Herantis Pharma

OMX: HRTS

€25.8m market cap

€5.25 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

Top-line data from Phase I/II asset CDNF in Parkinson’s disease (PD) is expected in H219; positive efficacy/safety data from this ongoing proof-of-concept clinical trial would serve as validation of the research efforts and additionally could crystallise value through partnering opportunities. Recently reported Phase II data from the MedGenesis-sponsored GDNF PD trial has read-across to Herantis’s CDNF trial. The company is planning a directed share issue to a limited number of investors in addition to Herantis’s directors. It is also preparing for a contemplated secondary listing on First North Stockholm. We value Herantis at €47.9m (€9.7/share).

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 (4.5) (0.9) N/A N/A
2020E 0.0 N/A (4.2) (0.9) N/A N/A
Last updated on 20/03/2019
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 20/03/2019
Sector
Healthcare
Share price graph
Balance sheet
Forecast net debt (€m) 7.4
Forecast gearing ratio (%) 8364
Price performance
%
1m
3m
12m
Actual (3.7) (7.9) (9.5)
Relative* (6.1) (18.4) (11.1)
52-week high/low €7.5/€4.8
*% relative to local index
Key management
Pekka Simula CEO
PeHenrikka Huttunen CSO