Pharnext

EU: ALPHA

€55m market cap

€3.23 last close

Pharnext is developing new therapies for neurological disorders using its proprietary Pleotherapy platform that unearths new therapeutic effects from drug combinations. Its lead program is PXT3003 for CMT1A, which is entering Phase III. It also has PXT864 for Alzheimer’s disease, which has completed Phase IIa.

Investment summary

Pharnext held an R&D day on 13 October 2020. It presented an updated vision of the state of Charcot-Marie-Tooth disease (CMT) and the company’s pathway to the approval of PXT3003, its therapy candidate for CMT type 1A, which is entering Phase III studies in Q121. The presentation provided an updated analysis of the planned endpoints of the study, including the primary endpoint of improvement in Overall Neuropathy Limitations Scale (ONLS). Additionally, the company provided an updated clinical plan for the study, which will follow 350 patients for 15 months.

Y/E Dec
Revenue (€m)
EBITDA (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2018A 6.8 (17.8) (21.7) (183.47) N/A N/A
2019A 3.6 (19.5) (23.4) (161.08) N/A N/A
2020E 3.2 (14.5) (17.8) (95.91) N/A N/A
2021E 1.8 (23.3) (26.6) (138.89) N/A N/A
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Sector
Healthcare
Share price graph
Balance sheet
Forecast net debt (€m) 2
Forecast gearing ratio (%) 21
Price performance
%
1m
3m
12m
Actual 2.4 (6.8) (24.9)
Relative* 0.8 (2.7) (13.1)
52-week high/low €6.5/€2.8
*% relative to local index
Key management
David Solomon CEO
Peter Collum CFO