Last close As at 05/08/2026
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Market capitalisation
AUD160m
Research: Healthcare
Actinogen Medical announced the successful completion of its A$3.0m share purchase plan (SPP), which closed 1.3x oversubscribed. With its previously disclosed A$8.1m share placement, total funds from the combined capital raising reached the targeted A$11.1m in gross proceeds. The company expects that the total proceeds will enable its operating runway to reach the release of top-line results for its XanaMIA Phase IIb/III trial in patients with mild-to-moderate Alzheimer’s disease (AD), expected in mid-CY26. The next major catalyst for Actinogen is the interim results on the first c 100 patients of this study, expected in mid-CY25, which could lead to licensing and/or value realisation opportunities. Our risk-adjusted net present value is A$619.8m (vs A$616.8m previously).
Actinogen Medical |
A$11.1m capital raise completed |
Financing completion |
Pharma and biotech |
15 October 2024 |
Share price performance
Business description
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Analyst
Actinogen Medical is a research client of Edison Investment Research Limited |
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Actinogen Medical announced the successful completion of its A$3.0m share purchase plan (SPP), which closed 1.3x oversubscribed. With its previously disclosed A$8.1m share placement, total funds from the combined capital raising reached the targeted A$11.1m in gross proceeds. The company expects that the total proceeds will enable its operating runway to reach the release of top-line results for its XanaMIA Phase IIb/III trial in patients with mild-to-moderate Alzheimer’s disease (AD), expected in mid-CY26. The next major catalyst for Actinogen is the interim results on the first c 100 patients of this study, expected in mid-CY25, which could lead to licensing and/or value realisation opportunities. Our risk-adjusted net present value is A$619.8m (vs A$616.8m previously).
Year |
Revenue |
PBT* |
EPS* |
DPS |
P/E |
Yield |
06/23 |
4.9 |
(8.9) |
(0.005) |
0.0 |
N/A |
N/A |
06/24 |
9.9 |
(11.4) |
(0.005) |
0.0 |
N/A |
N/A |
06/25e |
7.3 |
(11.4) |
(0.004) |
0.0 |
N/A |
N/A |
06/26e |
14.1 |
(19.3) |
(0.006) |
0.0 |
N/A |
N/A |
Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments. EPS are fully diluted.
Proceeds to support XanaMIA Phase IIb/III study
Proceeds from Actinogen’s capital increase of A$11.1m are primarily being directed towards the ongoing 36-week XanaMIA Phase IIb/III study assessing Xanamem in patients with biomarker-positive AD (as determined through elevated levels of the p-Tau 181 biomarker at baseline). For both the A$8.1m share placement (270m shares) and the A$3.0m SPP (100m shares), new shares are being issued at A$0.03, and subscribers would also receive three new 36-month share purchase options for every four new shares issued, at an exercise price of A$0.05 per share.
Shareholder meeting on 4 November to ratify SPP
An extraordinary general meeting is behind held on 4 November to authorise the issuance of 100m shares under the SPP and the subscription, as part of the share placement, of A$1m in shares by Actinogen’s CEO, Dr Steven Gourlay, as well as A$0.13m from other directors of the company. The remaining c 232.5m shares (c 86%) of the share placement have already been listed on the Australian Securities Exchange. We expect the required approvals to be met at the meeting.
Valuation: Mild revision to reflect SPP
In our prior note, we had adjusted our forecasts to reflect the A$8.1m placement but not the SPP. After now including the A$3.0m SPP, we obtain a total equity valuation of A$619.8m (vs A$616.8m previously), or A$0.20 per share (vs A$0.21 previously). The per-share valuation has decreased as we have adjusted the share count in our valuation to reflect the effects of the SPP. According to our model, Actinogen’s funds on hand (A$20.0m pro forma as at 30 June 2024 including the A$11.1m financing and A$0.6m in offer costs), along with anticipated R&D tax credit proceeds (c A$9m proceeds expected in or around November CY24), should be sufficient for Actinogen to fund its operations into the anticipated top-line data readout for the XanaMIA Phase IIb/III study (guided for mid-CY26).
