Molecure (WSE: MOC)

Currency in PLN

Last close As at 28/11/2023


0.48 (2.86%)

Market capitalisation


Molecure is a clinical-stage biotechnology company. It uses its medicinal chemistry and biology capabilities to discover and develop first-in-class small molecule drug candidates that directly modulate underexplored protein targets and the function of RNA designed to treat multiple incurable diseases.

There remain serious unmet medical needs in the treatment of inflammatory and fibrotic diseases such as sarcoidosis, idiopathic pulmonary fibrosis and non-alcoholic steatohepatitis. Additionally, there is a constant need for new, targeted cancer treatments. The development of drugs that act through novel mechanisms of action could address these problems.

Latest Insights

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Healthcare | Update

Molecure — Q323 report highlights clinical progress

Healthcare | Update

Molecure — Striving to maximise clinical potential

Healthcare | Update

Molecure — Ramp-up in preparation for busy clinical year




Equity Analyst

Soo Romanoff

Soo Romanoff

Managing Director - Head of Content, Healthcare

Key Management

  • Katarzyna Tadeusiak-Wądołowska

    Investor relations manager

  • Marcin Szumowski


  • Nicolas Beuzen

    Director of business development & licensing

  • Slawomir Broniarek


Balance Sheet

Forecast net debt (PLNm)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual 3.7 (27.9) 12.4
Relative (2.6) (34.4) (13.3)
52 week high/low 25.6gr/13.6gr


Molecure has released its Q323 report, providing an update on its clinical development activities, particularly around its oral, first-in-class inhibitor, OATD-01. Following the acceptance of the Investigational New Drug (IND) application in July 2023, the Phase II proof-of-concept study (KITE) for OATD-01 in pulmonary sarcoidosis remains on track with the first US patient expected to receive dosing in Q423. Additionally, we anticipate the company to obtain approval to commence recruitment for the KITE study in Europe in Q124, as the application was submitted to the EMA and MHRA in September 2023. Recruitment for Molecure’s second clinical-stage asset, OATD-02, in patients with advanced and/or metastatic solid tumours, is ongoing, and we now anticipate initial data in early 2024 (previously expected in Q423). As of 30 September 2023, Molecure had a gross cash position of PLN85m, which includes the PLN50m (c $12m) from the Q323 public offering. However, to support its strategic plans for 2023–25, the company will need to seek additional funding to fully cover its estimated capital expenditure requirement of PLN250m.

Y/E Dec Revenue (PLNm) EBITDA (PLNm) PBT (PLNm) EPS (fd) (gr) P/E (x) P/CF (x)
2021A 1.5 (14.9) (13.6) (98.0) N/A N/A
2022A 1.6 (17.3) (15.3) (109.0) N/A N/A
2023E N/A N/A N/A N/A N/A N/A
2024E N/A N/A N/A N/A N/A N/A




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