companyName

extensiveId

feedTypes

includeDividend

includeEstimates

includeOverview

includeOwnership

snapshotDate

CompanyName_Query

companySlug

CompanyMetaData

CompanyContent_query

company

query CompanyName_Query(
  $companyName: String!
  $extensiveId: ID
  $snapshotDate: String
  $feedTypes: [ContentType!]!
  $includeEstimates: Boolean!
  $includeOverview: Boolean!
  $includeOwnership: Boolean!
  $includeDividend: Boolean!
) {
  ...CompanyMetaData_Ux1x9
  ...CompanyContent_query_3mc3wd
}

fragment AnalystData on Analyst {
  name
  pageUrl
  jobTitle
  imgUrl
}

fragment AuthorList on Content {
  __isContent: __typename
  id
  authors {
    __typename
    id
    name
    pageUrl
  }
}

fragment ChangePercentBlock_Company on Company {
  defaultInstrument {
    isin
    symbol
    priceData {
      diff1mPercentage
      diff1yPercentage
      diff3yPercentage
      diffFromStartPercentage
    }
    id
  }
}

fragment CompactFeed_3NXCcw on Query {
  compactFeed: feedContent(companySlug: $companyName, filter: {types: $feedTypes}) {
    edges {
      node {
        __typename
        id
        ...TeaserExtraCompact_content
        createdAt
        companies {
          viewerIsFollowing
          id
        }
      }
      cursor
    }
    pageInfo {
      endCursor
      hasNextPage
    }
  }
}

fragment CompanyAnalystQuery on Company {
  analysts {
    ...AnalystData
    name
    pageUrl
    jobTitle
    imgUrl
    id
  }
}

fragment CompanyContent_query_3mc3wd on Query {
  ...CompanyHeader_query_Ux1x9
  ...CompanyOwnership_query_Ux1x9 @include(if: $includeOwnership)
  ...CompanyFinancials_query_Ux1x9 @include(if: $includeEstimates)
  ...CompanyDividend_query_Ux1x9 @include(if: $includeDividend)
  ...CompanyInvestorConsensus_query_Ux1x9
  ...CompanyPageTop_query_Ux1x9 @include(if: $includeOverview)
  ...CompanyPageBottom_query_2bVJwf @include(if: $includeOverview)
  ...CompanyDisclaimer_query_Ux1x9
  ...Extensive_query_3u4Ry5
}

fragment CompanyCoverage_Company on Company {
  analysts {
    name
    id
  }
  isPayingCustomerOf
  isFormerCustomerOf
  isCorporateCustomer
  ...CompanyAnalystQuery
  defaultInstrument {
    ...TargetAndRecommendation_Company
    id
  }
}

fragment CompanyDescription_Company on Company {
  description
  websiteUrl
  name
}

fragment CompanyDisclaimer_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    name
    isPayingCustomerOf
    isFormerCustomerOf
    id
  }
}

fragment CompanyDividendER_query on Company {
  name
  defaultInstrument {
    estimateData {
      reportingCurrency
    }
    dividendTransactions: estimateTransactions(first: 1, includeQuarters: false) {
      actualized {
        year
        dividend
        dividendYield
        payoutPercentage
        sharePrice
      }
      estimates {
        year
        dividend
        dividendYield
        payoutPercentage
        sharePrice
      }
    }
    id
  }
}

fragment CompanyDividendNonER_query on Company {
  name
  defaultInstrument {
    nonERDividendSet: nonERCompanyNumberSet(includeQuarters: false) {
      year
      dividend
      dividendYield
      epsReported
      sharePrice
      currency
    }
    id
  }
}

fragment CompanyDividend_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    ...CompanyDividendER_query
    ...CompanyDividendNonER_query
    defaultInstrument {
      coreId
      id
    }
    id
  }
}

fragment CompanyFinancials_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    ...NonERCompanyNumbers_query
    ...CompanyNumbers_query
    defaultInstrument {
      coreId
      id
    }
    id
  }
}

