Since the start of the TOTEMS trial in May, there have been no significant news from Gabather, and the recent Q2 report held no large surprises either. The first patient has not yet been included in the trial, although healthy volunteers have been dosed in accordance with protocol. In a recent video interview, CEO Michael-Robin Witt discussed why recruitment is taking longer than expected, and why he believes the pace could pick up once the first patient has been included. Cost control remains strict, though cash at hand of MSEK 3.7 came in below our MSEK 4.7 forecast. We push our model timeline a year ahead but keep our fair value of SEK 0.06 per share.
The full report is available here.