2026 Q2 - tulosraportti
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33 päivää sitten
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| Aika | Hinta | Määrä | Ostaja | Myyjä |
|---|---|---|---|---|
| - | - | - | - |
Huomioi, että vaikka osakkeisiin säästäminen on pitkällä aikavälillä tuottanut hyvin, tulevasta tuotosta ei ole takeita. On olemassa riski, että et saa sijoittamiasi varoja takaisin.
Rahastot ja ETF:t, joilla on osaketta
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Asiakkaat katsoivat myös
Yhtiötapahtumat
Datan lähde: Quartr| Seuraava tapahtuma | |
|---|---|
2026 Q3 - tulosraportti 18.11. |
| Menneet tapahtumat | ||
|---|---|---|
2026 Q2 - tulosraportti 19.8. | ||
2026 Q1 - tulosraportti 21.5. | ||
2025 Q4 - tulosraportti 26.2. | ||
2025 Q3 - tulosraportti 20.11.2025 | ||
2025 Q2 - tulosraportti 21.8.2025 |
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·21.8.Maybe it's just me, but I simply have nothing left for the sitting CEO of Coegin Pharma AB, Jens Eriksson. So I have now sent him an email with the content below, Cc: a board member, Erlend Skagseth. My email is divided into several posts below as Shareville only accepts max. 5000 characters per post ********************************************************** Dear Jens, I have previously written to you, so you already know that I have been critical of the way Coegin Pharma has been managed under your leadership. Having now reviewed the Company's communications, annual reports, strategic announcements, financing activities and project development over the past five years – and particularly the period since you became CEO – I feel compelled to write to you once again. I will be direct. I believe your performance as CEO has fallen materially short of what should reasonably be expected of the CEO of a listed company. The most troubling issue is not that you changed Coegin's strategy from a clinically focused pharmaceutical development strategy towards a cosmetic product strategy. A CEO is entitled to change the strategic direction of a company when circumstances justify it. The problem is the way the clinical portfolio was subsequently left largely without active development, while the market continued to receive highly optimistic communication about the Company's progress and prospects. The issue, therefore, is not the strategic decision to move from clinical drug development towards cosmetics. It is the lack of a convincing strategy for preserving, developing or monetising the value of the clinical assets that were effectively left behind, combined with the substantial gap between the Company's communications and its measurable commercial achievements. When you took over as acting CEO in October 2023, Coegin still presented a portfolio containing several potentially valuable clinical assets. Under your leadership, the strategic focus shifted decisively towards cosmetics, while the clinical portfolio was progressively put on hold. That may have been a rational strategic decision. But if management decides that certain assets are no longer worth developing internally, shareholders and the market are entitled to expect a credible plan for how the underlying value is to be preserved or monetized. Instead, the clinical program appears to have been left largely to fend for itself. Your own 2024 Annual Report states that further development of the three drug-development projects has been put on hold, apart from business partnering activities. After that there has been dead silence on the 'partnering activities' part. Too much communication – too little measurable delivery Over and over again, the market has been presented with language such as: global market launch strong partnerships significant commercial opportunity major milestones world-leading potential commercial scale-up global expansion strategic partners value creation The problem is that such statements are only meaningful if they ultimately translate into measurable commercial results. The market cannot invest in adjectives. It needs to see execution. And execution means dates, contracts, counterparties, economics, volumes, revenues, margins, milestones and capital efficiency. For a very long time, those things have been conspicuously absent. The Company has repeatedly communicated ambitious commercial objectives while remaining dependent on additional external capital. At the same time, the financing requirements have resulted in continued dilution. This is not a sustainable value-creation model by itself. It is a financing model. And there is an important difference. The clinical portfolio I find it particularly difficult to understand how the clinical portfolio has effectively disappeared from the Company's strategic centre without a sufficiently detailed explanation of what management has actually done to preserve or monetise the value of those assets. If the conclusion was that FOL026, AVX420 and the other clinical programmes were no longer worth financing internally, that is a legitimate strategic conclusion. But then the obvious question is: What exactly has management done to monetise these assets? Who were the potential partners? When were discussions initiated? How many serious counterparties were involved? What were the principal obstacles? What valuation expectations did Coegin have? Why did those discussions not result in transactions? What is the current status of each asset? What is the expected timeline for partnering, licensing, sale or abandonment? Shareholders and the market have been given broad references to "business partnering activities". That is not a strategy, it is a description of an activity.21.8.The cosmetic strategy I have no objection to the cosmetic strategy itself. What