OSE Immunotherapeutics (OSE) is based in Nantes and Paris in France and is listed on the Euronext Paris exchange. It is developing immunotherapies for the treatment of solid tumours and autoimmune diseases and has established several partnerships with large pharma companies.
OSE has products in development for both immunoncology and immuno-inflammation indications. As a result, the R&D pipeline is diversified and the outlook does not depend on developments in any specific subsector.
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Healthcare |
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Dominique Costantini
Chairman
Nicolas Poirier
CEO
Forecast net cash (€m)
5.4
Forecast gearing ratio (%)
N/A
% | 1M | 3M | 12M |
---|---|---|---|
Actual | 28.1 | 67.7 | 70.5 |
Relative | 31.4 | 61.2 | 60.1 |
52 week high/low | €6.2/€2.7 |
OSE and its pharma partners have made progress with all clinical and preclinical assets. The final analysis of the data from the most advanced trial in OSE’s pipeline, the Phase III ATALANTE-1 study investigating lung cancer vaccine Tedopi, revealed a potential path to market and OSE is on track to begin a confirmatory pivotal Phase III trial from Q224. Also in clinical development is the IL-7R-targeting antibody therapy Lusvertikimab for the treatment of ulcerative colitis; results from the ongoing Phase II study are expected in mid-2024. OSE is also focused on the clinical development of OSE-279, an anti-PD1 blocking monoclonal antibody being investigated for the treatment of advanced solid tumours or lymphomas. OSE has shared initial positive signs of safety and efficacy from a Phase I/II trial and we expect further readouts in 2024. The three partnered programmes – BI 765063/BI 7770371, FR104/VEL-101 and OSE-230 – are at different stages of clinical development and generate relatively steady licensing fee income.
Y/E Dec | Revenue (€m) | EBITDA (€m) | PBT (€m) | EPS (c) | P/E (x) | P/CF (x) |
---|---|---|---|---|---|---|
2022A | 18.3 | (15.0) | (18.0) | (97.28) | N/A | N/A |
2023A | 2.2 | (19.6) | (23.2) | (118.70) | N/A | N/A |
2024E | 56.9 | 28.6 | 25.3 | 114.54 | 5.4 | 5.4 |
2025E | 65.5 | 36.9 | 33.7 | 149.02 | 4.2 | 4.2 |