Onxeo

EU: ONXEO

€35.3m market cap

€0.62 last close

Onxeo’s lead compound, AsiDNA, is a first-in-class DNA break repair inhibitor based on a unique decoy mechanism. Currently it is evaluated in a Phase Ib trial with preliminary results expected in Q419. AsiDNA has a broad potential and can be combined with various anticancer treatments.

Investment summary

Onxeo is focused on the development of the next generation of DNA damage repair inhibitors from its novel oligonucleotide platON platform. The lead asset, AsiDNA, belongs to the same class of drugs as PARP inhibitors, but has a different mechanism of action. AsiDNA is in a Phase Ib trial in combination with chemotherapy in solid tumours; preliminary results are expected by end-2019, which is within the existing cash reach to Q320. To reflect the progress Onxeo has made with AsiDNA we have included the second indication for this asset in our valuation, but removed some of the legacy projects. Our updated valuation is €129m or €2.3/share.

Y/E Dec
Revenue (€m)
EBITDA (€m)
PBT (€m)
EPS (fd) (c)
P/E (x)
P/CF (x)
2017A 9.5 (17.4) (19.7) (23.58) N/A N/A
2018A 6.1 (3.0) (4.2) 5.19 12.0 N/A
2019E 3.3 (11.4) (11.9) (22.37) N/A N/A
2020E 3.3 (11.6) (12.2) (21.79) N/A N/A
Last updated on 13/09/2019
Industry outlook

The approval of the first PARP inhibitor (olaparib) has kick started the interest of both the scientific community and large pharma in the DNA Damage Response (DDR) field. Few biotechs are already positioned in this emerging field which may be the successor to immuno-oncology.

Last updated on 13/09/2019
Sector
Healthcare
Share price graph
Balance sheet
Forecast net cash (€m) 9.2
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (7.7) (22.0) (41.6)
Relative* (12.3) (25.8) (44.0)
52-week high/low €1.2/€0.6
*% relative to local index
Key management
Judith Greciet CEO
Nicolas Fellmann CFO
Valérie Leroy Director, Investor Relations & Corporate Com