Exhibit 1: Financial summary
A$(000) |
2020 |
2021 |
2022 |
2023 |
2024 |
2025e |
2026e |
||
Year end 30 June |
IFRS |
IFRS |
IFRS |
IFRS |
IFRS |
IFRS |
IFRS |
||
PROFIT & LOSS |
|||||||||
Revenue |
|
|
3,516 |
1,984 |
3,640 |
4,888 |
9,932 |
7,318 |
14,118 |
Cost of Sales |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
||
Gross Profit |
3,516 |
1,984 |
3,640 |
4,888 |
9,932 |
7,318 |
14,118 |
||
Sales, General & Administrative |
(2,962) |
(3,111) |
(4,558) |
(6,568) |
(7,235) |
(6,046) |
(6,348) |
||
Net Research & Development |
(5,537) |
(2,406) |
(8,215) |
(8,900) |
(15,535) |
(13,235) |
(27,206) |
||
EBITDA |
|
|
(4,983) |
(3,533) |
(9,133) |
(10,580) |
(12,839) |
(11,964) |
(19,436) |
Amortisation of intangible assets |
(314) |
(313) |
(313) |
(313) |
(314) |
(314) |
(314) |
||
Depreciation & other |
(99) |
(74) |
(88) |
(93) |
(103) |
(169) |
(186) |
||
Normalised Operating Profit (ex. amort, SBC, except.) |
(4,888) |
(3,318) |
(7,933) |
(9,156) |
(11,635) |
(12,133) |
(19,622) |
||
Operating profit before exceptionals |
(5,201) |
(3,631) |
(8,245) |
(9,469) |
(11,948) |
(12,447) |
(19,935) |
||
Exceptionals including asset impairment |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
||
Stock-based compensation & other |
(194) |
(289) |
(1,288) |
(1,517) |
(1,307) |
0 |
0 |
||
Reported Operating Profit |
(5,396) |
(3,920) |
(9,533) |
(10,985) |
(13,256) |
(12,447) |
(19,935) |
||
Net Finance income (costs) |
65 |
5 |
36 |
233 |
212 |
709 |
358 |
||
Profit Before Tax (norm) |
|
|
(4,822) |
(3,313) |
(7,897) |
(8,923) |
(11,423) |
(11,424) |
(19,264) |
Profit Before Tax (FRS 3) |
|
|
(5,331) |
(3,915) |
(9,497) |
(10,752) |
(13,044) |
(11,738) |
(19,578) |
Tax |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
||
Profit After Tax and minority interests (norm) |
(4,822) |
(3,313) |
(7,897) |
(8,923) |
(11,423) |
(11,424) |
(19,264) |
||
Profit After Tax and minority interests (FRS 3) |
(5,331) |
(3,915) |
(9,497) |
(10,752) |
(13,044) |
(11,738) |
(19,578) |
||
Average Basic Number of Shares Outstanding (m) |
1,118.0 |
1,405.2 |
1,717.1 |
1,801.5 |
2,174.3 |
2,897.1 |
3,082.6 |
||
EPS - normalised (A$) |
|
|
(0.004) |
(0.002) |
(0.005) |
(0.005) |
(0.005) |
(0.004) |
(0.006) |
EPS - normalised and fully diluted (A$) |
|
(0.004) |
(0.002) |
(0.005) |
(0.005) |
(0.005) |
(0.004) |
(0.006) |
|
EPS - (IFRS) (A$) |
|
|
(0.005) |
(0.003) |
(0.006) |
(0.006) |
(0.006) |
(0.004) |
(0.006) |
Dividend per share (A$) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
||
BALANCE SHEET |
|||||||||
Fixed Assets |
|
|
3,772 |
3,287 |
2,889 |
2,520 |
2,436 |
2,640 |
2,993 |
Intangible Assets |
3,346 |
3,033 |
2,720 |
2,408 |
2,094 |
2,281 |
2,467 |
||
Tangible Assets |
19 |
17 |
13 |
113 |
341 |
359 |
527 |
||
Investments in long-term financial assets |
408 |
237 |
156 |
0 |
0 |
0 |
0 |
||
Current Assets |
|
|
8,164 |
15,091 |
20,417 |
12,688 |
18,876 |
18,076 |
3,757 |
