per share of kr0.30 next year compared to a net loss per share of kr0.30 last year. Reported Earnings • Aug 25
Second quarter 2022 earnings released Second quarter 2022 results: Net loss: kr38.5m (loss narrowed 33% from 2Q 2021). Over the next year, revenue is forecast to grow 60%, compared to a 217% growth forecast for the Biotechs industry in Sweden. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 41% per year, which means it is significantly lagging earnings. Reported Earnings • May 26
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: kr0.06 loss per share (up from kr0.10 loss in 1Q 2021). Net loss: kr26.5m (loss narrowed 36% from 1Q 2021). Revenue exceeded analyst estimates by 59%. Earnings per share (EPS) also surpassed analyst estimates by 25%. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 42% per year, which means it is significantly lagging earnings. Board Change • Apr 27
High number of new and inexperienced directors There are 11 new directors who have joined the board in the last 3 years. The company's board is composed of: 11 new directors. 1 experienced director. No highly experienced directors. Independent Director Peter Zonabend is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Feb 25
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: kr0.30 loss per share (up from kr0.47 loss in FY 2020). Net loss: kr132.7m (loss narrowed 37% from FY 2020). Revenue exceeded analyst estimates by 59%. Earnings per share (EPS) missed analyst estimates by 25%. Over the next year, revenue is expected to shrink by 41% compared to a 205% growth forecast for the pharmaceuticals industry in Sweden. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 42% per year, which means it is significantly lagging earnings. Major Estimate Revision • Dec 08
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast increased from kr10.2m to kr16.5m. EPS estimate unchanged from -kr0.40 at last update. Biotechs industry in Sweden expected to see average net income growth of 4.7% next year. Consensus price target of kr5.70 unchanged from last update. Share price rose 11% to kr2.42 over the past week. Recent Insider Transactions • Aug 23
Independent Chairman recently bought kr53k worth of stock On the 19th of August, Anders Harfstrand bought around 20k shares on-market at roughly kr2.66 per share. In the last 3 months, there was an even bigger purchase from another insider worth kr303k. Anders has been a buyer over the last 12 months, purchasing a net total of kr470k worth in shares. 
