Bionomics

AU: BNO

AU$92.6m market cap

AU$0.17 last close

Bionomics is an Australian biotech focused on CNS and oncology. BNC375 (preclinical) is partnered with Merck for Alzheimer’s disease; BNC210 (Ph I) is in development for anxiety. A partnership is sought for cancer drug BNC105 (Ph II).

Investment summary

The fiscal year 2018, which ended in June, was a major transition for Bionomics as it realigned itself to focus on disorders of the central nervous system. This strategy hinges on the company’s lead asset BNC210, a negative allosteric modulator of the α7 nicotinic acetylcholine receptor, which has a potentially novel anxiolytic mechanism of action. The drug is in Phase IIb for post-traumatic stress disorder (PTSD) (with a readout expected in this quarter) and Phase IIa for agitation in the elderly.

Y/E Jun
Revenue (A$m)
EBITDA (A$m)
PBT (A$m)
EPS (c)
P/E (x)
P/CF (x)
2017A 18.6 (3.2) (4.4) (1.00) N/A N/A
2018A 4.0 (22.5) (24.4) (4.84) N/A N/A
2019E 17.9 (17.7) (19.3) (3.65) N/A N/A
2020E 4.3 (28.4) (32.5) (5.86) N/A N/A
Last updated on 21/02/2019
Industry outlook

There are currently no approved medications for agitation in the elderly. BNC210 hopes to surmount this with its novel anxiolytic mechanism.

Last updated on 21/02/2019
Sector
Healthcare
Share price graph
Balance sheet
Forecast net debt (A$m) 19
Forecast gearing ratio (%) 697
Price performance
%
1m
3m
12m
Actual 36.0 30.8 (53.4)
Relative* 30.3 20.4 (54.7)
52-week high/low A$0.6/A$0.1
*% relative to local index
Key management
Christopher Fullerton Chairman
Dr Errol De Souza Chairman
Graeme Kaufman Chairman
Deborah Rathjen CEO
Melanie Young CFO
Steven Lydeamore CFO
Deborah Rathjen CEO & Managing Director