Mologen

DE: MGN

€26m market cap

€3.26 last close

Mologen is a German biotech company developing cancer immunotherapies. The lead product is lefitolimod (MGN1703) for metastatic colorectal cancer maintenance, SCLC and HIV. Development of MGN1601, a therapeutic renal cell vaccine, would be reinitiated on successful out-licensing of lefitolimod.

Investment summary

Mologen has announced that it has terminated negotiations with Oncologie and will retain rights to lefitolimod. With the lefitolimod IMPALA Phase III readout now expected in H219, focus will likely shift to securing a partner for lefitolimod once data are available from this pivotal trial. We have updated our valuation to reflect the termination of Oncologie negotiations. We now forecast that lefitolimod will be out-licensed post the IMPALA trial and assume similar deal terms to those Oncologie presented. We value Mologen at €169m (€18.2/share).

Y/E Dec
Revenue (€m)
EBITDA (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2016A 0.1 (20.6) (20.8) (4.22) N/A N/A
2017A 0.0 (18.7) (19.3) (2.81) N/A N/A
2018E 3.0 (13.6) (14.2) (1.53) N/A N/A
2019E 0.0 (16.3) (17.0) (1.84) N/A N/A
Last updated on 21/09/2018
Industry outlook

Immunotherapies are among the most promising class of products for cancer. Mologen’s lead asset lefitolimod is an immunotherapy in development for both cancer maintenance and combination therapies.

Last updated on 21/09/2018
Sector
Healthcare
Share price graph
Balance sheet
Forecast net cash (€m) 0.1
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (29.7) (42.9) (75.1)
Relative* (26.1) (36.3) (70.0)
52-week high/low €19.6/€4.3
*% relative to local index
Key management
Dr Ignacio Faus CEO
Walter Miller CFO
Dr Matthias Baumann CMO