fragment CompanyHeader_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    id
    companyInsref
    name
    viewerIsFollowing
    followersCount
    isCorporateCustomer
    hasPinpointData
    hasDividendHistory
    sector {
      sectorname
      industry
    }
    regions
    extensiveExists
    defaultInstrument {
      symbol
      priceData {
        tradeCurrency
        lastPrice
        diff1dPercentage
      }
      marketplace {
        name
      }
      estimates: estimateTransactions(first: 1, includeQuarters: false) {
        date
      }
      nonERCompanyNumberSet(first: 1, includeQuarters: false) {
        year
      }
      id
    }
    topOwners {
      holders {
        name
      }
    }
    transactions: insiderTransactions(filter: {types: [BUY, SELL, SUBSCRIPTION]}) {
      edges {
        node {
          date
          id
        }
      }
    }
  }
}

fragment CompanyInsiderTransactions on Company {
  name
  regions
  insiderTransactions(filter: {types: [BUY, EXERCISE_OF_SHARE_OPTION, PLEDGE, RECEPTION_OF_SHARE_PREMIUM, SELL, SUBSCRIPTION]}) {
    edges {
      node {
        insider
        position
        volume
        price
        date
        unit
        type
        relatedParty
        id
      }
    }
  }
}

fragment CompanyInvestorConsensus_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    name
    companyInsref
    id
  }
}

fragment CompanyMetaData_Ux1x9 on Query {
  company(companySlug: $companyName) {
    name
    description
    pageUrl
    defaultInstrument {
      estimateData {
        modelType
      }
      id
    }
    id
  }
}

fragment CompanyName_Slug on Company {
  slug
}

fragment CompanyNumbers_query on Company {
  name
  defaultInstrument {
    estimateData {
      modelType
      reportingCurrency
    }
    estimateTransactions(first: 1, includeQuarters: true) {
      comparisonIndexName
      actualized {
        year
        quarter
        revenue
        revenueGrowth
        ebitda
        ebitAdjusted
        ebitReported
        preTaxProfit
        netEarnings
        epsReported
        epsAdjusted
        dividend
        payoutPercentage
        roePercent
        roiPercent
        enterpriseValue
        bookValue
        marketCap
        gearingPercent
        equityRatio
        dividendYield
        totalCosts
        loanLosses
        balanceSheetTotal
        tangibleBook
        cet1
        rwa
        sharePrice
        sharesTotal
        nav
        navPerShare
        opexOfNav
        totalShareholderReturn
        comparisonIndexReturn
        netDebtTotalAsset
        quarterlySharePrice
      }
      estimates {
        year
        quarter
        revenue
        revenueGrowth
        ebitda
        ebitAdjusted
        ebitReported
        preTaxProfit
        netEarnings
        epsReported
        epsAdjusted
        dividend
        payoutPercentage
        roePercent
        roiPercent
        enterpriseValue
        bookValue
        marketCap
        gearingPercent
        equityRatio
        dividendYield
        totalCosts
        loanLosses
        balanceSheetTotal
        tangibleBook
        cet1
        rwa
        sharePrice
        sharesTotal
        nav
        navPerShare
        opexOfNav
        totalShareholderReturn
        comparisonIndexReturn
        netDebtTotalAsset
        quarterlySharePrice
      }
    }
    id
  }
}

fragment CompanyOverviewGraphs_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      companyTransactions: estimateTransactions(first: 1, includeQuarters: false) {
        actualized {
          year
          revenue
          ebitAdjusted
          epsAdjusted
          dividendYield
          navPerShare
          totalShareholderReturn
        }
        estimates {
          year
          revenue
          ebitAdjusted
          epsAdjusted
          dividendYield
          navPerShare
          totalShareholderReturn
        }
      }
      id
    }
    id
  }
}

fragment CompanyOwners on Company {
  regions
  topOwners {
    recordDate
    compareDate
    source
    holders {
      name
      capitalPercent
      votingPowerPercent
      positionChange
      totalSharesChange
      shareChange
      isNew
      isRemoved
    }
  }
}

fragment CompanyOwnership_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    name
    ...CompanyOwners
    ...CompanyInsiderTransactions
    id
  }
}

