Context Therapeutics is a clinical-stage women’s oncology company. Lead candidate ONA-XR is a ‘full’ PR antagonist currently being evaluated in three Phase II clinical trials in hormone-driven breast, endometrial and ovarian cancer. Preliminary data from at least one trial are expected in H222.
More Context Therapeutics content >Investment summary
Management has announced that Context Therapeutics will focus its R&D efforts on onapristone extended release (ONA-XR) in the ELONA trial along with the preclinical Claudin 6 (CLDN6) program while deprioritizing other preclinical activities. The Phase Ib/II ELONA trial, investigating ONA-XR’s use in metastatic breast cancer in combination with Menarini Group’s elacestrant, remains on schedule to begin patient enrolment in Q422 and interim data are now expected in Q423. We estimate reduced operating costs of $17.6m (previously $21.9m) in FY22, as the company cuts other preclinical R&D-related expenses. Importantly, we estimate an extended cash runway into Q124, from Q423 previously, past interim data from ELONA and IND filing for CLDN6 (expected in Q124). Our valuation is largely unchanged at $150m or $9.39 per share.
Y/E Dec |
Revenue (US$m) |
EBITDA (US$m) |
PBT (US$m) |
EPS (fd) (c) |
P/E (x) |
P/CF (x) |
|---|---|---|---|---|---|---|
| 2020A | 0.0 | (2.6) | (3.2) | (928.15) | N/A | N/A |
| 2021A | 0.0 | (10.5) | (10.6) | (373.72) | N/A | N/A |
| 2022E | 0.0 | (17.6) | (17.6) | (110.07) | N/A | N/A |
| 2023E | 0.0 | (27.4) | (27.4) | (171.71) | N/A | N/A |
Industry outlook
According to the American Cancer Society, there were an estimated 284,200 breast cancer cases, 66,570 endometrial cancer cases and 21,410 ovarian cancer cases in the United States in 2021 (more than 70% of these are hormone-driven). Long-term survival rates remain low (c 30% for HR+/HER2- mBC) despite recent advances, highlighting the high unmet need in the metastatic space.
Last updated on 28/09/2022Content on Context Therapeutics
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| Forecast net cash (US$m) | 35.1 |
| Forecast gearing ratio (%) | N/A |
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Key management |
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| Martin Lehr | CEO |
| Jennifer Minai-Azary | CFO |