Spotlight Stock Market is moving research company Pharmalundensis’ share to the observation list after the company, in its 2025 audit report, received a statement with an adverse opinion. The company’s auditor considers that the annual report has not been prepared in accordance with the Annual Accounts Act and recommends that the annual general meeting not approve the income statement and balance sheet. The criticism concerns, among other things, capitalized development expenses of SEK 7.2 million, whose book value, according to the auditor, could not be verified.The auditor also points to significant uncertainty regarding the company’s continued operations. Pharmalundensis states that existing capital is expected to last until the end of the year, but, according to the annual report, lacks financing to repay convertible debt of SEK 3 million. The company therefore plans a new share issue during the autumn.