fragment CompanyPageBottom_query_2bVJwf on Query {
  ...GeneralFeed_data_3NXCcw
  ...CompactFeed_3NXCcw
  ...UpcomingEventsQuery_Ux1x9
  ...RiskRecommendMatrix_query_Ux1x9
  ...CompanyOverviewGraphs_query_Ux1x9
  ...NonERCompanyOverviewGraphs_query_Ux1x9
  company(companySlug: $companyName) {
    companyInsref
    ...ForumUpdates_Company
    defaultInstrument {
      coreId
      id
    }
    id
  }
  allFeed: feedContent(first: 1, companySlug: $companyName, filter: {hideUpcomingVideos: true}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  main: feedContent(first: 1, companySlug: $companyName, filter: {hideUpcomingVideos: true, types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT, ANALYST_COMMENT, VIDEO, ARTICLE]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  webcasts: feedContent(first: 1, companySlug: $companyName, filter: {hideUpcomingVideos: true, types: [WEBCAST]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  thirdPartyResearch: feedContent(first: 1, companySlug: $companyName, filter: {types: [THIRD_PARTY_COMPANY_REPORT]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  releases: feedContent(first: 1, companySlug: $companyName, filter: {types: [STOCK_EXCHANGE_RELEASE, PRESS_RELEASE]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
}

fragment CompanyPageTop_query_Ux1x9 on Query {
  ...StockChart_ChartQuery_Ux1x9
  ...LatestReports_query_Ux1x9
  company(companySlug: $companyName) {
    isFund
    name
    ...CompanyCoverage_Company
    ...CompanyName_Slug
    ...CompanyDescription_Company
    ...FundNumbers_Company
    ...ChangePercentBlock_Company
    ...KeyEstimateFigures_Company
    ...InvestmentCompanyKeyFigures_Company
    defaultInstrument {
      id
      estimateData {
        modelType
      }
    }
    analysts {
      name
      id
    }
    id
  }
  extensiveReport: feedContent(first: 1, companySlug: $companyName, filter: {types: [EXTENSIVE_COMPANY_REPORT]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  analysis: feedContent(first: 1, companySlug: $companyName, filter: {types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT], tagNames_nin: ["Mallisalkku", "Arvonluojat"]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  analysisArvonluojat: feedContent(first: 1, companySlug: $companyName, filter: {types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT], tagNames_nin: ["Mallisalkku"]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
}

fragment CompanyTagList on Company {
  pageUrl
  name
  viewerIsFollowing
}

fragment Extensive_query_3u4Ry5 on Query {
  company(companySlug: $companyName) {
    extensive(extensiveId: $extensiveId, snapshotDate: $snapshotDate) {
      publishedAt
      pageUrl
      content {
        id
        title
        lang
        slug
        htmlBody
        publishedAt
        createdAt
        changedAt
        isOutdated
      }
    }
    id
  }
}

fragment ForumUpdates_Company on Company {
  name
  forum {
    threadUrl
    highlightedPosts {
      url
      author
      authorImgUrl
      text
      postedAt
      likesCount
    }
  }
}

fragment FundNumbers_Company on Company {
  defaultInstrument {
    isin
    symbol
    priceData {
      lastPrice
      ath
    }
    id
  }
}

fragment GeneralFeed_data_3NXCcw on Query {
  generalFeed: feedContent(first: 20, companySlug: $companyName, filter: {types: $feedTypes}) {
    edges {
      node {
        __typename
        id
        ...Teaser_content
        ...TeaserCompact_content
      }
      cursor
    }
    pageInfo {
      endCursor
      hasNextPage
    }
  }
}

fragment InvestmentCompanyKeyFigures_Company on Company {
  marketData {
    marketCap
  }
  defaultInstrument {
    priceData {
      tradeCurrency
      dailyTurnover
    }
    estimateData {
      modelType
    }
    estimateTransactions(first: 1, includeQuarters: true) {
      actualized {
        year
        quarter
        sharesTotal
        marketCap
        nav
        navPerShare
        dividendYield
        quarterlySharePrice
      }
      estimates {
        year
        quarter
        dividendYield
      }
    }
    id
  }
}

