SciBase capital raise closing at 88% of maximum gross proceeds
After the EGM approval for a directed issue was reached today, and the rights issue result announced already on Friday, SciBase’s capital raise is set to close successfully. With the 9 MSEK gross proceeds from rights issue and 33 MSEK from the directed share issue, SciBase will raise 42 MSEK out of the around 48 MSEK maximum, meaning an 88% success rate for gross proceeds before costs. In practice, this means that the company retains the additional cash runway targeted with the raise, implying that the raise closes successfully and only causes minor changes to our valuation, which assumed 100% success. Hence, we still do not make immediate changes to our valuation or recommendation and will update these at the latest in connection with SciBase’s Q1 report in a few weeks.
The company’s cash runway is now secured to our estimate until around Q1-Q2/2025. In our view, the focus of SciBase investment case is now especially in showing progress and improving visibility with their commercial ramp up in the US. This would reduce the risks related to the timing & success of SciBase’s growth towards cash flow neutrality and profitability, supporting more favorable terms for securing more growth capital.
Scibase Holding
SciBase Holding is a medical technology company. The Group specializes in the management of cancer diagnostics, mainly focused on the treatment and detection of various melanomas. The company has developed an electric handheld probe that analyzes the measurement signal to detect specific changes in the body's skin tissue. The head office is located in Stockholm.
Read more on company pageKey Estimate Figures18.04
2023 | 24e | 25e | |
---|---|---|---|
Omsætning | 23,2 | 31,9 | 50,4 |
vækst-% | 29,94 % | 37,33 % | 57,94 % |
EBIT (adj.) | -53,9 | -56,1 | -46,9 |
EBIT-% (adj.) | -232,04 % | -175,89 % | -93,11 % |
EPS (adj.) | -0,51 | -0,24 | -0,20 |
Udbytte | 0,00 | 0,00 | 0,00 |
Udbytte % | |||
P/E (adj.) | - | - | - |
EV/EBITDA | - | - | - |