Celyad

EU: CYAD

€222.1m market cap

€18.6 last close

Celyad is developing an innovative Natural Killer Receptor CAR T-cell therapy (CYAD-01). This focuses on AML and metastatic colorectal cancer. A comprehensive set of clinical studies is underway.

Investment summary

Data in December confirmed that CYAD-01 T-cells can destroy acute myeloid leukaemia (AML) cells. CYAD-01 showed 62% (5/8) anti-leukemic activity across three dose levels including 38% (3/8) with some form of complete response; a further MDS CR is reported. Safety was excellent. Further data are promised in mid-19. Celyad is aiming to accelerate CYAD-01 development for the treatment of AML and MDS, and to initiate a Phase 2 trial in H2 2019. In solid cancers, a study combining CYAD-01 with preconditioning is underway and may be crucial. The alloSHRINK allogeneic (CYAD-101) trial in mCRC is underway. This gives Celyad the lead in mass-market allogeneic therapy for solid cancer. Celyad had €55.9m cash on 30 Sept.

Y/E Dec
Revenue (€m)
EBITDA (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2016A 8.5 (21.2) (20.0) (209.0) N/A N/A
2017A 3.5 (22.3) (26.8) (279.0) N/A N/A
2018E 0.0 (26.5) (27.3) (243.0) N/A N/A
2019E 0.0 (27.8) (28.5) (238.0) N/A N/A
Last updated on 22/03/2019
Industry outlook

CAR T-cell therapeutics have seen low sales and shift in interest to bi-specific therapies. There is still strong interest in allogeneic products, where Celyad holds a key patent. Celyad remains in a key position in both AML and mCRC with a strong programme in solid cancers.

Last updated on 22/03/2019
Sector
Healthcare
Share price graph
Balance sheet
Forecast net cash (€m) 45.9
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 3.9 19.9 (36.9)
Relative* 3.5 8.3 (32.2)
52-week high/low €30.0/€15.5
*% relative to local index
Key management
Michel Lussier Chairman
Dr Christian Homsy CEO
Filippo Petti CFO
Dr Gaëtane Metz COO

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