Context Therapeutics (NASDAQ: CNTX)

Currency in USD

Last close As at 26/05/2023


0.05 (6.33%)

Market capitalisation


Context Therapeutics is a clinical-stage biopharma company developing therapeutics for solid tumors. The core pipeline focus is now on CTIM-76, a selective Claudin 6 (CLDN6) x CD3 bispecific antibody for CLDN6 positive tumors, which is in preclinical development with plans for an IND application filing in Q124.

CLDN6’s attractiveness as a therapeutic target has hitherto been hampered by challenges in selectivity over other closely associated claudins such as CLDN9 and CLDN4. The new-generation CLDN6 targeting drugs have been designed to selectively target CLDN6 with proof-of-concept established by BioNTech’s BNT211. Potential target indications include testicular, ovarian and lung cancer, given that CLDN6 is highly upregulated in these tumors.

Doctor with cancer patient



Equity Analyst

Soo Romanoff

Soo Romanoff

Managing Director - Head of Content, Healthcare

Key Management

  • Jennifer Minai-Azary


  • Martin Lehr


Balance Sheet

Forecast net debt (US$m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual 45.7 9.1 (56.9)
Relative 42.9 4.3 (58.7)
52 week high/low US$2.3/US$0.5


Context Therapeutics reported Q123 results and its strategic priority for FY23 and beyond. The key highlight for the quarter was its decision to pivot its pipeline focus towards its novel bispecific CLDN6xCD3 antibody, CTIM-76 (IND-enabling studies ongoing) and terminate the development of its ONA-XR program. Operating expenses for the quarter were $6.7m, an increase of 94% y-o-y (Q122: $3.4m), driven by a more than 3x increase in R&D expenses to $4.5m (Q122: $1.4m). With no further R&D earmarked for ONA-XR ($2.1m in Q123), we expect a lower run rate for operating expenses for the remainder of FY23. The period-end net cash balance was $29.8m, which management has guided to last into late 2024, well past the Q124 timeline for the CTIM-76 investigational new drug (IND) filing. This implies a quarterly burn rate of c $4.3m until Q424 ($5.7m in Q123; $3.6m ex-ONA-XR R&D expenses). We expect the IND filing for CTIM-76 to be the next share price catalyst for Context.

Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (fd) (c) P/E (x) P/CF (x)
2021A 0.0 (10.5) (10.6) (373.72) N/A N/A
2022A 0.0 (15.4) (14.8) (93.00) N/A N/A
2023E N/A N/A N/A N/A N/A N/A
2024E N/A N/A N/A N/A N/A N/A

Further insights

Analyst of the week

Soo Romanoff

Soo Romanoff

Managing Director - Head of Content, Healthcare

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