Herantis Pharma

Nasdaq : HRTIS

€57.1m market cap

€7.56 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

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)
EBITDA (€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
Industry outlook

Herantis Pharma is focused on the development of innovative regenerative medicines targeting unmet needs. Key assets include CDNF for PD and Lymfactin for BCAL.

Last updated on 03/06/2020
Sector
Healthcare
Share price graph
Balance sheet
Forecast net cash (€m) 1.7
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (4.3) (13.6) 35.0
Relative* (13.1) (12.8) 27.8
52-week high/low €10.1/€5.3
*% relative to local index
Key management
Pekka Simula CEO
Antti Vuolanto COO
Henri Huttunen CSO
Jutta Poutanen CPO
Sigrid Booms Director Clinical Development