Equity Research Report on Pharma Equity Group - Successful Execution Hinges on Financing

With a new strategy announced in H1-25, Pharma Equity Group (“PEG” or “the Company”) is transitioning toward a diversified investment platform within life sciences , anchored by two Phase II assets with near-term commercialization potential: RNX-011 (peritonitis) and RNX-051 (colorectal cancer). Both are expected to enter pivotal trials in H2-25, with partnering discussions aimed at de-risking execution and securing co-funding. The strategy leverages a capital-light model of drug repositioning and out-licensing, enabling PEG to scale efficiently while maintaining a lean cost base. Supported by a strengthened leadership team and sharpened strategic focus, the Company is well-positioned to unlock meaningful shareholder value, contingent on securing adequate funding to capitalize on upcoming clinical and comercial catalysts. Reflecting the clear prioritization of RNX-011 and RNX-051, we have revised our estimates, resulting in a potential present value of DKK 0.6 (0.8) per share in our Base scenario, derived by a rNPV-model.