Arovella Therapeutics


Market CapAU$24m

Last Close AU$0.04

Arovella Therapeutics has the ex-North America rights to ZolpiMist, the spray version of Ambien for insomnia. It recently acquired a CAR-iNKT programme for haematological malignancies and a DKK1 antibody that has potential in multiple myeloma and solid tumours.

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Investment summary

Historically a drug delivery company focused on reformulating established drugs into oro-mucosal spray (via its OroMist platform) formulations for better bioavailability, Arovella Therapeutics pivoted its focus towards the immunoncology space (in particular cell therapies) following the in-licensing in CY21 of two chimeric antigen receptor (CAR) based immunotherapies (both in preclinical stage). The first was an invariant natural killer T (iNKT) cell therapy platform in-licensed from Imperial College London in July 2021. The platform can be combined with CARs to target blood cancers, with a potential of being an allogeneic ‘off-the-shelf’ therapy. This was followed by the in-licensing of a novel monoclonal antibody targeting a Dickkopf-1 (DKK1) peptide from MD Anderson Cancer Center in December 2021. Arovella plans to combine the DKK1 targeting technology with the iNKT cell therapy platform in future. With recent fund-raising activity, we believe the company has sufficient funds to run its clinical studies until CY23.

Y/E Jun
Revenue (A$m)
PBT (A$m)
EPS (c)
P/E (x)
P/CF (x)
2020A 0.5 (3.4) (3.6) (2.78) N/A N/A
2021A 0.3 (3.1) (3.4) (1.15) N/A N/A
2022E 0.4 (7.0) (7.5) (1.37) N/A N/A
2023E 2.4 (5.3) (5.8) (0.94) 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 20/05/2022
Content on Arovella Therapeutics
Arovella Therapeutics – Acquiring DKK1 rights
Healthcare | research Update | 21 December 2021
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Share price graph
Balance sheet
Forecast net cash (A$m) 5.9
Forecast gearing ratio (%) N/A
Price performance
Actual (12.2) (30.8) (2.7)
Relative* (6.5) (29.7) (4.5)
52-week high/low A$0.1/A$0.0
*% relative to local index
Key management
Michael Baker CEO and Managing Director