This morning, BTLS announced a EUR 12m raise from existing investors at a 40% discount to the 30-day VWAP extending cash runway into 2027.We anticipate the company to raise again on the back of regulatory/manufacturing protocol successes for EVOCA which we expect towards the end of the year.We trim our TP to EUR 5.7 (vs. EUR 6 before) taking into account the updated number of shares and estimate another ~ EUR 40m required in equity financing to reach its break-even point closer to 2030 (which wo ....
