Actinogen Medical — Pressing forward with Xanamem

Actinogen Medical (ASX: ACW)

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Research: Healthcare

Actinogen Medical — Pressing forward with Xanamem

Having shown cognitive activity in prior trials, Actinogen began its XanaMIA Phase IIb study of lead candidate Xanamem in patients with cognitive impairment (CI) associated with mild-to-moderate Alzheimer’s disease (AD). The study will assess c 220 biomarker-positive AD patients, with interim results expected in H1 CY25. Actinogen recently reported results from a human positron emission tomography (PET) imaging study, which affirm the drug’s mechanism of action (MoA) in healthy subjects and patients with AD, by showing that Xanamem exhibited high target enzyme occupancy designed to impede cortisol production, as well as favourable safety and tolerability. Our risk-adjusted net present value (rNPV) remains essentially unchanged at A$528m.

Written by

Pooya Hemami

Analyst - Healthcare

Healthcare

Actinogen Medical

Pressing forward with Xanamem

Pipeline update

Pharma and biotech

29 February 2024

Price

A$0.034

Market cap

A$79m

A$0.65/US$

Estimated net cash (A$m) at 31 December 2023

11.5

Shares in issue

2,331m

Free float

90%

Code

ACW

Primary exchange

ASX

Secondary exchange

N/A

Share price performance

%

1m

3m

12m

Abs

20.7

52.2

(58.6)

Rel (local)

18.7

38.8

(61.2)

52-week high/low

A$0.08

A$0.02

Business description

Actinogen Medical is an ASX-listed Australian biotech developing its lead asset Xanamem, a specific and selective 11β-HSD1 inhibitor designed to treat cognitive impairment (CI) that occurs in chronic neurodegenerative and neuropsychiatric diseases. Currently, Actinogen is targeting CI in two indications: the early stages of Alzheimer’s disease and major depressive disorder.

Next events

Results for Phase II XanaCIDD study in CI associated with MDD

Q2 CY24

Interim results for Phase IIb XanaMIA study in CI associated with AD

H1 CY25

Analyst

Pooya Hemami OD MBA CFA

+1 646 653 7026

Actinogen Medical is a research client of Edison Investment Research Limited

Having shown cognitive activity in prior trials, Actinogen began its XanaMIA Phase IIb study of lead candidate Xanamem in patients with cognitive impairment (CI) associated with mild-to-moderate Alzheimer’s disease (AD). The study will assess c 220 biomarker-positive AD patients, with interim results expected in H1 CY25. Actinogen recently reported results from a human positron emission tomography (PET) imaging study, which affirm the drug’s mechanism of action (MoA) in healthy subjects and patients with AD, by showing that Xanamem exhibited high target enzyme occupancy designed to impede cortisol production, as well as favourable safety and tolerability. Our risk-adjusted net present value (rNPV) remains essentially unchanged at A$528m.

Year
end

Revenue
(A$m)

PBT*
(A$m)

EPS*
(A$)

DPS
(A$)

P/E
(x)

Yield
(%)

06/22

3.6

(7.9)

(0.005)

0.0

N/A

N/A

06/23

4.9

(8.9)

(0.005)

0.0

N/A

N/A

06/24e

7.7

(15.8)

(0.008)

0.0

N/A

N/A

06/25e

20.3

(37.9)

(0.016)

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.

XanaCIDD Phase IIa data expected in Q2 CY24

In our view, the next material milestone for Actinogen will be results (expected in Q2 CY24) from its Phase IIa XanaCIDD study in patients with CI and major depressive disorder (MDD). Enrolment of the study (six weeks of treatment) recently exceeded 75% (of a planned 160 participants) and we are optimistic about the XanaCIDD outcome, given that the drug has already shown positive cognitive effects in healthy adults in prior studies (XanaHES, XanaMIA Phase Ib portion). Positive data could trigger a re-rating and accelerate capital raising opportunities and/or an expansion of the Phase IIb XanaMIA study to global study sites.

UK Innovation Passport provides vote of confidence

In February 2024, the UK Medicines and Healthcare products Regulatory Agency (MHRA) accepted Actinogen’s application for an Innovation Passport as part of the UK’s Innovative Licensing and Access Pathway (ILAP) for Xanamem in the treatment of AD. The ILAP pathway could accelerate the UK regulatory approval process once pivotal trials are completed and allows for expanded UK regulatory and stakeholder input. We believe the ILAP attainment provides external validation of Xanamem’s mechanism of action and the AD data to date.

