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Original-Research: Pentixapharm Holding AG - from NuWays AG

31.07.2026 / 09:00 CET/CEST

Dissemination of a Research, transmitted by EQS News - a service of EQS

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The issuer is solely responsible for the content of this research. The

result of this research does not constitute investment advice or an

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Classification of NuWays AG to Pentixapharm Holding AG

Company Name: Pentixapharm Holding AG

ISIN: DE000A40AEG0

Reason for the research: Update

Recommendation: BUY

Target price: EUR 7.2

Target price on sight of: 12 months

Last rating change:

Analyst: Simon Keller

Phase 3 from a position of strength

Pentixapharm sits at the intersection of a high-prevalence indication and

one of the fastest-growing fields of medicine: radiopharma. Following the

recent capital increase, the company is now well positioned to enter Phase 3

with its lead diagnostic agent PentixaFor from a position of financial

strength, with several catalysts ahead.

Financing secured. PTP has placed the full c. 11.0m new shares at EUR 1.85,

raising net proceeds of c. EUR 19.7m. Anchor shareholder Eckert Wagniskapital

(c. 36%) exercised the rights issue in full and the residual tranche was

materially oversubscribed. Pro forma cash of c. EUR 25m (eNuW), vs. c. EUR 5m

previously, extends the runway from Q1 2027 into early 2028 and covers the

initial execution phase of PANDA, the Phase 3 study for PentixaFor (eNuW).

As a result, the company can comfortably enter this next stage, with two key

catalysts ahead:

1. First patient in, guided for H2 2026. This would provide the first

verifiable evidence that PTP can activate sites and recruit patients

despite the study's reliance on an invasive reference standard. It also

provides the first indication of the enrolment pace towards the c.

270-patient target and the topline readout in 2028.

2. Commercial partnering likely in 2027 (eNuW). Management is in active

discussions with potential strategic partners in imaging and

cardiovascular therapeutics, and we see the 'first patient in' as a good

starting point for formal negotiations. As such processes typically take

c. six months (eNuW), we see a signing window as early as H1 2027. At

the same time, the strengthened cash position allows PTP to negotiate

from a position of greater financial flexibility rather than under

imminent funding pressure. Partnering agreements typically include an

upfront payment, highlighting the relevance for Pentixapharm beyond the

evident longer-term commercial opportunity.

PentixaFor targets the bottleneck in the PA pathway. PA is a common curable

cause of high blood pressure, present in c. 10% of hypertensive patients, or

c. 30m people across the US and Europe (eNuW). Treatment depends on which of

two forms a patient has: one is cured by removing the affected adrenal

gland, the other is managed with drugs. Making that call today requires

adrenal vein sampling, a catheter procedure that is difficult to perform and

available at only a small number of specialist centres. PentixaFor replaces

it with a single PET/CT scan, moving the decisive test from a scarce

interventional procedure to one that any PET-capable hospital can run.

That installed base is itself expanding fast, pulled by the prostate

theranostics boom. Novartis reported Pluvicto sales up c. 43% yoy in Q2

2026, driving PSMA PET volumes and the nuclear medicine infrastructure

buildout behind them. PentixaFor would launch into that base while

addressing a patient pool entirely outside oncology. Moreover, it is

agnostic to the Ga-68 source and compatible with both generator- and

cyclotron-produced material, increasing commercialisation flexibility.

BUY, PT EUR 7.20, based on rNPV.

You can download the research here:

https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=b356bcd01256157212ef3002f1457592

For additional information visit our website:

https://www.nuways-ag.com/research

Contact for questions:

NuWays AG - Equity Research

Web: www.nuways-ag.com

Email: research@nuways-ag.com

LinkedIn: https://www.linkedin.com/company/nuwaysag

Adresse: Mittelweg 16-17, 20148 Hamburg, Germany

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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss

bestimmter Börsengeschäfte.

Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben

analysierten Unternehmen befindet sich in der vollständigen Analyse.

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2375088 31.07.2026 CET/CEST

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