I object to is repeated communication of expectations without sufficient accountability for the underlying assumptions. The strategic shift was announced in 2023, accompanied by expectations of a commercial launch and significant market opportunities. Since then, Coegin has achieved some tangible commercial progress, and that should be acknowledged. But those developments must also be judged by their economic substance. A distribution agreement or commercial collaboration is not automatically evidence of a successful business model. The questions that matter are much more basic: How much revenue is actually being generated per asset? At what gross margin? What is the recurring order volume? What are the minimum commitments from the commercial partners? What are the actual economics of these agreements? When does the Company reach cash-flow break-even? How much additional capital will be required before that happens? These are the questions that matter. The dilution problem This is perhaps the most concerning aspect of the Company's development. Coegin has repeatedly financed itself through new share issues and related instruments. That means the market is not merely being asked to finance growth. It is repeatedly being asked to finance the Company's continued development without yet seeing a sufficiently convincing path towards self-sustaining operations. The distinction between financing growth and financing continued existence is critically important. The Company's need for capital has not been an unexpected external shock. It has been a structural feature of the business for years. Therefore, I do not believe the market should simply accept another cycle of: 1. ambitious communication, 2. broad commercial targets, 3. additional financing, 4. further dilution, 5. revised timelines, 6. another strategic update, 7. and then another financing. That cycle must end. What I expect from you now I am not asking for another presentation. I am not asking for another strategic vision. I am not asking to hear that Coegin is entering a "pivotal phase", that the market opportunity is substantial, or that management is seeing strong interest from potential partners. The market has heard these messages repeatedly. What is needed now is accountability. Give the market a concrete roadmap. Not "during 2026". Not "in the coming months". Not "as discussions progress". The market should be given measurable objectives. For each major asset and commercial initiative: • What is the objective? • Who is the counterparty? • What is the contractual status? • What is the expected economic contribution? • What is the next milestone? • What is the deadline? • What capital is required? • At what point does management conclude that the initiative has failed? That is how a Stock Exchange listed company should, not just be managed, in addition also communicate to market. Finally I do not write this because I want Coegin Pharma to fail, quite the opposite. I have followed the Company closely because I believe it has possessed assets with genuine potential, however: Potential is not value creation. Science is not value creation. Patents are not value creation. Presentations are not value creation. And repeated optimistic statements are certainly not value creation. Execution is value creation. You have now had sufficient time as CEO to demonstrate whether you can turn Coegin's scientific and commercial assets into a financially sustainable business. I believe the market has been remarkably patient. I also believe that patience is running out. This is therefore my strongest message to you as CEO: Stop selling the story and start delivering the numbers. Give the market something concrete that can be measured, verified and held against you. If you succeed, I will be the first to acknowledge it. If you do not, then responsibility for the continuing destruction of value – including further dilution – ultimately rests with management and the Board. That is the standard I believe the CEO of a Stock Exchange listed company should be prepared to accept. Regards, Xxxxx Xxxxxx
·16.6.2 positive press releases in 2 days. Then they probably need money soon. Expect a share issue.@ Dengamlefisker: If my memory doesn't fail me completely, you & I have on several occasions expressed our views on Coegin Pharma AB in general and CEO Jens Eriksson in particular - and I sense that we are still 100% of the same opinion regarding the continued circus performance the company offers as its only entertainment. That being said, (and no, I still have NADA confidence in the company) there is now one single valid data point in the case to test, to see if 'the bird on the roof is actually growing wings'. The data point is an excerpt from a company announcement I have inserted in this thread above. Provided that CEO Lars Skjøth, Hårklinikken has actually stated as mentioned, this should result in a product launch during H2 2026. The announcement is radically new in the sense that it has been made by a third party, namely Hårklinikken - and thus is not just number 733 tall tale from Jens Eriksson, Coegin Pharma AB. This makes the announcement a data point that can be tested to see if the case in general is moving forward. So, as an investor, one can now stand on the sidelines and await that launch. It would be utterly insane, as in completely psychopathic brain-dead, to buy into the case now - and should the launch really take place during H2 2026 - probably supplemented by a new share issue from Coegin Pharma AB - then one can at that time decide for oneself whether one thinks it is a good investment. Coegin Pharma AB's entire future rests on Hårklinikken's intention to launch their hair product - no more, no less.
