Arovella Therapeutics

AU: ALA

Market CapAU$20m

Last Close AU$0.03

Arovella Therapeutics focuses on oncology and CNS diseases through its cell therapy and legacy OroMist platforms. It is developing a CAR-iNKT programme for haematological malignancies and a DKK1 antibody with potential in multiple myeloma and solid tumours. The OroMist platform focuses on oromucosal spray versions of established medicines.

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Investment summary

Arovella has entered into a strategic collaboration with Imugene, investigating the company’s lead cell-therapy programme CAR19-iNKT (ALA-101) with Imugene’s onCARlytics (CF33-CD19) platform in treating solid tumours. The agreement will see both companies jointly conduct pre-clinical studies for the ALA-101/CF33-CD19 combination, with initial results from the animal studies expected in H123. Combinational oncology treatment regimens are often associated with superior clinical outcomes compared to monotherapies, so we see this partnership as highly positive for the development of ALA-101. Additionally, the study, if successful, may expand the scope of ALA-101’s clinical potential to solid tumours (c 90% of all cancer cases) offering future opportunities for the cell-therapy programme, in our view. We continue to value Arovella at $31m or A$0.05/share.

Y/E Jun
Revenue (A$m)
EBITDA (A$m)
PBT (A$m)
EPS (c)
P/E (x)
P/CF (x)
2021A 0.3 (3.1) (3.4) (1.15) N/A N/A
2022A 0.3 (7.0) (7.4) (1.42) N/A N/A
2023E 2.4 (5.2) (5.6) (0.87) N/A N/A
2024E 6.2 (1.8) (2.1) (0.35) N/A N/A
Industry outlook

ALA is targeting very large markets including insomnia (through ZolpiMist) and various cancers (through the CAR-iNKT programme and anagrelide).

Last updated on 28/09/2022
Content on Arovella Therapeutics
Arovella Therapeutics – Positive collaboration with ALA-101
Healthcare | research Flash note | 27 September 2022
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Arovella Therapeutics – Progressing on all fronts
Healthcare | research Update | 5 September 2022
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Arovella Therapeutics – executive interview
Healthcare | Edison TV | 22 August 2022
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Share price graph
Balance sheet
Forecast net cash (A$m) 0.1
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 15.4 25.0 (38.8)
Relative* 27.3 30.5 (30.3)
52-week high/low A$0.0/A$0.0
*% relative to local index
Key management
Michael Baker CEO and Managing Director