Kiadis Pharma

EU: KDS

€216.6m market cap

€8.9 last close

Kiadis Pharma is a Dutch biotech company developing a modified donor T-cell infusion (ATIR) given after a stem-cell transplant to treat acute leukaemia.

Investment summary

Kiadis is developing ATIR: an allogeneic donor T-cell preparation that uses its Theralux technology to deplete alloreactive T-cells that can cause Graft vs Host disease (GvHD). The ATIR T-cell preparation is given 28-32 days after a T-cell depleted haploidentical bone marrow transplant, a protocol sometimes used to treat acute leukaemia. ATIR is in a European Phase III study against the clinically favoured ‘Baltimore’ protocol. The trial is planned to report in H2 2020. A conditional marketing application has been filed with the EMA and an opinion is likely in Q418 as 180 day questions were answered in August. Cash at 30 June 2018 was €41.7m with repayable debt of €15m. A new loan agreement for €20m has been made. Our forecasts are under review.

Y/E Dec
Revenue (€m)
EBITDA (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2016A 0.0 (10.8) (12.5) (1105.0) N/A N/A
2017A 0.0 (14.7) (17.2) (1060.0) N/A N/A
2018E N/A N/A N/A N/A N/A N/A
2019E N/A N/A N/A N/A N/A N/A
Sector
Healthcare
Share price graph
Balance sheet
Forecast net debt (€m) N/A
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 8.8 (25.6) 10.7
Relative* 11.3 (22.4) 25.5
52-week high/low €15.3/€7.0
*% relative to local index
Key management
Arthur Lahr CEO
Robbert van Heekeren CFO