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OSE Immunotherapeutics

EU: OSE

Market Cap€124m

Last Close €6.7

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

OSE Immunotherapeutics has announced that the first participant in a Phase I study has been dosed with the company’s CD28-targeting antibody fragment, FR104 (VEL-101). The study will assess the safety, tolerability and pharmacology of single ascending doses of FR104 in healthy volunteers and is designed to inform further Phase II trials in the kidney transplant population. The trial is sponsored and conducted by OSE’s partner, Veloxis Pharmaceuticals, which specialises in transplant medicine. Clinical data from the trial, especially information surrounding subcutaneous injection administration, will add to safety data gathered by OSE in the FIRsT Phase I/II trial in kidney transplant patients, which began in April 2021. We see this as an encouraging development for OSE and for the development of FR104. Our valuation remains unchanged at €319m or €17.5 per share.

Y/E Dec
Revenue (€m)
EBITDA (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2020A 10.4 (18.1) (18.5) (1.02) N/A N/A
2021A 26.3 (13.6) (16.5) (0.89) N/A N/A
2022E 5.0 (38.2) (38.8) (1.89) N/A N/A
2023E 0.0 (43.6) (44.2) (2.42) 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 23/05/2022
Content on OSE Immunotherapeutics
OSE Immunotherapeutics – First patient dosed with FR104/VEL-101
Healthcare | research Flash note | 19 May 2022
OSE Immunotherapeutics – Steady progress on all fronts
Healthcare | research Update | 3 May 2022
OSE Immunotherapeutics – Transforming into R&D powerhouse
Healthcare | research Update | 30 April 2021
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Share price graph
Balance sheet
Forecast net debt (€m) 30.3
Forecast gearing ratio (%) 468
Price performance
%
1m
3m
12m
Actual (11.1) (4.7) (39.3)
Relative* (8.3) 1.0 (38.7)
52-week high/low €13.2/€4.9
*% relative to local index
Key management
Dominique Costantini Chairman
Alexis Peyroles CEO