Curasight A/S has successfully completed a directed issue of shares of approximately DKK 16.4 million and has entered into a new loan facility

Curasight completed a directed share issue of 2,055,330 shares, raising DKK 16.4m at DKK 7.98 per share (≈3% discount to recent VWAP), increasing share count by ~4.29% and bringing in Nordic and international institutional investors to broaden the shareholder base and improve liquidity. In parallel the company agreed a DKK 40m loan facility with Fenja Capital split into a DKK 25m convertible tranche (DKK 10m to refinance existing debt and DKK 15m subject to EGM approval) and a DKK 15m tranche available in Q2 2026; the convertible portion (DKK 25m) converts at 125% of the subscription price (≈DKK 9.98), the facility carries a 5% setup fee and interest of 1.25% per started 30-day period on drawn amounts. Management says net proceeds will fund completion of uTREAT phase 1, uTRACE phase 2, initiation of a uTRACE phase 3 with Curium and an FDA IND for uTREAT, extending runway through end-2026, although the deal introduces additional dilution risk and relatively costly financing that could affect the company’s capital structure if conversion occurs.

Analysis

Curasight completed a directed share issue of 2,055,330 shares raising DKK 16.4 million at a subscription price of DKK 7.98 per share, set via accelerated bookbuilding and representing ~3% discount to the VWAP from 2025-11-17 to 2025-12-12. The issuance increases share count to 47,922,841 and dilutes non-participating holders by ~4.29%; the company cites diversification of the shareholder base and improved liquidity as motives for a directed placement over a rights issue.

Concurrently Curasight agreed a loan facility with Fenja Capital split into a DKK 25 million convertible tranche (DKK 10 million refinancing existing debt, DKK 15 million subject to EGM approval) and a DKK 15 million tranche available in Q2 2026, implying total potential access of DKK 40 million. The facility carries a 5% setup fee, interest of 1.25% per started 30-day period on drawn amounts (0.4% on undrawn), matures 2026-12-29, and converts at 125% of the DKK 7.98 subscription price (~DKK 9.98), which would create additional dilution if converted.

Management states net proceeds will fund completion of the uTREAT phase 1, uTRACE phase 2, initiation of uTRACE phase 3 with Curium and an FDA IND filing, extending runway to end-2026. The financing materially reduces immediate cash risk but introduces conditional dilution (EGM approval) and relatively costly short-term debt; investor outcomes hinge on upcoming clinical milestones and the EGM decision on convertible issuance.

Key Decisions for Investors

• Monitor the extraordinary general meeting outcome closely because authorization to issue the convertible tranche is conditional and will determine additional dilution and timing of the DKK 15m draw
• Model capital structure scenarios including the immediate ~4.29% dilution and potential conversion at ~DKK 9.98 to assess post-financing share count and earnings/cash-per-share impacts before increasing exposure
• Link any change in position size to execution of the stated clinical milestones (uTREAT phase 1 completion, uTRACE phase 2/3 initiation and FDA IND) since these are the primary value drivers the financing is intended to fund
• Consider short-term hedges or maintaining a neutral/underweight stance until clinical readouts or EGM clarity, given the 5% setup fee and elevated effective financing cost that could pressure near-term valuation