Dimerix (ASX:DXB) remained fully funded and in its strongest position to date, yet its market value has fallen by AU$18 million since its record AU$940 million US licensing agreement, Euroz Hartleys said in a report on Monday.

Despite receiving AU$48 million in upfront cash and securing up to AU$1.4 billion in potential licensing value across four agreements, the company's shares remain unchanged at around AU$0.45, the same level as a year ago, the broker noted, Euroz said.

The company holds enough cash to complete its Phase 3 clinical trial for focal segmental glomerulosclerosis (FSGS), a rare kidney disease, and could receive up to AU$119 million in development milestone payments and AU$56 million on first US sales within 18 months, along with additional milestone payments from other regions, Euroz added.

While the clinical trial risks are still present, the regulatory environment in the US has likely improved, the firm observed.

The firm maintained Dimerix's speculative buy rating and its AU$1.68 price target.

Shares of the company fell 1% in recent Monday trade.