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BerGenBio

NO: BGBIO

Market CapNOK995m

Last Close NOK11.22

BerGenBio is a clinical-stage biopharmaceutical company developing innovative drugs for aggressive diseases, including immune-evasive cancers and COVID-19. It focuses on AXL inhibitors bemcentinib (small molecule) and tilvestamab (mAb).

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Investment summary

BerGenBio (BGBIO) is a pioneer in AXL biology and following a recent business strategy update, it will focus lead asset bemcentinib in first-line (1L) non-squamous non-small cell lung cancer (NSCLC) patients with STK11 mutations (STK11m), and also in hospitalised COVID-19 patients. AXL is a negative prognostic marker in most cancers, but also implicated in fibrosis and viral infections. AXL inhibition may counter drug resistance, stop immune suppression and potentially augment the efficacy of other drug classes, particularly immunotherapies. The company’s Phase II BGB008 study in 2L NSCLC has already shown some efficacy in STK11m patients when combined with pembrolizumab.

Y/E Dec
Revenue (NOKm)
EBITDA (NOKm)
PBT (NOKm)
EPS (öre)
P/E (x)
P/CF (x)
2020A 0.6 (260.4) (257.0) (343.07) N/A N/A
2021A 0.8 (313.1) (309.4) (351.72) N/A N/A
2022E N/A N/A N/A N/A N/A N/A
2023E N/A N/A N/A N/A N/A N/A
Industry outlook

BGBIO plans to initiate a Phase Ib/IIa study in 1L NSCLC with STK11m in H222. For COVID-19, BGBIO will use the EU-SolidAct platform trial to confirm initial efficacy signals observed across its Phase II ACCORD2 study. The trial is set to begin recruitment in Q322 in a sub-protocol arm designed to enrol 500 COVID-19 patients across European sites.

Last updated on 30/06/2022
Content on BerGenBio
BerGenBio – No surprises as bemcentinib strategy progresses
Healthcare | research Flash note | 25 May 2022
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BerGenBio – Focusing in on 1L NSCLC and COVID-19
Healthcare | research Flash note | 5 May 2022
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BerGenBio – executive interview
Healthcare | Edison TV | 11 March 2022
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Balance sheet
Forecast net debt (NOKm) N/A
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (28.2) (44.9) (53.4)
Relative* (20.9) (39.6) (54.9)
52-week high/low NOK25.0/NOK10.8
*% relative to local index
Key management
Rune Skeie CFO