ASIT biotech

EU: ASIT

€4.6m market cap

€0.21 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

Reported gp-ASIT+ Phase III allergy data unfortunately confirmed the outcome of the first Phase III: a statistically proven, inadequate clinical response, in this case a 0.15 reduction in the peak allergy score; 0.3 was the endpoint. H119 results showed a cash burn of €6.0m. As of 6 December, there were 21.89m share in issue, an increase as the 2018 funding facility can still be used. Given the November cash position of €3.8m and the €9.23m debt from July now unlikely to convert, it is hard to see how ASIT can fund and progress its house dust mite allergies project or run any revised gp-ASIT+ programme. Our forecasts and valuation are withdrawn till the strategy for the business and the overall financial position become clearer.

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 N/A N/A N/A N/A N/A N/A
2020E N/A N/A N/A N/A N/A N/A
Industry outlook

Grass pollen and house dust mite allergies are common and result in a significant symptom burden. gp-ASIT+ is a short-course pre-seasonal treatment that aimed to reduce the cellular response to pollen and induce blocking antibodies.

Last updated on 24/01/2020
Sector
Healthcare
Share price graph
Balance sheet
Forecast net debt (€m) N/A
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 5.3 (82.5) (84.8)
Relative* 5.0 (83.4) (86.9)
52-week high/low €2.6/€0.2
*% relative to local index
Key management
Michel Baijot CEO
Yves Desiront CFO
Philippe Ghem Chief Commercial Officer