Pharnext (PAR: ALPHA)

Currency in EUR

Last close As at 25/03/2023

0.00 (0.00%)

Market capitalisation

Pharnext is an advanced clinical-stage biopharmaceutical company developing novel therapies for neurodegenerative diseases lacking curative and/or disease-modifying treatments. PXT3003 for Charcot-Marie-Tooth disease type 1A (CMT1A) is currently in advanced Phase III clinical trials with top-line data expected in Q423.

PXT3003 could potentially be the first approved treatment for CMT1A. This disease is a debilitating and rare (prevalence of 1/5,000) peripheral neuropathy with high unmet medical need where patients suffer from pain, progressive muscle atrophy and cramps in the limbs. The CMT1A development pipeline is early stage, with PXT3003 the most clinically advanced asset (Phase III) for this indication.



Equity Analyst

Soo Romanoff

Soo Romanoff

Managing Director - Head of Content, Healthcare

Key Management

  • Hugo Brugiere

    Chairman & CEO

  • Robert Quinn


Balance Sheet

Forecast net debt (€m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual (57.1) (87.0) (99.9)
Relative (56.8) (86.5) (99.9)
52 week high/low €0.3/€0.0


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.

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (fd) (c) P/E (x) P/CF (x)
2020A 2.8 (18.2) (21.4) (117.33) N/A N/A
2021A 3.6 (22.2) (30.6) (100.67) N/A N/A
2022E 2.4 (25.3) (31.7) (1.09) N/A N/A
2023E 2.5 (28.4) (30.9) (0.54) N/A N/A

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