Nanexa (NANEXA.ST)

Executive Summary

Nanexa AB (NANEXA.ST) is a Swedish drug delivery company specializing in its proprietary PharmaShell® nanoparticle coating technology, designed to enable controlled release of injectable drugs over extended periods. The company’s business model centers on partnering with pharmaceutical firms to apply PharmaShell® to existing or new drugs, improving therapeutic profiles by reducing dosing frequency. Nanexa’s pipeline includes three drug candidates exploiting this platform, targeting hematology, oncology, and metabolic disorders. The most advanced, NEX-20A (a long-acting azacitidine), has completed a Phase 1 trial in multiple myeloma, and NEX-18a (azacitidine combination) has also completed Phase 1 in MDS/AML. Additionally, NEX-22A (a prolonged release liraglutide) recently completed a Phase 1 study in type 2 diabetes, demonstrating proof of concept across multiple therapeutic areas.

Upcoming Catalysts (preview)

• H2 2026Phase 2 initiation for NEX-20A in MDS/AML60% success
• Q4 2026New PharmaShell partnership or licensing deal50% success
• Q3 2026Full data readout from NEX-22A Phase 1 in type 2 diabetes80% success