First Berlin Equity Research has published a research update on Marinomed Biotech AG (ISIN: ATMARINOMED6). Analyst Alexander Rihane reiterated his BUY rating and maintained his EUR 50.00 price target.

Abstract
On 19 March Marinomed announced preliminary 2025 results and its intention to raise at least €2m via a capital increase. The company explained that revenues from the Carragelose earn-out, which is the primary source of revenue until further Budesolv deals materialise, are delayed. To fund the short-term liquidity gap, Marinomed intends to raise at least €2m, with the ability to secure up to €6.4m via a capital increase with subscription rights. Each existing shareholder can purchase one new share for every four shares they own (4:1) at €14 per share, a ~19% discount to the last 3 months VWAP. Management remains confident in meeting the operational earn-out targets (up to €10m), though the exact timing of these payments remains uncertain. Given that the company has strict repayment schedules with its creditors (€1.32m due in May 2026), the company has opted to err on the side of caution and pre-emptively raise funds. Should any payments materialise in the meantime, either via: (1) operational earn-out milestones, (2) financial earn-out milestones, or (3) Budesolv licensing deals, then shareholders will have got a good opportunity to increase their exposure to the Marinomed share at an attractive discount (~19%) to the last 3 months VWAP. Pending the completion of the capital increase and the release of the audited annual report, we will leave our estimates unaltered. Our sum-of-the-parts valuation yields an unchanged €50 price target. We maintain our Buy recommendation (upside: 233%).