Valuation: Minor adjustments

We project Actinogen’s cash balance of A$11.5m (Q4 CY23) provides a cash runway into Q424 (Q2 CY24) and assume it will need to raise A$15m in H224 (vs A$20m previously). We believe Actinogen is also seeking non-dilutive funding arrangements, which may reduce its funding needs. We revised our forex assumptions, reduced our near-term R&D expenditure forecasts and raised our R&D tax rebates estimates. Our total rNPV valuation is essentially unchanged at A$528m. The per share valuation is now A$0.23 (vs A$0.24 previously), with the decrease attributable to the increased share count.

Published PET study affirms Xanamem’s mechanism

Xanamem’s intended MoA is to penetrate the brain and then inhibit the enzyme 11β-Hydroxysteroid dehydrogenase type 1 (11β-HSD1). Much scientific literature suggests that excessive cortisol is associated with CI in patients with various chronic conditions, including age-related CI and AD. As the naturally present enzyme 11β-HSD1 normally converts cortisone to cortisol inside cells, Xanamem is designed to reduce excessive cortisol production in the brain. A recently published article in the Journal of Alzheimer’s Disease affirmed Xanamem’s expected MoA in terms of binding and inhibiting the tissue cortisol synthesis enzyme 11β-HSD1, in live human subjects and at doses as low as 5mg daily. The article reported data from a human PET imaging study, which showed that Xanamem exhibited high target site occupancy and biological activity at doses of 5mg through 30mg daily, as well as favourable safety and tolerability.

The study participants included 23 cognitively normal elderly adults and 17 patients with AD. Xanamem doses of 5mg, 10mg, 20mg and 30mg were given daily for seven days to 10 participants at each dose level. Xanamem occupancy at the 11β-HSD1 binding site was measured using the 11C-TARACT tracer and the authors concluded that Xanamem dosing provided high target occupancy of 66–85%, exceeding the 30–60% inhibition required for effectiveness (in terms of sufficient cortisol synthesis suppression) in animal models. The degree of 11β-HSD1 occupancy with Xanamem did not vary significantly between the cognitively normal and AD subjects. The dose-response relationship was reported to be relatively flat above 5 mg and the authors concluded that the 10mg daily dose level resulted in near saturation of the enzyme target, such that higher doses were not believed to be incrementally beneficial.

This conclusion is consistent with the current Xanamem programme, where the 10mg daily dose level is being assessed in the company’s two ongoing clinical trials, the XanaMIA Phase IIb trial assessing patients with CI associated with mild-to-moderate AD, and the XanaCIDD study assessing the drug in patients with MDD and CI, despite standard-of-care anti-depression therapy.

This data complements the well-established, previously reported safety results from prior Xanamem studies comprising over 200 patients, including a multiple-ascending dose (MAD) Phase I study and three subsequent trials, studying the drug’s effects on cognition, including:

XanADu, a double-blinded Phase II trial assessing the drug versus placebo in 185 mild AD patients between 2017 and 2019;

XanaHES, a single-blinded placebo-controlled Phase I study in healthy elderly volunteers (n=42) that started in early 2019 and was completed in Q419; and

the Phase Ib portion of XanaMIA, which started in July 2021, assessing 5mg and 10mg doses of Xanamem, with positive Phase Ib data in healthy volunteers reported in April 2022.

Altogether, we view the PET results as favourable and supportive of the underlying mechanism behind the Xanamem clinical programmes underway.

XanaMIA Phase IIb progressing, data expected in H125

In December 2023, Actinogen opened the first investigational study site for the Phase IIb XanaMIA trial of Xanamem in biomarker-positive patients with CI associated with mild-to-moderate AD. Participant screening has begun and the company expects treatment of the first study participant to start shortly. The study is designed to enrol c 220 patients, who will be randomised to take Xanamem 10mg or a placebo once daily for 36 weeks. The trial will concentrate on Australian test sites for the first 100 enrolled patients to mitigate study costs, and initial efficacy and safety results will be analysed when these patients reach 24 weeks of treatment. The results continue to be expected in H1 CY25 and could serve as a significant catalyst if data are positive.

