Oryzon Genomics — Q326: R&D investments reflect clinical progress

Oryzon Genomics (MADRID: ORY)

Last close As at 10/11/2026

EUR2.43

▲ 0.05 (2.02%)

Market capitalisation

EUR205m

More on this equity

Research: Healthcare

Oryzon Genomics — Q326: R&D investments reflect clinical progress

Oryzon has reported its Q326 results, reflecting continued investment across its clinical pipeline ahead of several important milestones. R&D expenditure increased to $4.6m, from $3.9m in Q325, bringing nine-month expenditure in 2026 to $16.0m, consistent with the broader pace of clinical development. The reported quarterly operating loss widened to $5.6m, versus $5.1m in Q325, while the net result was a loss of $1.4m. Oryzon ended September with $21.7m (€19.1m) in cash. Operationally, the recent American Society of Hematology (ASH) 2026 annual meeting abstracts reinforced encouraging clinical activity for iadademstat in first-line acute myeloid leukaemia (AML), including a 95% overall response rate and 84% composite complete remission rate in the Phase Ib ALICE-2 study. Updated data will be presented at the ASH meeting in December, ahead of the planned Phase III ALICE-3 programme in 2027. Meanwhile, vafidemstat continues to advance across its central nervous system (CNS) indications, with EVOLUTION recruiting in schizophrenia and preparations progressing for PORTICO-2 in borderline personality disorder (BPD). We plan to revisit our estimates and valuation with the ASH update in December.

Written by

Arron Aatkar, PhD

Analyst

Healthcare

Q326 results

11 November 2026

Price €2.38
Market cap €201m

$1.12/€

Gross cash at 30 September
2026

€19.1m

Shares in issue

84.3m
Free float 82.0%
Code ORY
Primary exchange MADRID
Secondary exchange N/A
Price Performance

Business description

Spanish biotech Oryzon Genomics is focused on epigenetics. Iadademstat is being explored for haematological diseases, including AML and sickle cell disease, alongside other indications. CNS asset vafidemstat has completed several Phase IIa trials and a Phase IIb trial in BPD (Phase III in preparation). It is also involved in a Phase IIb trial for schizophrenia, and management has regulatory clearance for an additional Phase II trial in Phelan-McDermid Syndrome.

Analysts

Arron Aatkar, PhD
+44 (0)20 3077 5700
Jyoti Prakash, CFA
+44 (0)20 3077 5700

Oryzon Genomics is a research client of Edison Investment Research Limited

Note: PBT and EPS are normalised, excluding intangibles, exceptional items and share-based payments.

Year end Revenue (€m) PBT (€m) EPS (€) DPS (€) P/E (x) Yield (%)
12/24 7.4 (5.6) (0.06) 0.00 N/A N/A
12/25 10.9 (5.6) (0.03) 0.00 N/A N/A
12/26e 20.0 (7.5) (0.05) 0.00 N/A N/A
12/27e 73.8 42.4 0.54 0.00 4.4 N/A

Oryzon's Q326 financials reflect sustained clinical investment, with R&D expenditure increasing 20% y-o-y in dollar terms, while general and administrative expenses declined to $1.0m, from $1.2m in Q325. The nine-month 2026 operating loss was $19.8m, compared with $13.5m in first nine months of 2025 (9M25). The reported net result for 9M26 was a loss of $3.0m, versus $1.4m in 9M25. The September cash balance, supported by a €12m equity raise in July, provides sufficient near-term financial flexibility, although funding remains relevant to the planned registrational programmes across oncology and CNS.

Iadademstat remains the principal near-term clinical focus. The latest ALICE-2 data showed encouraging remission rates and 76% estimated 12-month overall survival, with median survival not yet reached. FRIDA, evaluating iadademstat with gilteritinib in relapsed/refractory FLT3-mutated AML, reported a 67% composite complete remission rate at the recommended Phase II dose. We view these findings as supportive of iadademstat's broader AML potential, while acknowledging the small patient populations. Updated data from three studies at the ASH annual meeting (12–15 December) should provide key further insight into response durability and clinical activity, ahead of regulatory discussions on ALICE-3. Beyond AML, the VIVALDI Phase Ib study has received Spanish authorisation, complementing ALICE-3 preparations. Recruitment also continues across additional haematology indications.

For vafidemstat, EVOLUTION enrolment is progressing across Europe, with top-line schizophrenia data expected by end-2027. Oryzon also plans to seek an FDA Type C meeting by Q127 to advance PORTICO-2 in BPD, while HOPE-2 has received authorisation in Spain. We see regulatory alignment on PORTICO-2 and continued EVOLUTION progress as important in CNS.

General disclaimer and copyright

This report has been commissioned by Oryzon Genomics and prepared and issued by Edison, in consideration of a fee payable by Oryzon Genomics. 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 2026 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 sol icitation 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

More on Oryzon Genomics

View All

Latest from the Healthcare sector

View All Healthcare content

Research: TMT

Napatech — Under-the-radar exposure to AI capex

Napatech is emerging as a beneficiary of the AI infrastructure investment cycle, building on strong growth in its established network acceleration business. As AI workloads become increasingly distributed, efficient data movement is critical to maximising the utilisation of expensive computing infrastructure. Napatech’s programmable network acceleration products address this requirement. With its first AI Infrastructure production shipments in Q326, the company now has two complementary growth drivers: sustained growth in Core Infrastructure and a potentially much larger AI Infrastructure opportunity.

Continue Reading
Cookie Policy Overview
Edison Group

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping us understand which section of the website you find more interesting and useful. See our Cookie Policy for more information.

Strictly necessary and functional

These cookies are used to deliver our website and content. Strictly necessary cookies relate to our hosting environment, and functional cookies are used to facilitate social logins, social sharing and rich-media content embeds.

Advertising

Advertising Cookies collect information about your browsing habits such as the pages you visit and links you follow. These audience insights are used to make our website more relevant.

Performance

Performance Cookies collect anonymous information designed to help us improve the site and respond to the needs of our audiences. We use this information to make our site faster, more relevant and improve the navigation for all users.