Original-Research: Marinomed Biotech AG (von First Berlin Equity Research GmbH): Under Review
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Original-Research: Marinomed Biotech AG - from First Berlin Equity Research GmbH
Classification of First Berlin Equity Research GmbH to Marinomed Biotech AG
First Berlin Equity Research hat ein Research Update zu Marinomed Biotech AG (ISIN: ATMARINOMED6) veröffentlicht (korrigierte Version). Analyst Alexander Rihane ändert seine Empfehlung und Kursziel auf UNDER REVIEW. Zusammenfassung: Marinomed gab seine Absicht bekannt, ein gerichtlich beaufsichtigtes Sanierungsverfahren ohne Eigenverwaltung zu beantragen. Dies folgt auf das Scheitern der Verhandlungen mit Unither, (dem Partner, der im Februar 2025 das Carragelose-Geschäft erworben hatte) wodurch Marinomed in Insolvenzgefahr geriet. Marinomed hat bisher keine Earn-out-Zahlungen aus dem Verkauf des Carragelose-Geschäfts erhalten. Diese Zahlungen sollten die Hauptfinanzierungsquelle (bis zu €15 Mio.) für die Rückzahlungen an seinen Hauptgläubiger, die Europäische Investitionsbank (EIB), darstellen. Sollte es Marinomed gelingen, seine unmittelbaren Liquiditätsengpässe zu beheben und seine ausstehenden Schulden (€1,45 Mio., fällig im November 2026; €2,37 Mio., fällig im Mai 2027; insgesamt €3,8 Mio.) zurückzuzahlen, dürfte das Unternehmen bald in der Lage sein, den laufenden Betrieb aus seinem wachsenden Compounding-Geschäft und potenziellen Budesolv-Lizenzvereinbarungen zu finanzieren. Auch wenn diese Nachricht eindeutig eine negative Entwicklung darstellt, sind wir der Ansicht, dass die Restrukturierung eher als rechtliches Instrument zur Wiedererlangung der Verhandlungsmacht nach dem Scheitern der Verhandlungen mit Unither zu betrachten ist als eine Kapitulation. Angesichts der erheblichen rechtlichen und finanziellen Unsicherheit im Zusammenhang mit dem Restrukturierungsprozess setzen wir unser Rating und unser Kursziel auf 'UNDER REVIEW', bis mehr Klarheit über den Ausgang des Verfahrens besteht. 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. Bezüglich der Pflichtangaben gem. §34b WpHG und des Haftungsausschlusses siehe die vollständige Analyse. You can download the research here: MARI_AV-2026-07-20_EN Contact for questions: First Berlin Equity Research GmbH Herr Gaurav Tiwari Tel.: +49 (0)30 809 39 686 web: www.firstberlin.com E-Mail: g.tiwari@firstberlin.com
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2368670 20.07.2026 CET/CEST
Boersengefluester.de (BGFL) provides an overview of the key figures on sales, earnings, cash flow and dividends to help you better assess the fundamental development of the respective companies. All information is entered manually in our database - the source is the respective annual reports. All estimates for future figures are provided by BGFL.
| The most important financial data at a glance | ||||||||
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026e | ||
| Sales1 | 8,12 | 11,63 | 11,28 | 9,18 | 4,75 | 7,69 | 0,00 | |
| EBITDA1,2 | -5,39 | -3,54 | -4,24 | -4,45 | -6,54 | 18,98 | 0,00 | |
| EBITDA-Margin3 | -66,38 | -30,44 | -37,59 | -48,48 | -137,68 | 246,74 | 0,00 | |
| EBIT1,4 | -5,82 | -4,14 | -4,91 | -5,13 | -7,60 | 18,67 | 0,00 | |
| EBIT-Margin5 | -71,68 | -35,60 | -43,53 | -55,88 | -160,00 | 242,70 | 0,00 | |
| Net Profit (Loss)1 | -6,01 | -5,89 | -6,40 | -6,80 | -15,42 | 18,02 | 0,00 | |
| Net-Margin6 | -74,02 | -50,65 | -56,74 | -74,07 | -324,63 | 234,27 | 0,00 | |
| Cashflow1,7 | -6,89 | -4,87 | -5,20 | -4,53 | -2,40 | -1,10 | 0,00 | |
| Earnings per share8 | -4,10 | -4,00 | -4,30 | -4,50 | -8,67 | 9,01 | -1,80 | |
| Dividend per share8 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | |
1 in Mio. Euro; 2 EBITDA = Earnings before interest, taxes, depreciation and amortisation; 3 EBITDA in relation to sales; 4 EBIT = Earnings before interest and taxes; 5 EBIT in relation to sales; 6 Net profit (-loss) in relation to sales; 7 Cashflow from operations; 8 in Euro; Source: boersengefluester.de
Auditor: BDO
All relevant valuation ratios, dates and other investor information on your share at a glance. Good to know: All data comes from boersengefluester.de and is updated daily. This means you are always up to date. You can get brief explanations of the key figures by moving the cursor or mouse over the relevant field.
| INVESTOR-INFORMATION | ||||||
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| Marinomed Biotech | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| A2N9MM | ATMARINOMED6 | AG | 10,70 Mio € | 01.02.2019 | Halten | 8FWR88QM+8R |
| PE 2027e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| -8,92 | 2,01 | -4,44 | -1,18 | -1,52 | -9,72 | 1,39 |
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Dividend '2023 in € |
Dividend '2024 in € |
Dividend '2025e in € |
Div.-Yield '2025e in % |
| 0,00 | 0,00 | 0,00 | 0,00% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 11.06.2026 | 16.07.2026 | 22.04.2026 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| -41,34% | -63,78% | -70,44% | -72,56% | -92,87% |
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