fragment KeyEstimateFigures_Company on Company {
  marketData {
    marketCap
  }
  defaultInstrument {
    priceData {
      tradeCurrency
      dailyTurnover
      lastPrice
      marketCap
    }
    sector
    fundamentalData {
      ebit
      eps
      sales
      dividend
    }
    estimateData {
      modelType
      estimates {
        firstEstimateYear {
          year
          bookValue
          netSales
          dividendA
          epsAdjusted
          ebitAdjusted
          hybridLoan
          noOfShares
          netDebt
          mvMinorities
          mvAssociated
          roePercent
        }
      }
    }
    estimatesSharePrice: estimateTransactions(first: 1) {
      estimates {
        sharePrice
      }
    }
    id
  }
}

fragment LatestReports_query_Ux1x9 on Query {
  extensiveReport: feedContent(first: 1, companySlug: $companyName, filter: {types: [EXTENSIVE_COMPANY_REPORT]}) {
    edges {
      node {
        __typename
        createdAt
        pageUrl
        id
      }
    }
  }
  analysis: feedContent(first: 1, companySlug: $companyName, filter: {types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT], tagNames_nin: ["Mallisalkku", "Arvonluojat"]}) {
    edges {
      node {
        __typename
        createdAt
        pageUrl
        id
      }
    }
  }
  analysisArvonluojat: feedContent(first: 1, companySlug: $companyName, filter: {types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT], tagNames_nin: ["Mallisalkku"]}) {
    edges {
      node {
        __typename
        createdAt
        pageUrl
        id
      }
    }
  }
}

fragment NonERCompanyNumbers_query on Company {
  name
  defaultInstrument {
    nonERNumberSet: nonERCompanyNumberSet(includeQuarters: true) {
      year
      quarter
      revenue
      ebitda
      ebitReported
      epsReported
      dividend
      sharesTotal
      roe
      roi
      enterpriseValue
      marketCap
      gearingRatio
      equityRatio
      dividendYield
      sharePrice
      currency
      evSales
      evEbitda
      evEbit
      pb
      netIncome
      ptp
    }
    id
  }
}

fragment NonERCompanyOverviewGraphs_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    defaultInstrument {
      overviewGraphsData: nonERCompanyNumberSet(includeQuarters: false) {
        year
        revenue
        ebitReported
        epsReported
        dividend
        dividendYield
        currency
      }
      id
    }
    id
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment RiskRecommendMatrix_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    defaultInstrument {
      riskData: estimateTransactions(first: 1) {
        businessRisk
        valuationRisk
      }
      id
    }
    id
  }
}

fragment StockChart_ChartQuery_Ux1x9 on Query {
  company(companySlug: $companyName) {
    isFund
    defaultInstrument {
      coreId
      id
      marketOpen
      marketClose
      marketplace {
        region
      }
      priceData {
        lastPrice
      }
      returns {
        day
        week
        month
        threeMonths
        sixMonths
        year
        threeYears
        fiveYears
        tenYears
        ytd
        total
      }
    }
    id
  }
}

fragment TargetAndRecommendation_Company on Instrument {
  estimateData {
    modelType
    researchCurrency
    estimates {
      date
      recommendation
      targetPrice
    }
  }
}

fragment TeaserCompact_content on Content {
  __isContent: __typename
  __typename
  id
  type
  title
  createdAt
  isPremium
  pageUrl
  lang
  companies {
    ...CompanyTagList
    id
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
  ...AuthorList
}

fragment TeaserExtraCompact_content on Content {
  __isContent: __typename
  id
  title
  createdAt
  pageUrl
  lang
  companies {
    name
    pageUrl
    viewerIsFollowing
    id
  }
}

