Market Cap€74m

Last Close €1.72

France-based Nicox develops therapeutics for the treatment of ocular conditions. Its lead candidate NCX-470 is in Phase III studies for the treatment of glaucoma, and it is advancing NCX-4251 for dry eye disease. Nicox also receives licence revenue for its FDA-approved drugs Vyzulta and Zerviate.

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Investment summary

Nicox develops drugs for eye diseases, with lead candidate NCX-470 in Phase III trials targeting the topical ocular treatment of glaucoma. NCX-470 combines an NO-donating molecule with an analogue of established prostaglandin F2a drug, bimatoprost. NCX-470 0.065% has shown up to 1.4mmHg additional lowering of intraocular pressure (IOP) compared to latanoprost in the Phase II study, and the Phase III programme is testing a higher 0.1% drug concentration. Nicox is also advancing NCX-4251 for dry eye disease following a positive post-hoc analysis of its Phase IIb trial data.

Y/E Dec
Revenue (€m)
PBT (€m)
EPS (fd) (c)
P/E (x)
P/CF (x)
2020A 14.4 (5.3) (10.2) (0.30) N/A N/A
2021A 8.6 (16.5) (15.5) (0.32) N/A N/A
2022E 5.3 (17.1) (18.7) (0.43) N/A N/A
2023E 7.0 (18.1) (19.8) (0.44) N/A N/A
Industry outlook

NCX-470, if approved, could become the most efficacious single-agent glaucoma drug on the market in terms of IOP-lowering activity. Mont Blanc, the first of two Phase III NCX-470 studies, recently completed patient screening and results are expected in Q422. The company is also developing a DED development strategy for NCX-4251. Nicox had €35.1m gross cash at 31 March 2022 and has guided that it is financed to Q423.

Last updated on 30/06/2022
Content on Nicox
Nicox – Mont Blanc top-line data timelines pushed forward
Healthcare | research Flash note | 7 June 2022
Nicox – Eye health portfolio targets large markets
Healthcare | research Outlook | 19 May 2022
Nicox – New governance structure
Healthcare | research Flash note | 17 May 2022
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Share price graph
Balance sheet
Forecast net cash (€m) 2.8
Forecast gearing ratio (%) N/A
Price performance
Actual (2.4) (12.3) (52.8)
Relative* 7.1 (1.2) (47.5)
52-week high/low €3.8/€1.7
*% relative to local index
Key management
Michele Garufi Chairman
Andreas Segerros CEO
Gavin Spencer Executive VP and Chief Business Officer