·6.5.PP405 (or PP-405) is a promising, topical, non-hormonal drug candidate under development by Pelage Pharmaceuticals for the treatment of androgenetic alopecia (hereditary hair loss). By inhibiting a mitochondrial protein (MPC), it activates dormant stem cells in hair follicles, which can restore hair growth. Results from Phase 2a studies have shown positive effect, and the treatment is being studied as a daily gel.
·29.4.The report they presented was not great. They are still burning a lot of cash and revenue is very small. Auditor with a 'going concern' remark. That does not look good and Coegin only expects liquidity into Q3 2026.New hårprodukr was supposed to be launched in April. That didn't happen then. Coegin has apparently "forgotten" to inform about that. Gents now writes that it will be in May. Perhaps the launch will be combined with them having to beg for more money from the shareholders.
Yllä olevat kommentit ovat peräisin Nordnetin sosiaalisen verkoston Nordnet Socialin käyttäjiltä, eikä niitä ole muokattu eikä Nordnet ole tarkastanut niitä etukäteen. Ne eivät tarkoita, että Nordnet tarjoaisi sijoitusneuvoja tai sijoitussuosituksia. Nordnet ei ota vastuuta kommenteista.
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2026 Q2 - tulosraportti
Vain PDF
33 päivää sitten
Uutiset
Tämän sivun uutiset ja/tai sijoitussuositukset tai otteet niistä sekä niihin liittyvät linkit ovat mainitun tahon tuottamia ja toimittamia. Nordnet ei ole osallistunut materiaalin laatimiseen, eikä ole tarkistanut sen sisältöä tai tehnyt sisältöön muutoksia. Lue lisää sijoitussuosituksista.
Foorumi
Liity keskusteluun Nordnet Socialissa
Kirjaudu
- ·21.8.Maybe it's just me, but I simply have nothing left for the sitting CEO of Coegin Pharma AB, Jens Eriksson. So I have now sent him an email with the content below, Cc: a board member, Erlend Skagseth. My email is divided into several posts below as Shareville only accepts max. 5000 characters per post ********************************************************** Dear Jens, I have previously written to you, so you already know that I have been critical of the way Coegin Pharma has been managed under your leadership. Having now reviewed the Company's communications, annual reports, strategic announcements, financing activities and project development over the past five years – and particularly the period since you became CEO – I feel compelled to write to you once again. I will be direct. I believe your performance as CEO has fallen materially short of what should reasonably be expected of the CEO of a listed company. The most troubling issue is not that you changed Coegin's strategy from a clinically focused pharmaceutical development strategy towards a cosmetic product strategy. A CEO is entitled to change the strategic direction of a company when circumstances justify it. The problem is the way the clinical portfolio was subsequently left largely without active development, while the market continued to receive highly optimistic communication about the Company's progress and prospects. The issue, therefore, is not the strategic decision to move from clinical drug development towards cosmetics. It is the lack of a convincing strategy for preserving, developing or monetising the value of the clinical assets that were effectively left behind, combined with the substantial gap between the Company's communications and its measurable commercial achievements. When you took over as acting CEO in October 2023, Coegin still presented a portfolio containing several potentially valuable clinical assets. Under your leadership, the strategic focus shifted decisively towards cosmetics, while the clinical portfolio was progressively put on hold. That may have been a rational strategic decision. But if management decides that certain assets are no longer worth developing internally, shareholders and the market are entitled to expect a credible plan for how the underlying value is to be preserved or monetized. Instead, the clinical program appears to have been left largely to fend for itself. Your own 2024 Annual Report states that further development of the three drug-development projects has been put on hold, apart from business partnering activities. After that there has been dead silence on the 'partnering activities' part. Too much communication – too little measurable delivery Over and over again, the market has been presented with language such as: global market launch strong partnerships significant commercial opportunity major milestones world-leading potential commercial scale-up global expansion strategic partners value creation The problem is that such statements are only meaningful if they ultimately translate into measurable commercial results. The market cannot invest in adjectives. It needs to see execution. And execution means dates, contracts, counterparties, economics, volumes, revenues, margins, milestones and capital efficiency. For a very long time, those things have been conspicuously absent. The Company has repeatedly communicated ambitious commercial objectives while remaining dependent on additional external capital. At the same time, the financing requirements have resulted in continued dilution. This is not a sustainable value-creation model by itself. It is a financing model. And there is an important difference. The clinical portfolio I find it particularly difficult to understand how the clinical portfolio has effectively disappeared from the Company's strategic centre without a sufficiently detailed explanation of what management has actually done to preserve or monetise the value of those assets. If the conclusion was that FOL026, AVX420 and the other clinical programmes were no longer worth financing internally, that is a legitimate strategic conclusion. But then the obvious question is: What exactly has management done to monetise these assets? Who were the potential partners? When were discussions initiated? How many serious counterparties were involved? What were the principal obstacles? What valuation expectations did Coegin have? Why did those discussions not result