A key screening criterion for patients recruited and accepted into the trial will be that they must have an elevated level of phosphorylated Tau-181 (pTau-181) protein in their blood at baseline. This requirement leads the study to focus on patients with a positive AD blood biomarker (pTau-181) and was informed by a subset analysis reported in Q4 CY22 in 34 patients with elevated pTau-181 blood levels from the previous 185-patient XanADu trial in mild AD. This subset of patients (16 on Xanamem 10mg daily, 18 on placebo) with biomarker-positive AD (pTau of at least 6.74pg/mL) showed clinical activity and a relatively large effect size at 12 weeks, using the FDA-recognised Clinical Dementia Rating Sum of Boxes (CDR-SB) scale. The 34 patients with pTau levels at or above 6.74pg/ml in the study showed a 0.6 mean difference (effect size) in CDR-SB (representing a 60% relative reduction in disease progression versus placebo) at 12 weeks between the placebo and treatment arms. The primary endpoint of the XanaMIA Phase IIb study will be the change in a cognitive composite of several tests and the CDR-SB functional score will be a secondary endpoint.

UK Innovation Passport provides vote of confidence

Actinogen announced in February 2024 that the UK MHRA accepted the company’s application for an Innovation Passport as part of the UK’s ILAP for Xanamem in the treatment of AD. Xanamem’s acceptance into the ILAP pathway could accelerate the UK regulatory approval process once pivotal trials are completed. It also allows for opportunities for expanded regulatory and stakeholder input (from agencies including the National Institute for Health and Care Excellence, NICE) along the way in advancing a development path for potential Xanamem regulatory approval and reimbursement in the UK.

The ILAP attainment provides external validation to Xanamem’s mechanism of action and the clinical data to date (such as the subset analysis of XanADu described above). While there are differences between the US and UK regulatory systems, the closest US-based equivalents to ILAP, in our view, would be the FDA’s Fast Track, Priority Review and Breakthrough Therapy designations, which similarly can provide access to expanded and more frequent regulatory input, and expedited regulatory review processes. We will monitor whether Xanamem will receive the above FDA designations, which could be a substantial additional catalyst and signal of external validation (noting that the US market opportunity remains much larger than that of the UK). We note that Eli Lilly’s donanemab and Biogen/Eisai’s lecanemab (Leqembi) both received Breakthrough Therapy designations in AD.

XanaCIDD data readout expected in Q224

The next material milestone for Actinogen will be the results, expected in Q2 CY24, from its Phase IIa XanaCIDD study in patients with CI and MDD. Actinogen reported that enrolment recently surpassed 75% (at least 120 out of a planned 160 total participants across sites in the UK and Australia).

In the trial, patients are administered Xanamem at a daily dose of 10mg or a placebo for six weeks in addition to their existing anti-depression treatment. The study assesses cognitive improvement, using the Cogstate Cognitive Test Battery, and evaluates depression changes through the Montgomery-Asberg Depression Rating Scale. Actinogen expects to report study results in Q2 CY24. Results will include measures after six weeks of treatment as well as at a four-week follow-up period after the conclusion of treatment. We remain constructive on the XanaCIDD outcome given that the drug has already shown positive cognitive effects in healthy adults in prior studies (XanaHES, XanaMIA Phase Ib portion).

Positive results from the trial could lead the company to advance Xanamem into pivotal studies for patients with CI and/or depression. Positive data could also lead to a re-rating in the share price and facilitate future fund-raising activities for CI and/or AD programmes. To this end, the timing of the expansion of the XanaMIA Phase IIb study (to sites outside Australia) could potentially occur earlier than the planned interim analysis for XanaMIA phase IIb (in H1 CY25, as discussed above). Effectively, if positive data are received in the XanaCIDD study (by end Q2 CY24), this catalyst could lead to a share re-rating that would enable Actinogen to expeditiously raise the funding needed to expand the XanaMIA Phase IIb study to US and global study sites (given that US site study costs are likely to be significantly higher than those in Australia). Such an outcome would be ahead of the company’s current guidance (which is for such study site expansion to occur at or after the interim Phase IIb XanaMIA data in H1 CY25).

