Nicox (Euronext Growth: ALCOX)

Last close As at 12/07/2024

EUR0.19

−0.01 (−2.63%)

Market capitalisation

EUR12m

France-based Nicox develops therapeutics for the treatment of ocular conditions. Lead candidate NCX-470 is in Phase III studies for the treatment of glaucoma and it is advancing NCX-4251 for dry eye disease. Nicox receives licence revenue for its FDA-approved drugs Vyzulta and Zerviate.

Latest Insights

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Healthcare | Flash note

Nicox — Animal data show favourable profile vs Lumigan

Healthcare | Update

Nicox — Q323 update confirms trajectory for NCX-470

Healthcare | Flash note

Nicox — Denali trial remains on track for 2025 readout

Healthcare | Flash note

Nicox — Nicox provides NCX-470 sales potential estimates

nicox01

Sector

Healthcare

Equity Analyst

Pooya Hemami

Analyst - Healthcare

Nidhi Singh

Nidhi Singh

Analyst

Arron Aatkar

Associate analyst

Jyoti Prakash

Jyoti Prakash

Analyst, Healthcare

Key Management

  • Andreas Segerros

    CEO

  • Gavin Spencer

    Executive VP and Chief Business Officer

  • Michele Garufi

    Chairman

Balance Sheet

Forecast net debt (€m)

9.2

Forecast gearing ratio (%)

26

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (33.9) (49.7) (55.5)
Relative (32.4) (47.2) (57.6)
52 week high/low €0.5/€0.2

Financials

Nicox has reported that an in vivo study carried out in beagles found that NCX-470 (0.1%) treatment led to a greater degree of intraocular pressure (IOP) reduction compared to AbbVie’s Lumigan (bimatoprost 0.01%), the best-selling branded prostaglandin F2α analogue (PGA) drug, in both single and repeated (five-day) dosing. The newly reported data from the open-label cross-over study assessing NCX-470, Lumigan and vehicle were published in the peer-reviewed Journal of Ocular Pharmacology and Therapeutics. While we acknowledge the limitations in read-across from animal data and note the Mont Blanc study did not show statistical superiority against PGA drug latanoprost (although it did meet the non-inferiority primary efficacy endpoint), we believe the new findings add to the body of collective data suggesting a competitive commercial profile for NCX-470 versus standalone PGA drugs such as bimatoprost.

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (fd) (c) P/E (x) P/CF (x)
2021A 8.6 (16.5) (15.5) (31.74) N/A N/A
2022A 5.2 (21.1) (18.3) (33.68) N/A N/A
2023E 6.1 (16.4) (15.6) (31.19) N/A N/A
2024E 7.6 (18.0) (20.3) (40.50) N/A N/A

Research

Flash note

Healthcare

Nicox — Nicox provides NCX-470 sales potential estimates

Update

Healthcare

Nicox — Revisiting commercial assumptions

Flash note

Healthcare

Nicox — Chinese partner Ocumension files Zerviate NDA

Update

Healthcare

Nicox — Continuing NCX-470 development strategy

edison tv

Healthcare

Nicox – executive interview

Flash note

Healthcare

Nicox — Q4 highlights confirm continued Vyzulta growth

Update

Healthcare

Nicox — €10m financing boosts cash runway into Q224

Update

Healthcare

Nicox — Revising NCX-470 forecasts after Mont Blanc

Thematics

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