H1 23: no surprises before the release of the detailed accounts in October

The company released preliminary H1 23 results, in line with our expectations. Financing is secured for FY22 at least, with no dilutive instruments in sight. Crossject will release more detailed numbers for H1 23 before the end of October.

No real news in the FY22 results. (Crossject)

No real news in the FY22 results. EPS CHANGE CHANGE IN EPS 2023 : € (0.23) vs (0.33) ns 2024 : € 0.49 vs 0.41 +20.8% We have updated our model after the release of the FY22 results. The latter were not meaningful (as usual) since the investment case is based on future product launches (hopefully as of FY24). Concerning our short-term earnings forecasts, they have been fine-tuned to factor in a slightly-higher contribution to revenues from the BARDA agreement signed last June. This is

FY22: not much to learn from the release

As usual, the FY results are not meaningful. The financing is secured for the short term, but this is not new news. No real news either on the progress made on various fronts (BARDA, EUA, filings). The market remains hungry for more. We see room to improve the group’s communication.

Crossject has announced it has raised €14m in debt to finance its expansion.

The group has raised €14m in new debt, securing the group’s financing ahead of product launches. We appreciate that it did not have to resort to dilutive instruments. Since this had been our assumption, no change to our numbers or valuation. The upside potential remains very significant.

Minor changes after H1 22 (Crossject)

Minor changes after H1 22 EPS CHANGE CHANGE IN EPS 2022 : € (0.32) vs (0.23) ns 2023 : € (0.35) vs (0.25) ns We have only changed our short-term estimates after the release of the H1 22 results. These changes are minor and are limited to FY23-24) even if they look more significant in EPS terms due to the fact that the result is a small loss, implying that any change to our numbers translates into an apparent bigger change in percentage terms. The impact on our valuation of the stock i

A rather reassuring H1 22

The H1 22 results came in line with expectations, “as usual” The group continues with its efforts on Midazolam, Hydrocortisone and Adrenaline The bioequivalence study for Midazolam should be ready this autumn After the positive result of the BARDA, we expect more on the commercial front

Adjusting our forecasts to the new number of shares (Crossject)

Adjusting our forecasts to the new number of shares EPS CHANGE CHANGE IN EPS 2022 : € (0.23) vs (0.26) ns 2023 : € (0.25) vs (0.31) ns We have adjusted our numbers to the current number of shares (after the latest exercise of subscription rights) which now stands at 34.83m as of August 2022. As a result, the loss per share for FY22/23 decreases. CHANGE IN NAV € 12.3 vs 13.3 -7.88% We have adjusted our numbers to the current number of shares (after the exercise of subscription ri

The update of our assumptions confirms a huge upside potential (Crossject)

The update of our assumptions confirms a huge upside potential EPS CHANGE CHANGE IN TARGET PRICE € 11.3 vs 10.3 +9.17% Despite the fact we have quite significantly changed our assumptions after extensive talks with management, our target price does not move much. On the one hand, it is boosted by the NAV valuation based on future sales multiples of the products to be launched from FY24 onwards but, on the other, it is penalised by short-term losses. Actually, the peer-based comparison i

The update of our assumptions confirms a huge upside potential

We have estimated the future contributions of all seven NTEs (New Therapeutic Entities) currently under development We detail here the main assumptions we made, including the probability of success of each NTE The update of our model after talking to management confirms the huge potential for the share price (over 250% in the mid-term)

A major breakthrough for Crossject

The tender for Zeneo Midazolam with BARDA was a success It will translate into the first orders for the French company It will also accelerate the approval process with the FDA and other regulatory authorities This excellent news can only support our very positive stance on the stock

FY21: not very meaningful, as expected

Crossject released an expected set of FY21 results The industrialisation process of Zeneo is on track The group’s financing for FY22 seems to be secured We will adjust our model to account for the latest developments

New financing

Crossject has announced the issuance of convertible bonds. It also grants free subscription rights to existing shareholders. The financing of FY22 is thus secured and gives the group time to reach the market. We will fine-tune our model and integrate this issuance.

H1 21: unsurprising (as usual)

The H1 21 results were in line with expectations The group continues its efforts on Midazolam, Hydrocortisone and Adrenaline The bioequivalence study for Midazolam should start before year-end The result of the Barda call for tender is still expected

EPS cut (2021: from € 0.18 to -0.28, 2022: from € 0.91 to 0.63) (Crossject)

EPS CHANGE CHANGE IN EPS 2021 : € (0.28) vs 0.18 ns 2022 : € 0.63 vs 0.91 -30.7 % We have fine-tuned our numbers on the back of the FY20 detailed accounts. Forecasts were also partly amended but net results remain low in the next few years which explains why a small change in the estimates translates into a more significant one in percentage terms at the EPS level.

EPS cut (2020: from € -0.32 to -0.49, 2021: from € 0.18 to 0.18) (Crossject)

EPS CHANGE CHANGE IN EPS 2021 : € 0.18 vs 0.18 -0.32 % 2022 : € 0.91 vs 0.91 -0.32 % We have only integrated the detailed numbers for FY20, which translate into a slightly lower EPS. However, the change is not meaningful given the still very low level of results of the company before its products reach the market.

Warpaint London+ (W7L, House Stock at 375p) - Trading ahead of expectations - +10% upgrade implied

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Warpaint London + (W7L, House Stock at 382p) - Late-year sparkles– another double-digit upgrade to FY23F EPS

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