THOR MEDICAL ASA
Sector unknown·TRMED · Oslo Børs·Fiscal year to 31/12/2023
Exposure profile
Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.
In their own words
Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.
Biotech and drug development
Technology
DriverPositive impact: strengthens
“The radiotherapeutics market is expected to grow significantly towards USD 27bn by 2032, driven by radiotherapeutics, requiring large volumes of radioisotopes such as alpha emitters.”
Annual report 2023A · The company itself
DriverPositive impact: strengthens
“This makes radiotherapy one of the fastest growing treatment options for a broad range of different cancers. These new radiotherapies also represent a large commercial market, with each of the new products reaching sales in the hundreds of millions of dollars.”
Annual report 2023A · The company itself
DriverPositive impact: strengthens
“The expected high sales volumes for new radiotherapeutics will create a significant demand for radioisotopes, and we have already signed LOIs with three different companies for volumes that will exhaust the planned capacity of 70Gbq at our first industrial-scale plant. Dialogues with other potential customers have indicated a demand of 4-5 times this level, leaving us very upbeat about the commercial and financial opportunity ahead of us.”
Annual report 2023A · The company itself
DriverPositive impact: strengthens
“The global radiopharmaceutical market is expected to grow from USD 7 billion in 2022 to USD 39 billion in 2032, of which USD 27 million from radiotherapeutics.”
Annual report 2023A · The company itself
DriverPositive impact: strengthens
“There are several hundred radiopharmaceuticals in development, which is expected to create strong future demand for radioactive compounds.”
Annual report 2023A · The company itself
DriverPositive impact: strengthens
“Pb-212 derived from Thorium-228 is regarded as one of the most promising alpha-emitting radioisotopes. As of the fourth quarter 2023, the Company knows of nine cancer therapy candidates in clinical development with Pb-212 or Ra-224, with the three most advanced already in phase IIa.”
Annual report 2023A · The company itself
Market
“Radiotherapeutics using alpha-emitting radioisotopes have several advantages compared to beta-emitting isotopes, such as a higher linear energy transfer and short path ranges. This means that the alpha-particles kills the cancer cells more effectively but also that they make little or no harm to the surrounding healthy tissue. The alpha-emitters we work with also have a short half-life and will hence not leave any long-lived radioactivity in the patients.”
Annual report 2023A · The company itself
Market
“Thor Medical’s strategy is to supply alpha-emitters to radiopharmaceutical companies for use in novel cancer therapies. Alpha-emitters make it possible to eradicate cancer cells while minimizing damage to nearby healthy cells.”
Annual report 2023A · The company itself
Market
“The company made significant progress towards this end during the second half of 2023: • Signed three LOIs with radiopharmaceutical companies for future supply of alpha emitters, to be replaced by commercial agreements upon product qualification.”
Annual report 2023A · The company itself
Market
“The Company is in dialogue with several potential customers and had by the end of 2023 signed three LOIs with radiopharmaceutical companies for future supply of alpha emitters.”
Annual report 2023A · The company itself
Chains in: US drug pricing policy mixed effect, Patent expiry and generic competition weakens, Drug approvals strengthens
Chains out: this strengthens Buying contract manufacturing and research (CMO/CRO/EMS), strengthens Contract manufacturers as a business (EMS, CMO, CRO)
Rare earths and critical raw materials
Raw materials and inputs
InputNegative impact: weakens
“Thor Medical will use natural thorium Th-232 as feedstock for production of alpha-emitting radioisotopes that make it possible to eradicate cancer cells while minimizing damage to nearby healthy cells.”
Annual report 2023A · The company itself
InputNegative impact: weakens
“The pilot is established in an existing building at Herøya Industrial Park and will consist of a cutting-edge lab and analytical equipment for producing Ra-228 and subsequently Th-228 from natural occurring thorium.”
Annual report 2023A · The company itself
InputNegative impact: weakens
“Thor Medical will use natural thorium Th-232 as feedstock. The natural thorium, sourced from mining operations, will be processed using Thor Medical’s proprietary process for the separation of Th-232 into the world’s purest Th-228.”
Annual report 2023A · The company itself
Market
“Thor Medical’s target is to become a world-leading supplier of alpha emitters for cancer therapy, enabling next-generation precision cancer therapy.”
Annual report 2023A · The company itself
Market
“Thor Medical has developed a proprietary technology for the manufacturing of radionuclides, primarily alpha-particle emitters from natural resources.”
Annual report 2023A · The company itself
Market
“Thor Medical ASA (“Thor Medical” or “the Company”) is an emerging supplier of radionuclides, primarily alpha particle emitters, from naturally occurring thorium. Its proprietary production process requires no irradiation or use of nuclear reactors, and provides reliable, environmentally friendly and cost-efficient supply of alpha-emitters for the radiopharmaceutical industry.”
Annual report 2023A · The company itself
Chains in: Wind power strengthens
Chemicals and specialty chemicals
Raw materials and inputs
DriverNegative impact: weakens
“• We strive to better understand and report the greenhouse gas emissions we produce and the greenhouse gas emissions we abate through our major products • We will safely arrange for the disposal of raw materials, products and waste in an environmentally friendly manner The Company’s business will, once operational, involve the use of hazardous materials, chemical, biological and radioactive compounds and is thus exposed to environmental risks. It is Thor Medical’s goal to minimize the environmental impact of the planned pilot facility and industrial-scale plant by controlling the waste treatment of all such chemicals. Thor Medical prepares to maintain safety monitoring records in compliance with all applicable legislation.”
Annual report 2023A · The company itself
Labour and wages
Raw materials and inputs
DriverNegative impact: weakens
“Securing and retaining critical talent is imperative for achieving Thor Medical’s strategic priorities during the scaling phase.”
Annual report 2023A · The company itself
Denmark
Geography
Geography
“Thor Medical is headquartered in Oslo, Norway and listed on the Oslo Stock Exchange under the ticker symbol “TRMED”.”
Annual report 2023A · The company itself
Competitors mentioned in the report
No named competitors in the report.
Financial figures
| Revenue latest fiscal year | 0 bn NOK |
| Revenue growth vs. the year before, same method | N/A |
| EBITDA reported by the company | N/A |
| Net debt debt incl. leasing minus cash | N/A |
| Diluted EPS per share | -0.15 NOK |
Source: annual report (ESEF) A. See the report
Criteria
| Profit | ✗ |
| Growing | N/A |
| Healthy balance sheet | N/A |
Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.
Figures are in the report's currency (NOK), not converted to DKK. Quotes are shown as the company's own words in the report's original language.