Context Therapeutics (NASDAQ: CNTX)

Currency in USD

Last close As at 30/03/2023


0.02 (3.39%)

Market capitalisation


Context Therapeutics is a clinical-stage biopharma company developing therapeutics for solid tumors. Following a strategic pivot, the core pipeline focus will be 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.

According to the American Cancer Society, there were an estimated 284,200 breast cancer cases, 66,570 endometrial cancer cases and 21,410 ovarian cancer cases in the United States in 2021 (more than 70% of these are hormone-driven). Long-term survival rates remain low (c 30% for HR+/HER2- mBC) despite recent advances, highlighting the high unmet need in the metastatic space.

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 (21.4) (3.8) (72.0)
Relative (22.5) (8.1) (67.8)
52 week high/low US$2.7/US$0.6


In an unexpected move, Context Therapeutics has announced that it will be discontinuing further development work on its ONA-XR program and prioritize the development of its novel preclinical bispecific CLDN6xCD3 antibody, CTIM-76. While we view the news as disappointing given efficacy data in the OATH study were encouraging, we understand the need to prioritize safety for patients. With a market cap of $11m, Context is trading well below cash levels (end-FY22 cash balance of $35.5m). We have withdrawn our estimates and will revisit our model assumptions and overall valuation in due course. We note that the discontinuation of the ONA-XR programs allows Context to extend its cash runway to late 2024 (versus early 2024 previously), well past the planned IND filing of CTIM-76 in Q124.

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