RE: Translation?11 Feb 2026 17:22
English Transcript Summary (Translated)
[0:03–0:17]
Faron gave a business update today and reported on a recent share offering. Let's talk a little more in detail with CEO Juho Jalkanen. Hello Juho and welcome to the interview.
Juho: Good day, Antti. Thank you.
[0:19–1:23]
Antti: If we start with the financing side and then go to the news about this research program, you mentioned the €40 million plan. Could you tell me a little bit about what's behind this and what kind of milestones there are in terms of funding?
Juho: As we have communicated to the market, all expectations and our own investments were that we would not be able to achieve a partnership during the rest of the year—it has been delayed because the development plan had to be changed. It has by no means disappeared, but the company must continue to move forward and remain firmly in the driver's seat, and the program must be driven forward vigorously. So getting to that next significant milestone, which would be phase two of the planned phase 2/3, requires this kind of contribution.
[1:23–2:58]
Antti: Is it possible to elaborate now that you completed this phase 1/2 study and data last year, what kind of discussions were held? To what point did they progress and how did this change in plan come about?
Juho: 2025 was actually a really good year for us, because we had constantly improving results and we had competition around bexmarilimab—we were being groomed and we received a lot of offers. We reached the point where this is enough. Not greedy at all. Someone might even argue that this is enough. We were just like, okay, let's start drafting. Then came these phase three failures and why they failed, what was discussed... [biological explanation follows]. Then the other side's leadership was like, "Hey, wait a minute, let's just lose this one more time, then we won't get it done." So, in a way, you had offers that would have made this plan that was discussed with the original FDA possible, and then with these new research results, there was a kind of pressure from the partner that this should perhaps look different.
[2:58–3:47]
Juho (cont.): Exactly like this. And in general, the entire sector became like a big puzzle, wondering what could go wrong with this... Now we are tackling this development risk with this change in the plan.
[3:28–4:05]
Antti: Well, this €40 million plan, so what's it going to be enough for? You have had approximately €90 million in administrative expenses per year and research costs have typically been around €20 million per year. So what does this give you time for and how long will it last?
Juho: I think it will be enough until the end of 2027 and it will have time for the phase 2 lecture, the response rate lecture.
[4:00–5:22]
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