First Berlin Equity Research has published a research update (corrected version) on Marinomed Biotech AG (ISIN: ATMARINOMED6). Analyst Alexander Rihane changed his rating and price target to UNDER REVIEW.

Abstract
Marinomed announced its intention to file for court-supervised restructuring proceedings without self-administration. This follows a breakdown in negotiations with Unither (the partner that acquired the Carragelose franchise in February 2025) placing the company at risk of insolvency. Marinomed has not received any earn-out payments from the sale of its Carragelose asset. These payments were expected to represent the main funding source (up to €15m) for repayments to its principal creditor, the European Investment Bank (EIB). If Marinomed can resolve its immediate liquidity constraints and repay its outstanding debt balance (€1.45m due in Nov/26, €2.37m in May/27; €3.8m total), the company should soon be able to fund ongoing operations from its growing compounding business and potential Budesolv licensing deals. While this news clearly represents a negative development, we believe the restructuring is better viewed as a legal tool to regain leverage following the collapse of negotiations with Unither than as a capitulation. Given the significant legal and financial uncertainty surrounding the restructuring process, we are placing our rating and price target UNDER REVIEW until there is greater clarity on the outcome of the proceedings.