Financials

We have adjusted our model to reflect an A$0.65/US$ exchange rate (vs A$0.63/US$ previously). Actinogen’s H124 financial results (for the six months ending 31 December 2023) showed a net operating cash burn rate of A$6.5m, including receipt of an A$4.8m R&D research tax credit (which reflected a partial reimbursement for R&D activities conducted over FY23 (the fiscal year ending June 2023)). This came in lower than our expectation of A$10.1m, which implies a reduced short-term funding need compared to our prior assumptions and modelling. Excluding the R&D tax credit, the H124 operating cash burn rate would have been A$11.3m. Altogether, gross R&D expenses for the H124 period were A$8.95m (generally in line with our A$8.8m forecast), or up 66% y-o-y.

We believe that R&D costs were largely attributable to the continuation of the XanaCIDD study, as well as preparation for the XanaMIA Phase IIb study. We expect R&D costs in H224 (H1 CY24) to be comparable to H124, as upward cost contributions from increasing enrolment for the XanaMIA Phase IIb study will be offset by the winding down of XanaCIDD. We also note that some one-off expenses occurred in H124 associated with the preparation and temporary opening of XanaCIDD study sites that subsequently did not proceed with enrolment.

Following discussions with management, we now expect the overall operating expenditure rate in H224 (H1 CY24) to decrease slightly compared to H124, and the net result is that we are lowering our H224 and FY24 operating expense assumptions. We now forecast FY24 gross R&D expenses of A$17.7m and an operating cash burn of A$19.2m, versus our prior assumptions of A$22.2m and A$23.7m, respectively.

While we have reduced FY25 expense estimates, we continue to expect costs to rise substantially year-on-year in FY25 as we model US study site expansion for XanaMIA Phase IIb, as well as the initiation of a larger, potentially pivotal, global study for Xanamem in patients with CI associated with MDD. We now project an FY25 net operating cash burn rate of A$50.3m, driven by A$49.2m in R&D expenses, versus our prior FY25 forecasts of A$60.4m and A$55.6m, respectively. We have increased our assumptions for future R&D tax credit rebates (which are included as part of revenue in our financial summary table estimates), as we now assume a maximum potential tax credit rate of 48.5% (vs 43.5% previously) and also assume a higher percentage of the company’s R&D activities will be eligible for the rebate. We have also adjusted the revenue recognition timing of such R&D rebates in our model to match the same fiscal year in which the applicable R&D costs are incurred, although this change does not have an effect on our projected cash flows from such rebates (since the rebate proceeds are still expected to be received in the second half of each calendar year).

Actinogen reported a gross cash position of A$11.5m at 31 December 2023 and we continue to model that the company is funded into Q424 (Q2 CY24). We expect the company to continue to receive R&D research tax credits (which correspond to up to 48.5% of R&D costs incurred in the prior fiscal year, as stated above) from the Australian government and generally the timing for such rebates is in the second half of the calendar year. An option that Actinogen may pursue is to seek a loan or advance credit against its anticipated R&D tax credit (we note that Australian-based Edison client Recce Pharmaceuticals has pursued a similar strategy) and then repay the loan once it receives the applicable rebate. If the company were to obtain such a loan advance in H1 CY24, then we believe the advance payment plus the company’s existing cash on hand would fund its operations well into H2 CY24. This additional runway would allow the company to potentially leverage the results of the XanaCIDD study (if results are favourable) to obtain more attractive terms when seeking its next funding round.

Overall, our base case scenario models that Actinogen will raise an additional A$15m (down vs A$20m previously) before end-FY24 (modelled as illustrative debt), given our expectations of increases in R&D expenses as the Phase IIb portion of the XanaMIA study ramps up. However, in addition to the loan advance possibility described above, the company may also have the option to raise a smaller amount (vs our A$15m projection) before end-FY24 and use such funds to cover its operational needs until it receives the anticipated proceeds from the R&D tax credit in H2 CY24. Our model assumes the company will receive c A$7.7m in R&D tax credit proceeds in H2 CY24.

