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OSE Immunotherapeutics

EU: OSE

Market Cap€95m

Last Close €5.11

OSE Immunotherapeutics is based in Nantes and Paris in France and is listed on the Euronext Paris exchange. It is developing immunotherapies for the treatment of solid tumours and autoimmune diseases and has established several partnerships with large pharma companies.

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Investment summary

The pathway to regulatory approval for OSE’s neoepitope cancer vaccine, Tedopi, continues to be a key point of focus for the company. Following the presentation of positive data from the Phase III ATALANTE-1 trial over H122, OSE is discussing potential pathways to approval of Tedopi in non-small cell lung cancer (NSCLC) with the regulators. We expect an update on this in H222, with the possibility of inclusion in the FDA early access programme still on the table. Concomitantly, the company is preparing for further Phase III trials with Tedopi. In its H122 report, the company reported results that are largely in line with our estimates (excluding a €10m milestone payment from Boehringer Ingelheim). At end-June 2022, OSE reported a cash position of €31.2m, which, at our estimated FY22 burn rate of €20.4m, we forecast will fund the company to Q323.

Y/E Dec
Revenue (€m)
EBITDA (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2020A 10.4 (18.1) (18.5) (101.83) N/A N/A
2021A 26.3 (13.6) (16.5) (89.03) N/A N/A
2022E 16.0 (25.3) (27.8) (128.28) N/A N/A
2023E 0.0 (42.3) (44.2) (241.65) N/A N/A
Industry outlook

OSE has products in development for both immunological diseases and various cancer indications. As a result, the R&D pipeline is diversified and the outlook does not depend on developments in any specific subsector.

Last updated on 28/09/2022
Content on OSE Immunotherapeutics
OSE Immunotherapeutics – Tedopi remains focus in FY22
Healthcare | research Update | 23 September 2022
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OSE Immunotherapeutics – Tedopi clinical data in NSCLC and PDAC
Healthcare | research Flash note | 8 June 2022
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OSE Immunotherapeutics – First patient dosed with FR104/VEL-101
Healthcare | research Flash note | 19 May 2022
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Share price graph
Balance sheet
Forecast net debt (€m) 17
Forecast gearing ratio (%) 97
Price performance
%
1m
3m
12m
Actual (30.9) (21.4) (52.1)
Relative* (24.4) (16.5) (44.9)
52-week high/low €11.4/€4.9
*% relative to local index
Key management
Dominique Costantini Chairman
Alexis Peyroles CEO