Pharnext

Pharnext (PAR: ALPHA)

Currency in EUR

Last close As at 26/09/2023

EUR0.10

▲ 0.06 (150.00%)

Market capitalisation

EUR1m

Overview
Price performance
Financials
Research
Thematics

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.

Latest Insights

Healthcare |
Flash note

25.09.23

Pharnext — Potential licensing deals could add confidence

Healthcare |
Update

22.05.23

Pharnext — Improving FY23 financial footing

Update

06.03.23

Pharnext — Revised legal structure to offer operational stability

Healthcare |
Flash note

01.11.22

Pharnext — Neovacs trust to manage Pharnext deal

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Sector

Healthcare

Equity Analyst

Soo Romanoff

Managing Director - Head of Content, Healthcare

Key Management

Hugo Brugiere

Chairman & CEO

Balance Sheet

Forecast net debt (€m)

42.6

Forecast gearing ratio (%)

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	(60.0)	(99.9)	(99.9)
Relative	(59.1)	(99.9)	(99.9)
52 week high/low	€0.2/€0.0

Financials

Pharnext announced that it is in the final stages of signing a licensing agreement for its lead asset PXT3003. Management indicated that the non-binding bids for the asset are c €400m, with roughly 10% of potential total deal value to be received upfront. It expects to receive the first binding offers on 29 September and plans to conclude the transaction by the end of October. As a reminder, PXT3003 targets a rare genetic peripheral nerve disorder and is in the Phase III PREMIER trial with preliminary data expected in Q423. Although preliminary at this stage, the announcement should provide confidence in the upcoming data readout and regulatory events, given the potential partners likely had access to insight that is not available in the public domain. Furthermore, if a licensing deal is secured, the upfront payment (licensing fees) will likely add to the company’s revenue base (potentially in FY23/FY24) and could alleviate its dependency on the OCEANE BSA convertible debt facility, which we view as a primary overhang on the shares.