We expect XanaMIA top-line Phase IIb results in CY26 (with interim results in H1 CY25). We continue to project a potential launch timeline for Xanamem in patients with AD to CY29 and assume commercialisation of the drug for patients with MDD in CY28. Our base-case projection assumes that Actinogen will independently fund all studies needed for regulatory approval in these indications.

We now assume the total projected future funding need to recurring operating profitability will be A$420m, down from A$495m previously. Our increased forecasts for upcoming R&D tax credit rebates are the largest driver for the lowering of our future funding need assumptions.

Valuation

Our valuation is based on an rNPV analysis, which includes A$11.5m in estimated net cash at end-December 2023. We apply a discount rate of 12.5% and include Xanamem in the two lead indications. We use a probability of success of 10% for Xanamem to reach the market in the AD indication and 12.5% in the MDD indication. We have adjusted our model for our revised expenditure forecasts, increases in our tax credit assumptions and our revised forex assumptions. We have also rolled forward our estimates. Our a total rNPV valuation is essentially unchanged at A$528m, as the upward effects from our revised R&D cost and tax credit estimates are offset by the relative appreciation of the Australian dollar versus our prior estimates (A$0.65/US$ vs A$0.63/US$ previously). The minor decrease in the per-share valuation to A$0.23 per share (vs A$0.24 previously) is due to the increased share count.

Exhibit 1: Actinogen rNPV valuation

Product

Market

Launch

Sales (A$m) in 2034

NPV (A$m)

Probability of success

rNPV (A$m)

rNPV/basic share (A$)

Xanamem in CI related to AD

US

CY29

3,547

3,229.4

10.0%

264.8

0.11

Xanamem in CI related to AD

EU5 & Australia

CY29

1,679

1,584.1

10.0%

158.4

0.07

Xanamem in CI related to MDD

US

CY28

1,156

927.3

12.5%

79.7

0.03

Xanamem in CI related to MDD

EU5 & Australia

CY28

674

576.3

12.5%

72.0

0.03

Corporate costs

(58.7)

100%

(58.7)

(0.03)

Estimated net cash at 31 December 2023

11.5

11.5

0.00

Total equity value

6,269.6

527.8

0.23

Source: Edison Investment Research

We believe market participants will be keen to observe whether the Phase IIb XanaMIA portion, which prospectively enrols patients with elevated pTau, will confirm the positive efficacy findings shown in the XanADu subset biomarker analysis from the earlier XanADu study. Given the widespread economic and social costs of AD and the limitations of current approved treatments, we believe positive Phase IIb data could introduce the possibility of material out-licensing or value realisation opportunities.

As stated earlier, we forecast A$420m in additional financing will be required before FY29 to fund the development of both the CI-MDD and AD programmes, after which, provided it receives regulatory approval, Actinogen should be able to generate sufficient operating revenues to reach recurring profitability. Our model assumes all financing will be raised through illustrative debt, as per usual Edison methodology. If our projected funding need of A$420m is raised through equity issuances at the prevailing market price of c A$0.035, our effective valuation would decrease to A$0.066 per share.

The amount of fund-raising estimated to be necessary for Actinogen to independently bring Xanamem to commercialisation in these indications is larger than the company’s current market capitalisation. However, we note that the funding intervals may be staggered over the next several years, which may alleviate potential challenges associated with raising funds in excess of a company’s market capitalisation. We also believe Actinogen will seek non-dilutive funding arrangements and/or partnership arrangements (actions towards the latter would likely particularly increase after the XanaMIA Phase IIb portion is completed), which may reduce the overall funding need, but such scenarios are not included in our forecasts. Hence, while our base case modelling scenario assumes internal Xanamem development for the AD and CI-MDD programmes, if the company is successful in securing licensing deal(s) for Xanamem with an established biopharma company(ies), then our R&D expenditure requirements for Actinogen, and, consequently, our overall funding need projections, would likely be significantly reduced.

Considering that AD pivotal trials are reported to cost more per patient than studies in nearly any other therapeutic area, we believe Actinogen will likely explore partnerships or non-dilutive funding strategies if the XanaCIDD data (expected in Q2 CY24) or interim XanaMIA Phase IIb data (expected in H1 CY25) are positive.