fragment Teaser_content on Content {
  __isContent: __typename
  __typename
  id
  type
  title
  createdAt
  pageUrl
  imgUrl
  isPremium
  lang
  companies {
    ...CompanyTagList
    id
  }
  publishers {
    imgUrl
  }
  authors {
    __typename
    id
  }
  ... on AnalystComment {
    preview
  }
  ... on Article {
    preview
  }
  ... on CompanyReport {
    preview
  }
  ... on ThirdPartyCompanyReport {
    preview
  }
  ... on QA {
    preview
  }
  ... on Video {
    preview
    liveTime
    videoDuration
  }
  ... on Webcast {
    preview
    liveTime
  }
  ...AuthorList
  ...Reactions
}

fragment UpcomingEventsQuery_Ux1x9 on Query {
  company(companySlug: $companyName) {
    defaultInstrument {
      calendarEvents(first: 10) {
        edges {
          node {
            date
            type
            period
            id
          }
        }
      }
      id
    }
    id
  }
}


name

description

pageUrl

defaultInstrument

companyInsref

viewerIsFollowing

followersCount

isCorporateCustomer

hasPinpointData

hasDividendHistory

sector

regions

extensiveExists

topOwners

insiderTransactions

isPayingCustomerOf

isFormerCustomerOf

extensive

feedContent

Prolight Diagnostics

Biostock publishes an article after Prolight published its Year-End Report for 2025

Prolight Diagnostics publishes year-end report 2025

Biostock publishes an article describing how Prolight scales-up cartridge manufacturing

Biostock publishes an article about Prolight finalises instrument design and prepare for pilot manufacturing

Prolight Diagnostics publishes investorletter for January 2026

Biostock publishes an article about the key milestone toward commercialisation - assay design freeze

BioStock: Prolight Diagnostics reaches high-sensitivity troponin assay design freeze – a key milestone for Psyros

Prolight Diagnostics achieves assay design freeze for Psyros™ point-of-care cartridge – A key milestone toward commercialisation

Prolight secures third patent in Europe for Psyros™

BioStock publishes an article describing how Prolight Diagnostics is preparing the clinical study

BioStock: Prolight's CTO focuses on CRO partner MDx

THE NOMINATION COMMITTEE APPOINTED FOR THE ANNUAL GENERAL MEETING 2026

Prolight announces timetable for share reverse split

Prolight Diagnostics publishes quarterly report Q3, 2025

Extraordinary general meeting of Prolight Diagnostics AB (publ) on 19 November 2025

BioStock publishes article about Prolight Diagnostics continued preparations to bring the Psyros platform to market

BioStock: Final adjustments and validation take center stage at Prolight Diagnostics

Prolight Diagnostics publishes investor letter for November 2025

NOTICE OF EXTRAORDINARY GENERAL MEETING IN PROLIGHT DIAGNOSTICS AB (PUBL)

Emergers publishes updated analysis for Prolight Diagnostics

Prolight: Financing and partner interest strengthen case ahead of regulatory study - Emergers

Emergers: Equity Research | PROLIGHT: Financing and partner interest strengthen case ahead of regulatory study

Prolight Diagnostics publishes half-year report, 2025

Prolight receives Notice of Intention to Grant in Europe for third Psyros™ patent

Prolight Diagnostics publishes investor letter for August 2025

Nordic SME

Prolight Diagnostics develops point-of-care (POC) systems. These are small mobile instruments with disposable test cards that can perform In-Vitro Diagnostic (IVD) tests from a drop of blood. The POC system can contribute to faster and more accurate diagnoses of acute conditions. The company's launch product will be a highly sensitive measurement of troponin to be able to determine and exclude heart attacks.

And then for a slightly more up-to-date situational analysis: the company has turned out to be a disappointment in my case. Schedules are slipping and there is still no information about the clinical trial. I would estimate that new share issues will be arranged by May at the latest, before the summer holidays. Unless a licensing agreement comes as a surprise before then. According to the investor letter published yesterday, the “design freeze” for the device is still not completed and improvements are being worked on. However, for the assay unit itself and its reagents, this was achieved in December.

