Market CapPLN215m

Last Close PLN15.3

Molecure is a clinical-stage biotechnology company. It uses its medicinal chemistry and biology capabilities to discover and develop first-in-class small molecule drug candidates that directly modulate the function of RNA and underexplored protein targets designed to treat multiple incurable diseases.

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Investment summary

Molecure aims to discover and develop drugs that have novel mechanisms of action to address inflammation, fibrosis and oncology. The company’s two lead assets, OATD-01 (a chitotriosidase inhibitor) and OATD-02 (an ARG1/2 inhibitor), are approaching important clinical development milestones. After a purely strategic decision by partner Galapagos (June 2022), the rights to OATD-01 were returned to the company. Molecure now plans to leverage newly collected data to commence a Phase II trial with OATD-01 in sarcoidosis in mid-2023. Top-line results are expected in Q125. In addition, management anticipates OATD-02 could enter Phase I trials in solid tumour indications in Q422, subject to regulatory approval. With a cash position of PLN80.7m at end-September 2022, the company guides that its current runway is into Q224.

Y/E Dec
Revenue (PLNm)
EPS (fd) (gr)
P/E (x)
P/CF (x)
2020A 124.9 73.9 112.0 745.0 2.1 3.7
2021A 1.2 (13.5) (11.0) (79.0) N/A N/A
2022E N/A N/A N/A N/A N/A N/A
2023E N/A N/A N/A N/A N/A N/A
Industry outlook

There remain serious unmet medical needs in the treatment of inflammatory and fibrotic diseases such as sarcoidosis, idiopathic pulmonary fibrosis and non-alcoholic steatohepatitis. Additionally, there is a constant need for new, targeted cancer treatments. The development of drugs which act through novel mechanisms of action could address these problems.

Last updated on 30/11/2022
Content on Molecure
Molecure – Novel approaches for problematic diseases
Healthcare | research Initiation | 7 November 2022
Modern Medical Research Laboratory: Portrait of Latin and Black Young Scientists Using Microscope, Digital Tablet, Doing Sample Analysis, Talking. Diverse Team of Specialists work in Advanced Lab
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Share price graph
Balance sheet
Forecast net debt (PLNm) N/A
Forecast gearing ratio (%) N/A
Price performance
Actual 13.8 1.9 (60.3)
Relative* 0.7 (10.3) (49.8)
52-week high/low 41.9gr/12.7gr
*% relative to local index
Key management
Marcin Szumowski CEO
Slawomir Broniarek CFO
Nicolas Beuzen Director of business development & licensing