Spanish biotech Oryzon Genomics is focused on epigenetics. Iadademstat is being explored for acute leukaemias, small-cell lung cancer (SCLC) and neuroendocrine tumours. Central nervous system (CNS) asset Vafidemstat has completed several Phase IIa trials and a Phase IIb trial in borderline personality disorder, and is in a Phase IIb trial for schizophrenia.
Oryzon is among the leading clinical-stage drug developers with a second generation of epigenetic therapeutics, which have greater selectivity and a potentially favourable safety/efficacy profile compared with the first-generation HDAC inhibitors.
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Carlos Buesa
CEO
Forecast net cash (€m)
19.1
Forecast gearing ratio (%)
N/A
% | 1M | 3M | 12M |
---|---|---|---|
Actual | (8.3) | (16.0) | (19.1) |
Relative | (15.4) | (22.7) | (35.3) |
52 week high/low | €2.4/€1.6 |
ORY FY23 results announcement covered an eventful period for the company’s pipeline, capped by the release of top-line data from the Phase IIb PORTICO trial for lead CNS asset vafidemstat. With the focus squarely on the planned end of Phase II (EoP2) meeting with the FDA and anticipated clinical updates on the remaining programmes, we see FY24 as a crucial period for the company, with multiple inflection points. Other key upcoming milestones include results from the FRIDA trial (iadademstat in FLT3+ r/r acute myeloid leukaemia; expected in Q224) and a clinical timeline update from the EVOLUTION trial (vafidemstat in schizophrenia; expected in 2024). Based on the current status of the company’s programmes and improved visibility, we have adjusted our market strategy, launch timelines and valuation across the company’s pipeline, leading to a valuation reset to €11.8/share (€15.1/share previously).
Y/E Dec | Revenue (€m) | EBITDA (€m) | PBT (€m) | EPS (fd) (c) | P/E (x) | P/CF (x) |
---|---|---|---|---|---|---|
2022A | 15.7 | (5.3) | (6.3) | (7.49) | N/A | N/A |
2023A | 14.2 | (4.4) | (6.0) | (5.65) | N/A | N/A |
2024E | 12.9 | (3.1) | (4.2) | (2.71) | N/A | N/A |
2025E | 33.7 | 16.9 | 15.5 | 29.18 | 5.9 | 5.8 |