Last close As at 05/08/2026
EUR1.51
▲ −0.04 (−2.33%)
Market capitalisation
EUR41m
Research: Healthcare
Herantis Pharma is a clinical-stage biotech developing novel therapies for neurodegenerative conditions, in particular Parkinson’s disease (PD). Lead asset, HER-096, mimics the protein cerebral dopamine neurotrophic factor (CDNF), has been optimised to cross the blood-brain-barrier (BBB) and has shown favourable results in a Phase Ia trial. It is now being tested in Phase Ib, supported by a consortium of the Michael J Fox Foundation (MJFF) and Parkinson’s UK Virtual Biotech (each contribute €1.8m); results are due from Q325. In our view, the programme is a promising opportunity, with the PD market projected to reach c $12bn by 2030, but we note that it is in the early stages of clinical development. Herantis now seeks a partner to support its plans for Phase II (which it aims to launch from 2026).
After CDNF showed biological responses, properties of neuroprotection and neuro-regeneration, Herantis nominated HER-096 as its lead programme in 2022. While CDNF cannot cross the BBB, HER-096 can, meaning it can be administered simply via subcutaneous injection. It completed a Phase Ia trial in 2023, showing a robust safety profile and efficient brain penetration in healthy volunteers (single doses). It is now in a Phase Ib trial aiming to confirm safety with repeated dosing, while studying pharmacokinetics and biological responses in preparation for Phase II.
Neurodegenerative disease cases are increasing in line with ageing populations globally and PD is the second most common such disease. It is estimated there are >10m people worldwide living with PD and c 90k new cases diagnosed in the US alone each year. Levodopa is the mainstay treatment option and while it can be effective for symptomatic relief, it does not stop disease progression. HER-096 has been designed to address this and even with management’s conservative estimate of market capture, it believes this may translate to a c $2bn opportunity.
In 2023, Herantis secured €2.5m from the European Innovation Council and a €15m investment commitment from the European Investment Bank. In 2024, it received €3.6m from the MJFF/Parkinson’s UK, and is well-positioned to complete HER-096’s Phase Ib trial. It seeks a partner to support a Phase II trial for HER-096 and clinical readiness in other CNS indications. Big pharma show rising interest in CNS: GSK signed a $570m biobuck deal in late-2024 with Vesalius for a PD programme and J&J reported its acquisition of CNS biotech Intra-Cellular for $14.6bn at JPM 2025.
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Consensus estimates |
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| Year end | Revenue (€m) | PBT (€m) | EPS (€) | DPS (€) | P/E (x) | Yield (%) |
| 12/22 | 0.0 | (9.3) | (0.64) | 0.00 | N/A | N/A |
| 12/23 | 0.0 | 0.3 | 0.02 | 0.00 | 79.5 | N/A |
| 12/24e | 0.0 | (4.2) | (0.22) | 0.00 | N/A | N/A |
| 12/25e | 0.0 | (4.2) | (0.18) | 0.00 | N/A | N/A |
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Research: Investment Companies
With a focus on long-term growth, Henderson Opportunities Trust’s (HOT’s) all-market investment strategy includes a strong bias towards smaller and earlier-stage companies. The relative weakness of smaller companies in the past three years, particularly AIM stocks, has weighed heavily on HOT’s performance, obscuring its previous exceptional returns. It is in this context that HOT is one of the trusts targeted by the activist US hedge fund Saba Capital, which is proposing to oust the independent board and replace the trust’s investment managers. HOT’s board strongly urges shareholders to reject Saba’s proposals on their own merits. Only if this occurs will shareholders be able to consider the board’s own proposals for HOT, which, in our view, are significantly more attractive. These include a full cash exit at NAV and/or the option to roll over into an alternative, open-ended vehicle.