Gabather's reported figures in its recent Q3 report were close to our estimates, however with a weaker cash position. The exercise of TO 7 warrants will help alleviate this, for now. Over the autumn Gabather has been scientifically validated, both by presenting a poster at the Society for Neuroscience Annual Meeting and by a published article in Frontiers in Psychiatry. Looking ahead, we expect the first patient to be treated in the TOTEMS phase II clinical trial around the turn of the year. We make only minor adjustments to our model and maintain our fair value of SEK 0.092 per share.
The full report is available here.