in transactions? What is the current status of each asset? What is the expected timeline for partnering, licensing, sale or abandonment? Shareholders and the market have been given broad references to "business partnering activities". That is not a strategy, it is a description of an activity.21.8.The cosmetic strategy I have no objection to the cosmetic strategy itself. What I object to is repeated communication of expectations without sufficient accountability for the underlying assumptions. The strategic shift was announced in 2023, accompanied by expectations of a commercial launch and significant market opportunities. Since then, Coegin has achieved some tangible commercial progress, and that should be acknowledged. But those developments must also be judged by their economic substance. A distribution agreement or commercial collaboration is not automatically evidence of a successful business model. The questions that matter are much more basic: How much revenue is actually being generated per asset? At what gross margin? What is the recurring order volume? What are the minimum commitments from the commercial partners? What are the actual economics of these agreements? When does the Company reach cash-flow break-even? How much additional capital will be required before that happens? These are the questions that matter. The dilution problem This is perhaps the most concerning aspect of the Company's development. Coegin has repeatedly financed itself through new share issues and related instruments. That means the market is not merely being asked to finance growth. It is repeatedly being asked to finance the Company's continued development without yet seeing a sufficiently convincing path towards self-sustaining operations. The distinction between financing growth and financing continued existence is critically important. The Company's need for capital has not been an unexpected external shock. It has been a structural feature of the business for years. Therefore, I do not believe the market should simply accept another cycle of: 1. ambitious communication, 2. broad commercial targets, 3. additional financing, 4. further dilution, 5. revised timelines, 6. another strategic update, 7. and then another financing. That cycle must end. What I expect from you now I am not asking for another presentation. I am not asking for another strategic vision. I am not asking to hear that Coegin is entering a "pivotal phase", that the market opportunity is substantial, or that management is seeing strong interest from potential partners. The market has heard these messages repeatedly. What is needed now is accountability. Give the market a concrete roadmap. Not "during 2026". Not "in the coming months". Not "as discussions progress". The market should be given measurable objectives. For each major asset and commercial initiative: • What is the objective? • Who is the counterparty? • What is the contractual status? • What is the expected economic contribution? • What is the next milestone? • What is the deadline? • What capital is required? • At what point does management conclude that the initiative has failed? That is how a Stock Exchange listed company should, not just be managed, in addition also communicate to market. Finally I do not write this because I want Coegin Pharma to fail, quite the opposite. I have followed the Company closely because I believe it has possessed assets with genuine potential, however: Potential is not value creation. Science is not value creation. Patents are not value creation. Presentations are not value creation. And repeated optimistic statements are certainly not value creation. Execution is value creation. You have now had sufficient time as CEO to demonstrate whether you can turn Coegin's scientific and commercial assets into a financially sustainable business. I believe the market has been remarkably patient. I also believe that patience is running out. This is therefore my strongest message to you as CEO: Stop selling the story and start delivering the numbers. Give the market something concrete that can be measured, verified and held against you. If you succeed, I will be the first to acknowledge it. If you do not, then responsibility for the continuing destruction of value – including further dilution – ultimately rests with management and the Board. That is the standard I believe the CEO of a Stock Exchange listed company should be prepared to accept. Regards, Xxxxx Xxxxxx
- ·16.6.2 positive press releases in 2 days. Then they probably need money soon. Expect a share issue.@ Dengamlefisker: If my memory doesn't fail me completely, you & I have on several occasions expressed our views on Coegin Pharma AB in general and CEO Jens Eriksson in particular - and I sense that we are still 100% of the same opinion regarding the continued circus performance the company offers as its only entertainment. That being said, (and no, I still have NADA confidence in the company) there is now one single valid data point in the case to test, to see if 'the bird on the roof is actually growing wings'. The data point is an excerpt from a company announcement I have inserted in this thread above. Provided that CEO Lars Skjøth, Hårklinikken has actually stated as mentioned, this should result in a product launch during H2 2026. The announcement is radically new in the sense that it has been made by a third party, namely Hårklinikken - and thus is not just number 733 tall tale from Jens Eriksson, Coegin Pharma AB. This makes the announcement a data point that can be tested to see if the case in general is moving forward. So, as an investor, one can now stand on the sidelines and await that launch. It would be utterly insane, as in completely psychopathic brain-dead, to buy into the case now - and should the launch really take place during H2 2026 - probably supplemented by a new share issue from Coegin Pharma AB - then one can at that time decide for oneself whether one thinks it is a good investment. Coegin Pharma AB's entire future rests on Hårklinikken's intention to launch their hair product - no more, no less.