Did anyone attend the shareholders’ meeting or the investor presentation held at the end of the month? I would be very interested to know what the management said about future schedule targets. I find the company’s communication regarding the schedules rather odd.  Pre-validation results were supposed to come in Q4 2024, and the actual validation was supposed to start in early 2025. Pre-validation results were reported to come in Q1 2025. Pre-validation results came at the end of Q1, but they were partial and very superficial. Whole blood results were reported to be only coming in H1 2025. Whole blood results came on June 16th (image below), but they are also only preliminary, and results are still being collected. The actual validation was supposed to start in early 2025, but the company has not communicated anything about a delay or stated what has been the impediment.   The same stock exchange release implies that this is the “first phase of the study,” which leaves it unclear whether new phases are occurring before the final clinical study.  Successful completion of the first phase of this study marks another milestone as we prepare for our pivotal clinical study.

Tänään tuli ensimmäiset tulokset (25/120) tuoreen veren tutkimuksista. Kurssi pomppasi aluksi tarjoten hyvän myyntipaikan. Kaikkiin tutkimusuutisiin liittyviin pomppuihin kannattaa myydä niin paljon kuin likviditeettiä riittää, koska tuloksien odotetaan olevan hyviä, jolloin tutkimuksen riskien pieneneminen voi nostaa rNPV arvoa maksimissaan muutaman prosentin. Uutiset, joilla on vaikutusta arvoon, liittyy aikatauluun ja rahoitukseen. Antiesitteestä sai sen käsityksen, että Q2 loppuun mennessä tutkimustulokset olisivat valmistuneet kokonaisuudessaan:  Nyt kuitenkin vasta osa on valmista, vaikka tutkimus aloitettiin jo aikaa sitten. Näyttää siis siltä, että hyvä jos tulokset on kasassa vuoden loppuun menessä, jolloin varsinainen myyntilupaan tähtäävä tutkimus pääsisi alkamaan vasta H1 2026. Tässä vielä Q2 2024 raportin yhteydessä kerrotusta aikataulusta:  Eli vuodessa aikataulu on siirtynyt käytännössä vuodella eteenpäin. Jos siis varsinainen kliininen tutkimus valmistuu 2026 lopussa tai 2027 alussa, niin kaupallistaminen voisi alkaa joskus 2028, kun ensimmäiset luvat on saatu. Ja silloin herää kysymys, että kuinka realistista kaupallinen edistys seuraavien 12kk aikana olisi? “Early 2026” on ainakin utopiaa kaupallistamisen suhteen tässä kohtaa. Miksi jakelukumppani edes sitoutuisi sopimukseen jo tässä kohtaa, kun mitään näkyvyyttä ei ole? Siitä syystä myös kaikki etumaksut, joita Prolight kipeästi tarvitsisi, kävisivät uskomattoman kalliiksi. Arvioni mukaan 100% merkintäasteellakin, rahat riittäisivät juuri ja juuri 2026 loppuun. Eli ennen kuin kaupallistamista ja sopimuksia aletaan edes miettimään niin edessä voi olla parikin antia. Likviditeetti sen verran pientä, että ei kannata lyhyelläkään tähtäimellä paljoa merkata, vaikka osakkeista todennäköisesti pääseekiin eroon kalliimmalla. Annissa ei ole käytännössä mitään merkittävää isompaa ankkurisijoittajaa mukana, niin suuri osa uusista lapuista lentää laitaan aika nopeasti.Today, the first results (25/120) from the fresh blood studies were released. The stock price initially jumped, offering a good selling opportunity. It’s advisable to sell as much as liquidity allows on all jumps related to research news, because the results are expected to be good, meaning that the reduction in research risks can increase the rNPV value by a maximum of a few percent. News that impacts the value relates to the schedule and financing. The offering memorandum gave the impression that the study results would be fully completed by the end of Q2:  Now, however, only a part is ready, even though the study started a long time ago. It therefore seems that it would be good if the results are gathered by the end of the year, in which case the actual study aiming for marketing authorization could only begin in H1 2026. Here is the schedule as reported in connection with the Q2 2024 report:  So, in one year, the schedule has practically shifted forward by a year. So, if the actual clinical study is completed by the end of 2026 or early 2027, commercialization could begin sometime in 2028, once the first approvals have been obtained. And then the question arises: how realistic would commercial progress be in the next 12 months? “Early 2026” is at least a utopia regarding commercialization at this point. Why would a distribution partner even commit to an agreement at this stage when there is no visibility? For that reason, any upfront payments that Prolight desperately needs would also be incredibly expensive. In my estimation, even with a 100% subscription rate, the funds would barely last until the end of 2026. So, before commercialization and agreements are even considered, there could be a couple of offerings. Liquidity is so low that it’s not worth subscribing much even in the short term, although shares can probably be offloaded at a higher price. In the offering, there is practically no significant larger anchor investor involved, so a large portion of the new shares will be sold off quite quickly.

