MOLOGEN

DE: MGN

€15m market cap

€0.98 last close

N/A

Investment summary

MOLOGEN has announced that its pivotal Phase III IMPALA trial testing lefitolimod as a maintenance therapy in patients with metastatic colorectal cancer (mCRC) has missed its primary endpoint of overall survival (OS). As a result, we have removed from our valuation lefitolimod’s prospects as a monotherapy in mCRC and small cell lung cancer (SCLC) (previously 72% of our valuation). MOLOGEN will focus on the development of lefitolimod and EnanDIM in combination with other therapies. Announced restructuring measures should reduce monthly cash burn to €0.8m from the current rate of €1.4m. We note gross cash as of 30 June 2019 was €6.0m, which should enable funding into Q419. We value MOLOGEN at €50.4m (€4.1/share) vs €169m (€18.2/share) previously.

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
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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

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