Solid progression

Research evidence excerpt

Solid progression

Equity Research - 13 May 2026 21:05 CEST

Reasons:Cinclus Pharma

Post-results comment

Solid progression Estimate changes

• Phase 3 trial proceeding according to plan

• Cash runway into H2'27e with extension optionality

• Compelling risk/reward intact

Phase 3 trial proceeding according to plan Healthcare

Cinclus delivered a first quarter broadly in line with expectations. Opex

came in somewhat higher, with operating CF before NWC at SEK -89m Estimate changes (%)

(SEK -54m in Q4'25). This was driven by the increased screening and 2026e 2027e

recruitment rate for the Phase 3 HEEALING 1 trial. Following relatively Sales 22.2 7.3

stable YTD progress with a recent uptick, Cinclus stated that of the ~500 EBIT -26.3 20.7

target population, ~85% have been screened and ~2/3 randomised by EPS -26.0 23.1

mid-May. Correspondingly, Cinclus expects top-line results in Q4'26 Source: ABG Sundal Collier

(H2'26), which is well within the current financial runway into H2'27e.

CINPHA-SE/CINPHA SSCash and cash equivalents came in at SEK 476m (SEK 487m in Q4'25),

following the EUR 28m long-term structured credit agreement with Claret Share price (SEK) 12/5/2026 12.16

Capital Partners. To date, only EUR 8m has been drawn and is committed Target price 25.00

under the facility, with the remaining amount subject to future optionality

and conditions.

MCap (SEKm) 566

Estimate changes MCap (EURm) 51

No. of shares (m) 46.5We make the following key updates to our model: i) add the EUR 28m

structured credit agreement including warrants exercise by Claret Capital Free float (%) 64.3

Partners and future contingent equity raises; ii) reduce the discount rate to Av. daily volume (k) 61

11% (was 12%) following the securing of a potential financial runway until