NOTE: This post has been sitting in draft mode since August, and I only noticed it now. Some time has passed, so the information might be outdated.  Psyros is about to receive a new Europe-wide patent. I see this patent as quite significant; in general, the European Patent Office is very strict and demanding, and the patent description regarding the use of two different wavelengths sounds like something that is at the core of the entire technology’s physical operating mechanism. The fact that this “physical level” patent has moved forward is a pretty direct indication that Psyros’s technology is indeed unique. Based on the patent application, Psyros’s technology is starting to become clearer to me as well. I have long wondered what ultimately makes Psyros so different if it ultimately uses bioluminescence. Well, now it’s starting to make sense: In Psyros’s case, the use of these two lights is based on precise control of the reaction. The first light excites correctly bound reagent molecules into a special, temporary, and sensitive “excited state.” It’s about creating an extremely specific event and eliminating all possible false signals. This acts as a specificity filter. Next, a second light—to which only the correctly bound and activated reagent molecules react—triggers a permanent photochemical reaction, creating a measurable spot on the substrate, and this serves as a second specificity filter. So now Prolight is getting a patent specifically for creating such a step-by-step process using light. This generally makes bypassing the patent very difficult. Additionally, I learned that Psyros’s previous patents from another patent family (* WO2022123000A1 or EP4012423A1) protect these specific chemicals. Not just the specific molecules Psyros uses, but also similar molecular structures that function in the same way—specifically combination molecules where a photoactive reporter molecule is conjugated to an antibody or other sensor molecule. In other words, in addition to the technology, Prolight has developed its own chemical processes, and competitors would have to invent a very new or different molecular structure to produce reagents that function the same way. Furthermore, Prolight’s patent family includes the manufacturing method for these molecules, test kits, the technology itself (optics and measurement devices), and the measurement process. If this is the best-performing technology for measuring biomarkers, then this is quite a comprehensive and valuable stack of patents. And the patents effectively prevent third-party manufacturers from making test kits for Prolight’s devices. It’s starting to look like the devices will be sold very cheaply, and the profit will be made through test kits and high volume. Sounds like the printer business model already? The stock market reaction is very moderate, but in light of this new understanding, I’m adding more “lottery tickets” to my portfolio.

It probably wouldn’t make it to the main list, no. Here is the schedule included in the investor presentation held at the end of last month on 24.6:  Pre-clinical validation studies are marked for H1 2025. Although it seems that St Thomas’ studies will continue for a while longer. Clinical validation is estimated to be 9 months long, and IVDR approval is hoped for in H2 2026. This would seem quite record-fast for a few-month IVDR approval, including the external evaluation of the application. This does raise a few questions. It somewhat suggests that they had to include somewhat optimistic figures to ensure the offering wouldn’t fail. Well, as positive news: the stock has risen a nice 50% from the subscription.

Excellent result. H1 2026 is at least entirely time to try and seek a deal. It wouldn’t even need to cover the entire funding need, because after that, money could be brought in again with good valuation and small dilution.

Yesterday, an article was published with the headline “Prolight finalises instrument design and prepare for pilot manufacturing”. However, the article rather describes that the instrument is still being finalized, consistent with previous press releases.                   placera.se              Prolight slutför instrumentdesign och förbereder för pilottillverkning |...    Prolight slutför instrumentdesign och förbereder för pilottillverkning

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