Last close As at 05/08/2026
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EUR248m
Research: Healthcare
Oryzon Genomics has presented headline FY22 financial results, which reflect continued progress on its clinical activities for key assets iadademstat (oncology) and vafidemstat (central nervous system; CNS) across different programmes. Total operating expenses for the year were US$22.9m, up by 13.5% from US$20.2m in FY21 and slightly higher than our estimate of US$20.1m. As expected, the bulk of these costs (c 80%) related to R&D expenses (US$18.1m) as the company continues to focus on advancing its clinical pipeline. The period-end gross cash balance was US$22.7m, which at historical burn rates (€6.92m/US$7.3m in H122) should fund the company into H225, past key clinical readouts. Looking ahead, we see the start of patient enrolment in the FRIDA study for relapsed/refractory (r/r) FLT3+ acute myeloid leukaemia (AML) patients and top-line data from the PORTICO study for borderline personality (BPD) disorder in Q123 as key upcoming catalysts.
Written by
Oryzon Genomics |
Progress in oncology and CNS in FY22 |
FY22 update |
Pharma and biotech |
21 February 2023 |
Share price performance
Business description
Analysts
Oryzon Genomics is a research client of Edison Investment Research Limited |
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Oryzon Genomics has presented headline FY22 financial results, which reflect continued progress on its clinical activities for key assets iadademstat (oncology) and vafidemstat (central nervous system; CNS) across different programmes. Total operating expenses for the year were US$22.9m, up by 13.5% from US$20.2m in FY21 and slightly higher than our estimate of US$20.1m. As expected, the bulk of these costs (c 80%) related to R&D expenses (US$18.1m) as the company continues to focus on advancing its clinical pipeline. The period-end gross cash balance was US$22.7m, which at historical burn rates (€6.92m/US$7.3m in H122) should fund the company into H225, past key clinical readouts. Looking ahead, we see the start of patient enrolment in the FRIDA study for relapsed/refractory (r/r) FLT3+ acute myeloid leukaemia (AML) patients and top-line data from the PORTICO study for borderline personality (BPD) disorder in Q123 as key upcoming catalysts.
Year end |
Revenue |
PBT* (€m) |
EPS* |
DPS |
P/E |
Yield |
12/21 |
10.6 |
(7.2) |
(0.09) |
0.00 |
N/A |
N/A |
12/22** |
16.1 |
(5.5) |
(0.08) |
0.00 |
N/A |
N/A |
12/23e |
15.9 |
(5.8) |
(0.06) |
0.00 |
N/A |
N/A |
Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, other income and exceptional items. **FY22 figures based on available preliminary headline data.
Despite higher operating expenses, Oryzon’s net operating loss for FY22 contracted to US$5.9m from US$7.9m in FY21, driven by higher levels of R&D grants received during the year (US$17.0m vs US$12.2m in FY21). Q422 total operating expenses amounted to US$6.3m (US$5.9 in Q421), including R&D expenses of US$5.0m (US$3.9m in Q421). Oryzon ended the year with cash and cash equivalents of US$22.7m, which we estimate is sufficient to fund operations to H225, based on historical burn rates.
With the conclusion of the ALICE study, Oryzon intends to keep up the clinical pace of iadademstat in AML with the initiation of the Phase Ib FRIDA study in r/r FLT3+ AML patients, for which patient recruitment is expected imminently. Management has said that FRIDA will be the Oryzon’s core strategic priority and potentially its fastest route to the market. While the AML space is highly competitive, second-line treatment options in r/r FLT3+ AML remain limited and suboptimal, so we view management’s pursuit of this setting as a sensible clinical strategy to maximise the opportunity for iadademstat. Also, FLT3+ patients in the ALICE study (n=3) all showed a response to the treatment, providing encouraging signs for this AML sub-population in FRIDA.
The most significant upcoming clinical milestone for Oryzon’s ongoing CNS programmes is the interim analysis (n=90) from its Phase IIb randomised, double-blind PORTICO study (vafidemstat for treating BPD), which we anticipate in Q123. The primary endpoints for the study are overall clinical BPD improvement and reduction in aggression. We expect the results of the interim analysis to dictate patient enrolment (with plans to recruit up to 156), with final readouts expected in Q423.
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Research: Investment Companies
abrdn Private Equity Opportunities Trust (APEO) reported a robust 14.1% NAV total return (TR) in FY22 (ended September), as underlying portfolio valuations were up by 10.5% excluding the FX impact (with co-investments particularly strong) and a higher US$/£ rate. Earnings momentum remained high with LTM revenue and EBITDA across APEO’s top 50 holdings at 22.7% and 23.8% in FY22, respectively. This, together with solid exit activity (£210.2m distributions) at an average 20% uplift to carrying values two quarters prior, helped offset lower public valuation multiples.