Exhibit 2: Financial summary

A$(000)

2020

2021

2022

2023

2024e

2025e

Year end 30 June

IFRS

IFRS

IFRS

IFRS

IFRS

IFRS

PROFIT & LOSS

Revenue

 

 

3,516

1,984

3,640

4,888

7,723

20,295

Cost of Sales

0

0

0

0

0

0

Gross Profit

3,516

1,984

3,640

4,888

7,723

20,295

Sales, General & Administrative

(2,962)

(3,111)

(4,558)

(6,568)

(6,569)

(6,288)

Net Research & Development

(5,537)

(2,406)

(8,215)

(8,900)

(17,692)

(49,231)

EBITDA

 

 

(4,983)

(3,533)

(9,133)

(10,580)

(16,538)

(35,223)

Amortisation of intangible assets

(314)

(313)

(313)

(313)

(236)

(236)

Depreciation & other

(99)

(74)

(88)

(93)

(100)

(226)

Normalised Operating Profit (ex. amort, SBC, except.)

(4,888)

(3,318)

(7,933)

(9,156)

(16,058)

(35,449)

Operating profit before exceptionals

(5,396)

(3,920)

(9,533)

(10,985)

(16,874)

(35,685)

Exceptionals including asset impairment

0

0

0

0

0

0

Other

(194)

(289)

(1,288)

(1,517)

(580)

0

Reported Operating Profit

(5,590)

(4,209)

(10,821)

(12,502)

(17,454)

(35,685)

Net Finance income (costs)

65

5

36

233

226

(2,496)

Profit Before Tax (norm)

 

 

(4,822)

(3,313)

(7,897)

(8,923)

(15,832)

(37,945)

Profit Before Tax (FRS 3)

 

 

(5,331)

(3,915)

(9,497)

(10,752)

(16,648)

(38,181)

Tax

0

0

0

0

0

0

Profit After Tax and minority interests (norm)

(4,822)

(3,313)

(7,897)

(8,923)

(15,832)

(37,945)

Profit After Tax and minority interests (FRS 3)

(5,331)

(3,915)

(9,497)

(10,752)

(16,648)

(38,181)

Average Basic Number of Shares Outstanding (m)

1,118.0

1,405.2

1,717.1

1,806.0

2,073.7

2,331.2

EPS - normalised (A$)

 

 

(0.004)

(0.002)

(0.005)

(0.005)

(0.008)

(0.016)

EPS - normalised and fully diluted (A$)

 

(0.004)

(0.002)

(0.005)

(0.005)

(0.008)

(0.016)

EPS - (IFRS) (A$)

 

 

(0.005)

(0.003)

(0.006)

(0.006)

(0.008)

(0.016)

Dividend per share (A$)

0.0

0.0

0.0

0.0

0.0

0.0

BALANCE SHEET

Fixed Assets

 

 

3,772

3,287

2,889

2,520

2,857

3,479

Intangible Assets

3,346

3,033

2,720

2,408

2,672

2,936

Tangible Assets

19

17

13

113

185

542

Investments in long-term financial assets

408

237

156

0

0

0

Current Assets

 

 

8,164

15,091

20,417

12,688

21,216

27,413

Short-term investments

0

0

0

0

0

0

Cash

5,040

13,457

16,370

8,460

13,111

6,736

Other

3,123

1,634

4,047

4,228

8,105

20,677

Current Liabilities

 

 

(744)

(755)

(1,480)

(1,802)

(2,186)

(2,186)

Creditors

(744)

(755)

(1,480)

(1,802)

(2,186)

(2,186)

Short term borrowings

0

0

0

0

0

0

Long Term Liabilities

 

 

(304)

(165)

(87)

0

(15,000)

(60,000)

Long term borrowings

0

0

0

0

(15,000)

(60,000)

Other long term liabilities

(304)

(165)

(87)

0

0

0

Net Assets

 

 

10,889

17,458

21,740

13,407

6,887

(31,294)

CASH FLOW STATEMENT

 

 

 

 

 

 

 

 

Operating Income

(5,590)

(4,209)

(10,821)

(12,502)

(17,454)

(35,685)

Movements in working capital

(3,591)

(1,513)

(3,143)

132

(3,450)

(12,573)

Net interest and financing income (expense)

65

5

36

233

226

(2,496)

Depreciation & other

99

74

88

93

100

226

Taxes and other adjustments

6,161

3,920

4,323

3,346

1,396

236

Net Cash Flows from Operations

 

