Context Therapeutics

US: CNTX

Market Cap$28m

Last Close $1.77

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 mid-2022.

Investment summary

Context Therapeutics is a Nasdaq-listed biopharma company developing novel therapeutics focused on women’s oncology indications. Lead programme onapristone extended release (ONA-XR) is a potential first-in-class progesterone receptor (PR) antagonist being evaluated in several mid-stage clinical programmes in advanced HR+/HER2- breast as well as hormone-driven endometrial and ovarian cancer, all areas with significant unmet need and all expected to release preliminary data in 2022. The other asset CLDN6xCD3, is a novel bi-specific monoclonal antibody, acquired in April 2021 and being assessed in endometrial and ovarian cancers. The company held an investor webinar on 13 April to review data from the presentations it made on ONA-XR (as a combination therapy with different therapeutic classes) and CLDN6xCD3 at the American Association for Cancer Research conference.

Y/E Dec	EBITDA (US$m)	PBT (US$m)	EPS (fd) (c)	P/E (x)	P/CF (x)
2020A	(2.6)	(3.2)	(928.15)	N/A	N/A
2021A	(10.5)	(10.6)	(373.72)	N/A	N/A
2022E	(17.1)	(16.1)	(100.62)	N/A	N/A
2023E	(23.0)	(22.3)	(139.76)	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 US in 2021 (more than 70% of these are hormone-driven). Long-term survival rates remain low in the metastatic setting (c 30% for HR+/HER2- breast cancer) despite recent advances, highlighting the high unmet need in the space.

Last updated on 20/05/2022