Herantis Pharma

OMX: HRTS

€41.5m market cap

€6.85 last close

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.

Investment summary

Patient recruitment in the Phase II Lymfactin trial (AdeLE) continues to progress well, aided by the addition (in March) of new treatment centres in Sweden. Initial efficacy and safety data are on track for the end of 2020. Near term, top-line data from Phase I/II asset CDNF in Parkinson’s disease (PD) are expected by the year end; positive data from this trial could serve as validation of the research efforts and could also enable future partnering opportunities. H119 net loss was slightly above expectations as a result of higher than expected R&D, SG&A and financial costs. In March, Herantis raised gross €5.8m enabling a cash runway into late 2020. We value Herantis at €58.7m (€9.7/share) vs €47.9m (€9.7/share) previously.

Y/E Dec
Revenue (€m)
EBITDA (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2017A 0.0 N/A (2.2) (0.5) N/A N/A
2018A 0.0 N/A (4.2) (0.8) N/A N/A
2019E 0.0 N/A (5.8) (1.0) N/A N/A
2020E 0.0 N/A (4.2) (0.7) N/A N/A
Last updated on 12/09/2019
Industry outlook

Herantis Pharma is focused on the development of innovative regenerative medicines targeting unmet needs. Key assets include CDNF for Parkinson’s disease and Lymfactin for breast cancer-associated lymphedema.

Last updated on 12/09/2019
Sector
Healthcare
Share price graph
Balance sheet
Forecast net debt (€m) 3
Forecast gearing ratio (%) 3375
Price performance
%
1m
3m
12m
Actual 18.1 20.2 (2.8)
Relative* 13.0 17.4 2.6
52-week high/low €7.2/€4.8
*% relative to local index
Key management
Pekka Simula CEO
PeHenrikka Huttunen CSO