GABANasdaq StockholmDrug Manufacturers - Specialty & GenericIFRS · SEK

Gabather

Gabather is a Swedish clinical-stage biopharmaceutical company focused on developing selective GABAA receptor stimulators for psychiatric and neuropsychiatric disorders. Its lead candidate, GT-002, is being advanced for conditions linked to imbalance in the GABA system, including depression, schizophrenia, psychosis, Alzheimer’s disease and autism.

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Operating profit (EBIT)-4.5m SEK
+42.0 %y/y
Net income-4.7m SEK
+40.0 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

-20-15-10-50m SEK2021: EBIT -17 m SEK20212022: EBIT -8.6 m SEK20222023: EBIT -9.5 m SEK20232024: EBIT -7.8 m SEK20242025: EBIT -4.5 m SEK2025-4.5
RevenueOperating profit (EBIT)
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Business

Share of revenue
Lead clinical candidate GT-00260 %

The company's most advanced drug candidate being developed for psychiatric indications.

Selective GABAA receptor stimulators25 %

A platform of compounds designed to modulate the GABA system for CNS disorders.

Drug discovery pipeline15 %

Programs to identify and advance new candidates for future clinical development.

Customers

Gabather does not sell commercial medicines today; its direct counterparties are typically development partners, research collaborators and potential licensing partners in the pharmaceutical industry. The eventual end users of its therapies would be patients treated for psychiatric and neuropsychiatric disorders, but the business model is built around partnering after clinical proof-of-concept. Value creation therefore depends on convincing larger drug companies to fund later-stage development and commercialization.

Pharmaceutical licensing partners

Large drug companies that may license GT-002 or related assets after clinical data de-risks the program.

Research and development collaborators

Academic or industry partners that support discovery, translational work and clinical studies.

Future patient populations

Patients with depression, schizophrenia, psychosis, Alzheimer’s disease or autism who would use approved therapies.

Strategy

Gabather’s strategy is to advance GT-002 through early clinical studies in-house until meaningful efficacy data are available. After that, the company aims to secure a development partner through a licensing or collaboration agreement that can fund later-stage development and commercialization.

Generate early clinical efficacy data for GT-002Short term

Proof-of-concept is the key value inflection point for partnering and valuation.

Secure a development and commercialization partnerMedium term

A larger partner can fund late-stage trials and market access.

Broaden the pipeline of GABAA-based candidatesMedium term

A broader portfolio can reduce single-asset dependence and improve partnering optionality.

Geography

Gabather is headquartered in Sweden and listed on Nasdaq First North Growth Market. Its business is globally oriented because the target diseases are worldwide and any future partnering or commercialization would likely extend beyond Sweden into larger pharmaceutical markets.

Risks

Gabather is exposed to the typical risks of early-stage drug development: clinical failure, regulatory setbacks, patent challenges and long development timelines. Because the company’s value is concentrated in a small number of assets and future partnering is essential to commercialization, financing risk and partner-execution risk are also material.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Clinical development failure1Patent and IP protection2Partnering dependence5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Clinical development failureImpact: CriticalLikelihood: Medium

    Early-stage CNS programs can fail on efficacy, safety or tolerability before commercialization.

    Exposure: GT-002 and future pipeline assets

  2. Patent and IP protectionImpact: HighLikelihood: Low

    The business depends on protecting novel mechanisms and candidate-specific rights.

    Exposure: Selective GABAA stimulators and GT-002

  3. Regulatory riskImpact: High

    Drug development requires favorable decisions from health authorities at each stage.

    Exposure: Clinical trials and future approvals

  4. Financing riskImpact: High

    As a development-stage company, Gabather must fund research before any product revenue exists.

    Exposure: Corporate operations and clinical programs

  5. Partnering dependenceImpact: MediumLikelihood: Medium

    The intended business model relies on securing a larger partner after early data.

    Exposure: Commercialization pathway for GT-002

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Accounting

Judgemental items
Research and development expense recognition

Clinical and discovery spending is a core cost driver and usually hits the income statement immediately.

Impact: Affects operating loss and comparability across periods

Share-based compensation

Small biotech companies often use equity incentives, which can be material relative to headcount.

Impact: Affects personnel expense and diluted share count

Deferred tax assets on tax losses

Recognition depends on whether future taxable profits are probable.

Impact: Can materially affect balance sheet tax assets

Impairment and valuation judgments

Any capitalized development assets or investments require periodic recoverability assessment.

Impact: Could lead to write-downs if project prospects weaken

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Last updated: 24/09/2026