MOLOGEN

DE: MGN

€15m market cap

€0.98 last close

MOLOGEN is a German biopharmaceutical company developing cancer and HIV immunotherapies. The focus is on the DNA-based TLR9 agonist lefitolimod and successor molecules from its EnanDIM platform. MOLOGEN assets are being evaluated in HIV and a combination trial in advanced solid malignancies.

Investment summary

MOLOGEN is developing novel immunotherapies for use in cancer and treatment of HIV. The company has announced that its pivotal Phase III IMPALA trial testing lefitolimod as a maintenance therapy in patients with metastatic colorectal cancer missed its primary endpoint of overall survival, quelling plans to develop lefitolimod as a monotherapy. Future clinical studies for its TLR9 agonists will centre on combination regimes in oncology and HIV. The TITAN study in HIV patients is funded by Gilead and recently began enrolling patients. Significant restructuring measures to reduce cash burn were instigated after the AGM on 29 August and reported gross cash at 30 September 2019 of €2.8m should enable funding into December; additional funding is required.

Y/E Dec
Revenue (€m)
EBITDA (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2017A 0.0 (18.7) (19.3) (2.81) N/A N/A
2018A 3.0 (11.3) (11.9) (1.28) N/A N/A
2019E 0.1 (13.6) (14.0) (1.13) N/A N/A
2020E 0.0 (9.4) (9.9) (0.80) N/A N/A
Industry outlook

Immunotherapies are among the most promising class of products for cancer. Mologen’s lead asset lefitolimod is an immunotherapy in development for both cancer maintenance and combination therapies.

Last updated on 06/09/2019
Sector
Healthcare
Share price graph
Balance sheet
Forecast net debt (€m) 7.3
Forecast gearing ratio (%) 68
Price performance
%
1m
3m
12m
Actual (68.7) (58.0) (78.1)
Relative* (66.4) (55.3) (76.8)
52-week high/low €19.6/€4.3
*% relative to local index
Key management
Walter Miller CFO
Dr Matthias Baumann CMO

Content on MOLOGEN