Herantis Pharma

Nasdaq : HRTIS

Market Cap-62m

Last Close -8.08

Herantis Pharma is a Finnish innovative biopharmaceutical company focusing on regenerative medicines for unmet needs. Key assets include CDNF for Parkinson’s disease and Lymfactin for breast cancer-associated lymphedema.

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Investment summary

Herantis Pharma announced that it has raised c €6.8m in gross proceeds through the issuance of new shares in a directed share offering. This further strengthens its balance sheet, extending the current cash runway into 2022 and beyond key inflection points for priority assets CDNF in Parkinson’s disease (Phase I/II extension study data expected in Q320) and Lymfactin in breast cancer-associated lymphedema (Phase II top-line data expected in Q121). We increase our valuation of Herantis to €93.6m or €12.4/share, reflecting the additional funds raised through the share offering, while maintaining all other assumptions and forecasts.

Y/E Dec
Revenue (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2018A 0.0 N/A (4.2) (85.0) N/A N/A
2019A 0.0 N/A (8.0) (144.4) N/A N/A
2020E 0.0 N/A (5.3) (73.5) N/A N/A
2021E 0.0 N/A (5.6) (73.8) N/A N/A
Content on Herantis Pharma
Herantis Pharma – Directed share offering
Healthcare | research Flash note | 27 May 2020
Herantis Pharma – Funded to key data inflection points
Healthcare | research Update | 20 April 2020
Herantis Pharma – CDNF early data show biological promise
Healthcare | research Update | 5 March 2020
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Share price graph
Balance sheet
Forecast net cash (€m) 1.7
Forecast gearing ratio (%) N/A
Price performance
Actual 5.3 7.0 33.9
Relative* 5.0 (10.3) 34.9
52-week high/low €10.1/€5.6
*% relative to local index
Key management
Pekka Simula CEO
Antti Vuolanto COO
Henri Huttunen CSO
Jutta Poutanen CPO
Sigrid Booms Director Clinical Development