ASIT biotech

EU: ASIT

€55.3m market cap

€2.58 last close

ASIT biotech is a clinical-stage company focused on developing therapies for allergies. It uses its proprietary ASIT+ technology platform to develop products containing highly purified allergen fragments in an adjuvant-free formulation, selected to be safe while maintaining the capacity to stimulate the immune system.

Investment summary

Having reported H119 financials, ASIT’s main focus remains on the results
of the second Phase III study of gp-ASIT+ for the prevention of grass pollen allergy. These are expected in December and the H119 results reflected an increased cash burn of €6.0m (vs €4.1m in H118) on the back of the ongoing study. The first tranche of the €9.225m convertible bond, which funds ASIT through the trial results, closed in July. We value Asit at €119m or €6.4/share.

Y/E Dec
Revenue (€m)
EBITDA (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2017A 0.0 (12.0) (12.0) (93.6) N/A N/A
2018A 0.0 (12.8) (14.3) (85.7) N/A N/A
2019E 0.0 (15.7) (15.7) (80.5) N/A N/A
2020E 0.0 (5.3) (5.7) (20.6) N/A N/A
Industry outlook

Although grass pollen and house dust mite allergies are not life threatening in most cases, they result in a significant symptom burden for affected patients. With a safe and effective short-course pre-seasonal regimen, ASIT could expect some usage in patients accepting immunotherapy and the 50% of patients who refuse the existing almost year-round immunotherapy.

Last updated on 19/11/2019
Sector
Healthcare
Share price graph
Balance sheet
Forecast net debt (€m) N/A
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 109.8 139.3 29.6
Relative* 102.2 116.3 16.5
52-week high/low €2.6/€1.0
*% relative to local index
Key management
Michel Baijot CEO
Yves Desiront CFO
Philippe Ghem Chief Commercial Officer