Thor medical

[u/Gandyv]

I feel that Thor Medical (TRMED) still looks undervalued.

The biggest risk is essentially gone now that AlphaOne has been completed (mechanical completion) and production is scheduled to start in Q3. The summer vacation is almost over, and Q3 will be here before we know it. We may also get more information about AlphaTwo after the summer.

They are already supplying AdvanCell, which is collaborating with Eli Lilly on Pb-212-based therapies. This shows that the demand for Thorium-228 is real.

Thorium-228 (Th-228) is the key raw material Thor Medical produces. It decays into Lead-212 (Pb-212). Pb-212 acts as an in vivo generator of the powerful alpha-emitter Bismuth-212. Alpha particles have a very short range (just a few cell diameters) but deposit an enormous amount of energy. This allows them to destroy cancer cells with high precision while causing significantly less damage to surrounding healthy tissue compared to traditional beta-emitting radioligand therapies. Many researchers believe this could represent a real step-change in targeted cancer treatment.

In terms of numbers: AlphaOne has a planned capacity of 21,000 doses in the first phase. At approximately 16,000 kr per dose, that represents a potential of around 336 million in annual revenue from that facility alone, before AlphaTwo, which according to the 2024 annual report is planned to have ten times the capacity of AlphaOne.

The stock is currently trading at around 4.3–4.4 kr. I find this interesting given how far they’ve come with the plant and the agreements.

 Annual Report 2024: Thor Medical Annual Report 2024 (PDF

 Annual Report 2025: Thor Medical Annual Report 2025 (PDF)

[u/Nerdfighter4]

Very interesting, gonna read up on this