e-Therapeutics

LN: ETX

£9.9m market cap

3.7p last close

e-Therapeutics is a UK-based drug discovery company that has developed a proprietary network-driven drug discovery platform that has generated pre-clinical licensing opportunities.

Investment summary

e-Therapeutics’ (ETX) FY19 results demonstrated continued financial prudence and its focus on partnering, out-licensing and non-dilutive financing. The FY19 operating loss was £5.1m, which is the same as our estimate. The cash outflow was £3.7m, resulting in a cash balance of £5.9m at the end of FY19. Both R&D and administrative expenses had been reduced from FY18 and the recently announced Novo collaboration generated £0.04m in FY19.

Y/E Jan
Revenue (£m)
EBITDA (£m)
PBT (£m)
EPS (p)
P/E (x)
P/CF (x)
2018A 0.0 (6.7) (6.7) (2.0) N/A N/A
2019A 0.0 (5.1) (5.1) (1.51) N/A N/A
2020E 0.5 (3.5) (3.5) (0.9) N/A N/A
2021E 0.0 (3.0) (3.0) (0.8) N/A N/A
Last updated on 19/03/2019
Industry outlook

Network-driven approaches could revolutionise drug discovery and shorten the path to market by minimising technical risks and drug development costs. ETX is differentiated from its competitors through its expertise in curating, processing and analysing data in the context of the mechanistic modelling of disease.

Last updated on 19/03/2019
Sector
Healthcare
Share price graph
Balance sheet
Forecast net cash (£m) 3.8
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (29.5) (45.2) (57.7)
Relative* (31.0) (49.5) (58.9)
52-week high/low 8.8p/3.7p
*% relative to local index
Key management
Iain Ross Chairman
Raymond Barlow CEO
Steve Medlicott CFO

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