 

(2,856)

(1,724)

(9,517)

(8,698)

(19,182)

(50,292)

Capex

(23)

(6)

(3)

(37)

(672)

(1,083)

Acquisitions/disposals

0

0

0

0

0

0

Interest received & other investing activities

0

0

0

(0)

0

0

Net Cash flows from Investing activities

 

(23)

(6)

(3)

(37)

(672)

(1,083)

Net proceeds from share issuances

0

10,195

12,491

903

9,548

0

Net movements in long-term debt

0

0

0

0

15,000

45,000

Dividends

0

0

0

0

0

0

Other financing activities

282

(84)

(71)

(78)

(42)

0

Net Cash flows from financing activities

 

282

10,111

12,420

825

24,505

45,000

Effects of FX on Cash & equivalents

0

0

49

0

0

0

Net Increase (Decrease) in Cash & equivalents

(2,596)

8,381

2,949

(7,910)

4,651

(6,376)

Cash & equivalents at beginning of period

7,637

5,040

13,422

16,370

8,460

13,111

Cash & equivalents at end of period

5,040

13,422

16,370

8,460

13,111

6,736

Closing net debt/(cash)

 

 

(5,448)

(13,694)

(16,527)

(8,460)

1,889

53,264

Lease debt

390

236

165

87

45

45

Closing net debt/(cash) inclusive of IFRS16 lease debt

(5,058)

(13,458)

(16,361)

(8,373)

1,933

53,309

Free cash flow

(2,878)

(1,730)

(9,520)

(8,735)

(19,854)

(51,376)

Source: Edison Investment Research, company reports


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Australia

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United Kingdom

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This Communication is being supplied to you solely for your information and may not be reproduced by, further distributed to or published in whole or in part by, any other person.

United States

Edison relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. This report is a bona fide publication of general and regular circulation offering impersonal investment-related advice, not tailored to a specific investment portfolio or the needs of current and/or prospective subscribers. As such, Edison does not offer or provide personal advice and the research provided is for informational purposes only. No mention of a particular security in this report constitutes a recommendation to buy, sell or hold that or any security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person.

London │ New York │ Frankfurt

20 Red Lion Street

London, WC1R 4PS

United Kingdom

London │ New York │ Frankfurt

20 Red Lion Street

London, WC1R 4PS

United Kingdom

General disclaimer and copyright

This report has been commissioned by Actinogen Medical and prepared and issued by Edison, in consideration of a fee payable by Actinogen Medical. Edison Investment Research standard fees are £60,000 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

Accuracy of content: All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently verified. Opinions contained in this report represent those of the research department of Edison at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations.

Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note.

No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.

Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report, subject to Edison's policies on personal dealing and conflicts of interest.

Copyright: Copyright 2024 Edison Investment Research Limited (Edison).

Australia

Edison Investment Research Pty Ltd (Edison AU) is the Australian subsidiary of Edison. Edison AU is a Corporate Authorised Representative (1252501) of Crown Wealth Group Pty Ltd who holds an Australian Financial Services Licence (Number: 494274). This research is issued in Australia by Edison AU and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. Any advice given by Edison AU is general advice only and does not take into account your personal circumstances, needs or objectives. You should, before acting on this advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. If our advice relates to the acquisition, or possible acquisition, of a particular financial product you should read any relevant Product Disclosure Statement or like instrument.

New Zealand

The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (i.e. without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision.

United Kingdom

This document is prepared and provided by Edison for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO") (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document.

This Communication is being supplied to you solely for your information and may not be reproduced by, further distributed to or published in whole or in part by, any other person.

United States

Edison relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. This report is a bona fide publication of general and regular circulation offering impersonal investment-related advice, not tailored to a specific investment portfolio or the needs of current and/or prospective subscribers. As such, Edison does not offer or provide personal advice and the research provided is for informational purposes only. No mention of a particular security in this report constitutes a recommendation to buy, sell or hold that or any security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person.

London │ New York │ Frankfurt

20 Red Lion Street

London, WC1R 4PS

United Kingdom

London │ New York │ Frankfurt

20 Red Lion Street

London, WC1R 4PS

United Kingdom

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