- ·6.5.PP405 (or PP-405) is a promising, topical, non-hormonal drug candidate under development by Pelage Pharmaceuticals for the treatment of androgenetic alopecia (hereditary hair loss). By inhibiting a mitochondrial protein (MPC), it activates dormant stem cells in hair follicles, which can restore hair growth. Results from Phase 2a studies have shown positive effect, and the treatment is being studied as a daily gel.
- ·29.4.The report they presented was not great. They are still burning a lot of cash and revenue is very small. Auditor with a 'going concern' remark. That does not look good and Coegin only expects liquidity into Q3 2026.New hårprodukr was supposed to be launched in April. That didn't happen then. Coegin has apparently "forgotten" to inform about that. Gents now writes that it will be in May. Perhaps the launch will be combined with them having to beg for more money from the shareholders.
Yllä olevat kommentit ovat peräisin Nordnetin sosiaalisen verkoston Nordnet Socialin käyttäjiltä, eikä niitä ole muokattu eikä Nordnet ole tarkastanut niitä etukäteen. Ne eivät tarkoita, että Nordnet tarjoaisi sijoitusneuvoja tai sijoitussuosituksia. Nordnet ei ota vastuuta kommenteista.
Tarjoustasot
Määrä
Osto
-
Myynti
Määrä
-
Viimeisimmät kaupat
| Aika | Hinta | Määrä | Ostaja | Myyjä |
|---|---|---|---|---|
| - | - | - | - |
Huomioi, että vaikka osakkeisiin säästäminen on pitkällä aikavälillä tuottanut hyvin, tulevasta tuotosta ei ole takeita. On olemassa riski, että et saa sijoittamiasi varoja takaisin.
Rahastot ja ETF:t, joilla on osaketta
Mikään rahasto ei ilmoita osaketta kymmenen suurimman omistuksensa joukossa.
Asiakkaat katsoivat myös
Yhtiötapahtumat
Datan lähde: Quartr| Seuraava tapahtuma | |
|---|---|
2026 Q3 - tulosraportti 18.11. |
| Menneet tapahtumat | ||
|---|---|---|
2026 Q2 - tulosraportti 19.8. | ||
2026 Q1 - tulosraportti 21.5. | ||
2025 Q4 - tulosraportti 26.2. | ||
2025 Q3 - tulosraportti 20.11.2025 | ||
2025 Q2 - tulosraportti 21.8.2025 |
Välittäjätilasto
Dataa ei löytynyt
2026 Q2 - tulosraportti
Vain PDF
33 päivää sitten
Uutiset
Tämän sivun uutiset ja/tai sijoitussuositukset tai otteet niistä sekä niihin liittyvät linkit ovat mainitun tahon tuottamia ja toimittamia. Nordnet ei ole osallistunut materiaalin laatimiseen, eikä ole tarkistanut sen sisältöä tai tehnyt sisältöön muutoksia. Lue lisää sijoitussuosituksista.
