In a bid to increase operational oversight and financial stability, Pharnext has changed its legal framework, from a public limited company to a limited partnership with shares, following shareholder approval. Pharnext Développement, a joint-stock company controlled by Neovacs (with Hugo Brugière as chairman), will be the sole general partner with existing shareholders as limited partners. This follows the January 2022 commitment by Neovacs to provide liquidity support to Pharnext (up to €24m to December 2023 at Euribor +12%) to progress lead asset PXT3003 to final data readouts (expected in Q423). We revise our valuation for the estimated net debt figure and latest shares outstanding (875.2m as of 17 February 2023). While we keep our probability of success for PXT3003 at 70%, we raise our discount rate from 12.5% to 15% on account of recent biotech volatility and increased macro risks. Our valuation now stands at €217m (from €269m) or €0.25/basic share (vs €250/share previously, post the 5,000:1 share consolidation). We highlight that the valuation and opinions in this note are based solely on publicly available information and are consistent in our approach for our ongoing coverage of Pharnext.