Short-term investments |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
||
Cash |
5,040 |
13,457 |
16,370 |
8,460 |
9,451 |
11,265 |
3,531 |
||
Other |
3,123 |
1,634 |
4,047 |
4,228 |
9,426 |
6,812 |
226 |
||
Current Liabilities |
|
|
(744) |
(755) |
(1,480) |
(1,802) |
(1,357) |
(1,357) |
(1,357) |
Creditors |
(744) |
(755) |
(1,480) |
(1,802) |
(1,357) |
(1,357) |
(1,357) |
||
Short term borrowings |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
||
Long Term Liabilities |
|
|
(304) |
(165) |
(87) |
0 |
(258) |
(258) |
(5,258) |
Long term borrowings |
0 |
0 |
0 |
0 |
0 |
0 |
(5,000) |
||
Other long term liabilities |
(304) |
(165) |
(87) |
0 |
(258) |
(258) |
(258) |
||
Net Assets |
|
|
10,889 |
17,458 |
21,740 |
13,407 |
19,696 |
19,101 |
135 |
CASH FLOW STATEMENT |
|
|
|
|
|
|
|
|
|
Operating Income |
(5,396) |
(3,920) |
(9,533) |
(10,985) |
(13,256) |
(12,447) |
(19,935) |
||
Movements in working capital |
(3,591) |
(1,513) |
(3,143) |
132 |
(5,577) |
2,614 |
6,586 |
||
Net interest and financing income (expense) |
65 |
5 |
36 |
233 |
212 |
709 |
358 |
||
Depreciation & other |
99 |
74 |
88 |
93 |
103 |
169 |
186 |
||
Taxes and other adjustments |
5,966 |
3,630 |
3,035 |
1,829 |
1,567 |
314 |
314 |
||
Net Cash Flows from Operations |
|
|
(2,856) |
(1,724) |
(9,517) |
(8,698) |
(16,951) |
(8,641) |
(12,492) |
Capex |
(23) |
(6) |
(3) |
(37) |
(8) |
(687) |
(853) |
||
Acquisitions/disposals |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
||
Interest received & other investing activities |
0 |
0 |
0 |
(0) |
0 |
0 |
0 |
||
Net Cash flows from Investing activities |
|
(23) |
(6) |
(3) |
(37) |
(8) |
(687) |
(853) |
|
Net proceeds from share issuances |
0 |
10,195 |
12,491 |
903 |
18,041 |
11,142 |
612 |
||
Net movements in long-term debt |
0 |
0 |
0 |
0 |
0 |
0 |
5,000 |
||
Dividends |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
||
Other financing activities |
282 |
(84) |
(71) |
(78) |
(92) |
0 |
0 |
||
Net Cash flows from financing activities |
|
282 |
10,111 |
12,420 |
825 |
17,950 |
11,142 |
5,612 |
|
Effects of FX on Cash & equivalents |
0 |
0 |
49 |
0 |
0 |
0 |
0 |
||
Net Increase (Decrease) in Cash & equivalents |
(2,596) |
8,381 |
2,949 |
(7,910) |
991 |
1,814 |
(7,733) |
||
Cash & equivalents at beginning of period |
7,637 |
5,040 |
13,422 |
16,370 |
8,460 |
9,451 |
11,264 |
||
Cash & equivalents at end of period |
5,040 |
13,422 |
16,370 |
8,460 |
9,451 |
11,264 |
3,531 |
||
Closing net debt/(cash) |
|
|
(5,448) |
(13,694) |
(16,527) |
(8,460) |
(9,451) |
(11,265) |
1,469 |
Lease debt |
390 |
236 |
165 |
87 |
319 |
319 |
319 |
||
Closing net debt/(cash) inclusive of IFRS 16 lease debt |
(5,058) |
(13,458) |
(16,361) |
(8,373) |
(9,132) |
(10,945) |
1,788 |
||
Free cash flow |
(2,878) |
(1,730) |
(9,520) |
(8,735) |
(16,959) |
(9,328) |
(13,345) |
||
Source: Company accounts, Edison Investment Research
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