Yhtiötapahtumat
Datan lähde: Quartr| Seuraava tapahtuma | |
|---|---|
2026 Q3 - tulosraportti 18.11. |
| Menneet tapahtumat | ||
|---|---|---|
2026 Q2 - tulosraportti 19.8. | ||
2026 Q1 - tulosraportti 21.5. | ||
2025 Q4 - tulosraportti 26.2. | ||
2025 Q3 - tulosraportti 20.11.2025 | ||
2025 Q2 - tulosraportti 21.8.2025 |
Foorumi
Liity keskusteluun Nordnet Socialissa
Kirjaudu
- ·21.8.Maybe it's just me, but I simply have nothing left for the sitting CEO of Coegin Pharma AB, Jens Eriksson. So I have now sent him an email with the content below, Cc: a board member, Erlend Skagseth. My email is divided into several posts below as Shareville only accepts max. 5000 characters per post ********************************************************** Dear Jens, I have previously written to you, so you already know that I have been critical of the way Coegin Pharma has been managed under your leadership. Having now reviewed the Company's communications, annual reports, strategic announcements, financing activities and project development over the past five years – and particularly the period since you became CEO – I feel compelled to write to you once again. I will be direct. I believe your performance as CEO has fallen materially short of what should reasonably be expected of the CEO of a listed company. The most troubling issue is not that you changed Coegin's strategy from a clinically focused pharmaceutical development strategy towards a cosmetic product strategy. A CEO is entitled to change the strategic direction of a company when circumstances justify it. The problem is the way the clinical portfolio was subsequently left largely without active development, while the market continued to receive highly optimistic communication about the Company's progress and prospects. The issue, therefore, is not the strategic decision to move from clinical drug development towards cosmetics. It is the lack of a convincing strategy for preserving, developing or monetising the value of the clinical assets that were effectively left behind, combined with the substantial gap between the Company's communications and its measurable commercial achievements. When you took over as acting CEO in October 2023, Coegin still presented a portfolio containing several potentially valuable clinical assets. Under your leadership, the strategic focus shifted decisively towards cosmetics, while the clinical portfolio was progressively put on hold. That may have been a rational strategic decision. But if management decides that certain assets are no longer worth developing internally, shareholders and the market are entitled to expect a credible plan for how the underlying value is to be preserved or monetized. Instead, the clinical program appears to have been left largely to fend for itself. Your own 2024 Annual Report states that further development of the three drug-development projects has been put on hold, apart from business partnering activities. After that there has been dead silence on the 'partnering activities' part. Too much communication – too little measurable delivery Over and over again, the market has been presented with language such as: global market launch strong partnerships significant commercial opportunity major milestones world-leading potential commercial scale-up global expansion strategic partners value creation The problem is that such statements are only meaningful if they ultimately translate into measurable commercial results. The market cannot invest in adjectives. It needs to see execution. And execution means dates, contracts, counterparties, economics, volumes, revenues, margins, milestones and capital efficiency. For a very long time, those things have been conspicuously absent. The Company has repeatedly communicated ambitious commercial objectives while remaining dependent on additional external capital. At the same time, the financing requirements have resulted in continued dilution. This is not a sustainable value-creation model by itself. It is a financing model. And there is an important difference. The clinical portfolio I find it particularly difficult to understand how the clinical portfolio has effectively disappeared from the Company's strategic centre without a sufficiently detailed explanation of what management has actually done to preserve or monetise the value of those assets. If the conclusion was that FOL026, AVX420 and the other clinical programmes were no longer worth financing internally, that is a legitimate strategic conclusion. But then the obvious question is: What exactly has management done to monetise these assets? Who were the potential partners? When were discussions initiated? How many serious counterparties were involved? What were the principal obstacles? What valuation expectations did Coegin have? Why did those discussions not result in transactions? What is the current status of each asset? What is the expected timeline for partnering, licensing, sale or abandonment? Shareholders and the market have been given broad references to "business partnering activities". That is not a strategy, it is a description of an activity.21.8.The cosmetic strategy I have no objection to the cosmetic strategy itself. What I object to is repeated communication of expectations without sufficient accountability for the underlying assumptions. The strategic shift was announced in 2023, accompanied by expectations of a commercial launch and significant market opportunities. Since then, Coegin has achieved some tangible commercial progress, and that should be acknowledged. But those developments must also be judged by their economic substance. A distribution agreement or commercial collaboration is not automatically evidence of a successful business model. The questions that matter are much more basic: How much revenue is actually being generated per asset? At what gross margin? What is the recurring order volume? What are the minimum commitments from the commercial