contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

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

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Antti Siltanen

Faron is a global, clinical-stage biopharmaceutical company, focused on tackling cancers via novel immunotherapies. Its mission is to bring the promise of immunotherapy to a broader population by uncovering novel ways to control and harness the power of the immune system. The Company's lead asset is bexmarilimab, a novel anti-Clever-1 humanized antibody, with the potential to remove immunosuppression of cancers through reprogramming myeloid cell function. Bexmarilimab is being investigated in Phase I/II clinical trials as a potential therapy for patients with hematological cancers in combination with other standard treatments.

I really wonder at the management burying their heads in the sand; I wonder if they have also realized that the whole thing has gone south now. How is it even possible to bounce back from this anymore? How? When? The printing press is running hot. If it ever hits a price of one euro, I’ll take my hat off. SOON we’ll be wiser about how that touchscreen installation went. I remember this “SOON we’ll hear about plans” and 3 months later everything fell apart.

One can always speculate on how the offering should have been marketed. I don’t even know if there are specific rules, such as whether you have to disclose how many shares will be issued, etc. Personally, what I did was sell a portion when the subscription rights were issued. Tax benefits, and the intention is to oversubscribe in the offering. And since the share price is 0.51, I’m not the only one. So, I’m a bit nervous about whether I’ll get any extra shares. As a shareholder, it’s like shooting yourself in the foot if you prioritize the open market instead of buying from the offering. HCM is obviously trying to cash in on Faron. We’ll all be wiser in a month, but I hope they aren’t even left with scraps. A 10% cost for the offering, i.e., 4M, would have been the norm, but the situation is a bit more difficult, so I consider the current performance to be quite okay. You can think about how much a loan would cost for a couple of years, and it works out to the same amount.

Maybe I was dreaming, but I recall seeing a mention somewhere that HCM’s subscription wouldn’t affect the cash position, and that’s what I was wondering about. This is what I was pondering: if half of the proceeds from the issue are just used to pay off debts, then additional money will be needed here soon.

The announcement stated:  The Company clarifies the information provided in the Prospectus regarding a potential directed share issue as follows: Separate from the Share Issue, the Company may also issue a total of up to 19,296,473 shares in a directed share issue at a subscription price at least equal to the subscription price of the Share Issue (“Directed Share Issue”). If the Directed Share Issue were implemented in full, a total of 15,765,900 new shares would be issued and 3,530,573 shares held by the Company would be transferred in the Directed Share Issue. Hard to say then who would subscribe and what the money would be enough for. Additional dilution would occur, although the taker wouldn’t necessarily be trading immediately à la HCM. We finally got rid of IPF after the whining with the help of HCM, but did the ball-squeezing (as Juho said) just turn into a collar (as VP said)? We’ll hear more in the webcast on 17 March 2026 at 17:00.

Yes, HCM’s underwriting commitment is cold hard cash, and those convertible bonds won’t be settled in the share issue. The conversion price of the convertible bond will indeed drop to a maximum of 0.5 euros in connection with the issue, which is a massive deterioration compared to before. With the money from the issue, it wouldn’t even be theoretically possible to pay back those HCM loans so that the financing would last until November 2027. The driver named Juho now has a collar around his neck, and HCM is pulling the leash.

Many seem to be calculating HCM’s subscription commitment; could someone wiser explain the setup to me, as I can’t quite make sense of it despite browsing the prospectus? But wasn’t there something about money not actually changing hands in those subscriptions? Faron owes HCM about EUR 17.1 million, and HCM has promised to subscribe for EUR 19.6 million. Personally, I understand that HCM’s share would be purely as loan repayment; of course, the company’s cash position is quite weak if the entire sum went towards that. Although on the other hand, it would be great to get rid of that convertible bond, as I understand its terms also restrict other possible financing solutions. But surely no further loan repayments would be pushed there on top of that subscription in this case? Someone explain to an idiot if you have a better understanding of the situation

The continuation of this horror scenario could be that the share price is dumped and the next funding round is carried out at such a low price that the current shareholders’ holdings effectively vanish into thin air (cf. Bioretec). A Faron shareholder should hope for a takeover bid before that - however, one must remember that premiums for a company in crisis are not spectacular. On a lighter note, one could say that Faron’s trajectory is quite manic-depressive. Just over half a year ago, they were supposed to be in the driver’s seat and there was money… now they are indeed already in a funding crisis. And if AI and Clark Kent are even remotely right - Juho Jalkanen and the rest of the management have wasted quite a few millions with their wrong strategy and, on top of everything, driven away potential partners.

Faron Pharmaceuticals

Faron Pharmaceuticals is a clinical stage biopharmaceutical company whose three drug candidates relate to the modulation of immune system or inflammatory response. Faron is a very high-risk ...

<p>Faron Pharmaceuticals is a clinical stage biopharmaceutical company whose three drug candidates relate to the modulation of immune system or inflammatory response. Faron is a very high-risk investment as drug development requires frontloaded investments in research, while the success of commercialization is very uncertain. If the drug candidates enter the market, the invested capital can be multiplied. However, failure of drug development is frequent and, in that case, the invested capital may be partially or totally lost. We believe the share provides sufficient expected return to counterbalance the high risk. The share is suitable for a long-term investor that tolerates high risk as part of a well-diversified portfolio. A person investing in Faron must also be prepared for share issues.</p> 

	2021	22e	23e
Revenue	0.0	0.0	0.0
growth-%
EBIT (adj.)	-21.1	-22.0	-0.8
EBIT-% (adj.)	-527,700.0 %	-550,000.0 %	-19,500.0 %
EPS (adj.)	-0.38	-0.39	-0.02
Dividend	0.00	0.00	0.00
Dividend %
P/E (adj.)	neg.	neg.	neg.
EV/EBITDA	neg.	neg.	neg.

Risky investment with huge potential

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Key Estimate Figures08.08.2022

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