partners? What are the actual economics of these agreements? When does the Company reach cash-flow break-even? How much additional capital will be required before that happens? These are the questions that matter. The dilution problem This is perhaps the most concerning aspect of the Company's development. Coegin has repeatedly financed itself through new share issues and related instruments. That means the market is not merely being asked to finance growth. It is repeatedly being asked to finance the Company's continued development without yet seeing a sufficiently convincing path towards self-sustaining operations. The distinction between financing growth and financing continued existence is critically important. The Company's need for capital has not been an unexpected external shock. It has been a structural feature of the business for years. Therefore, I do not believe the market should simply accept another cycle of: 1. ambitious communication, 2. broad commercial targets, 3. additional financing, 4. further dilution, 5. revised timelines, 6. another strategic update, 7. and then another financing. That cycle must end. What I expect from you now I am not asking for another presentation. I am not asking for another strategic vision. I am not asking to hear that Coegin is entering a "pivotal phase", that the market opportunity is substantial, or that management is seeing strong interest from potential partners. The market has heard these messages repeatedly. What is needed now is accountability. Give the market a concrete roadmap. Not "during 2026". Not "in the coming months". Not "as discussions progress". The market should be given measurable objectives. For each major asset and commercial initiative: • What is the objective? • Who is the counterparty? • What is the contractual status? • What is the expected economic contribution? • What is the next milestone? • What is the deadline? • What capital is required? • At what point does management conclude that the initiative has failed? That is how a Stock Exchange listed company should, not just be managed, in addition also communicate to market. Finally I do not write this because I want Coegin Pharma to fail, quite the opposite. I have followed the Company closely because I believe it has possessed assets with genuine potential, however: Potential is not value creation. Science is not value creation. Patents are not value creation. Presentations are not value creation. And repeated optimistic statements are certainly not value creation. Execution is value creation. You have now had sufficient time as CEO to demonstrate whether you can turn Coegin's scientific and commercial assets into a financially sustainable business. I believe the market has been remarkably patient. I also believe that patience is running out. This is therefore my strongest message to you as CEO: Stop selling the story and start delivering the numbers. Give the market something concrete that can be measured, verified and held against you. If you succeed, I will be the first to acknowledge it. If you do not, then responsibility for the continuing destruction of value – including further dilution – ultimately rests with management and the Board. That is the standard I believe the CEO of a Stock Exchange listed company should be prepared to accept. Regards, Xxxxx Xxxxxx
- ·16.6.2 positive press releases in 2 days. Then they probably need money soon. Expect a share issue.@ Dengamlefisker: If my memory doesn't fail me completely, you & I have on several occasions expressed our views on Coegin Pharma AB in general and CEO Jens Eriksson in particular - and I sense that we are still 100% of the same opinion regarding the continued circus performance the company offers as its only entertainment. That being said, (and no, I still have NADA confidence in the company) there is now one single valid data point in the case to test, to see if 'the bird on the roof is actually growing wings'. The data point is an excerpt from a company announcement I have inserted in this thread above. Provided that CEO Lars Skjøth, Hårklinikken has actually stated as mentioned, this should result in a product launch during H2 2026. The announcement is radically new in the sense that it has been made by a third party, namely Hårklinikken - and thus is not just number 733 tall tale from Jens Eriksson, Coegin Pharma AB. This makes the announcement a data point that can be tested to see if the case in general is moving forward. So, as an investor, one can now stand on the sidelines and await that launch. It would be utterly insane, as in completely psychopathic brain-dead, to buy into the case now - and should the launch really take place during H2 2026 - probably supplemented by a new share issue from Coegin Pharma AB - then one can at that time decide for oneself whether one thinks it is a good investment. Coegin Pharma AB's entire future rests on Hårklinikken's intention to launch their hair product - no more, no less.
- ·6.5.PP405 (or PP-405) is a promising, topical, non-hormonal drug candidate under development by Pelage Pharmaceuticals for the treatment of androgenetic alopecia (hereditary hair loss). By inhibiting a mitochondrial protein (MPC), it activates dormant stem cells in hair follicles, which can restore hair growth. Results from Phase 2a studies have shown positive effect, and the treatment is being studied as a daily gel.
- ·29.4.The report they presented was not great. They are still burning a lot of cash and revenue is very small. Auditor with a 'going concern' remark. That does not look good and Coegin only expects liquidity into Q3 2026.New hårprodukr was supposed to be launched in April. That didn't happen then. Coegin has apparently "forgotten" to inform about that. Gents now writes that it will be in May. Perhaps the launch will be combined with them having to beg for more money from the shareholders.
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