Pharnext (PAR: ALPHA)

Last close As at 04/03/2024

EUR0.10

0.03 (42.86%)

Market capitalisation

EUR1m

Advanced clinical-stage biopharmaceutical, Pharnext, is developing novel therapies for neurodegenerative diseases lacking curative and/or disease-modifying treatments. PXT3003 for Charcot-Marie-Tooth disease type 1A (CMT1A) is in advanced Phase III clinical trials with top-line data due in Q423.

PXT3003 could potentially be the first approved treatment for CMT1A. This disease is a debilitating and rare (prevalence of 1/5,000) peripheral neuropathy with high unmet medical need where patients suffer from pain, progressive muscle atrophy and cramps in the limbs. The CMT1A development pipeline is early stage, with PXT3003 the most clinically advanced asset (Phase III) for this indication.

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Sector

Healthcare

Equity Analyst

Soo Romanoff

Soo Romanoff

Managing Director - Head of Content, Healthcare

Arron Aatkar

Associate analyst

Nidhi Singh

Nidhi Singh

Analyst

Jyoti Prakash

Jyoti Prakash

Analyst, Healthcare

Key Management

  • Hugo Brugiere

    Chairman & CEO

Balance Sheet

Forecast net debt (€m)

42.6

Forecast gearing ratio (%)

79

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (87.2) (99) (99)
Relative (88) (99) (99)
52 week high/low €0.2/€0.0

Financials

Lead programme PXT3003 is a synergistic fixed-dose combination of baclofen, naltrexone and sorbitol, formulated as an oral solution and identified with the Pleotherapy R&D approach. It targets a rare genetic peripheral nerve disorder (CMT1A) and has concluded the Phase III PREMIER trial with preliminary data expected in December 2023. Pharnext changed its legal framework to a limited partnership by shares in 2022 following a strategic financing agreement with Neovacs. In October 2023, Pharnext has received an out-licensing offer for PXT3003 from a top 10 global pharma company with a total value of ~€510m, compared with over €250m for the two previously disclosed binding offers. While the offers are currently under review, the recent securing of €3.0m through the issue of OCEANE-BSA bonds will provide some financial flexibility.

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (fd) (c) P/E (x) P/CF (x)
2021A 3.6 (22.2) (30.6) (100.67) N/A N/A
2022A 2.3 (27.2) (38.5) (16.66) N/A N/A
2023E 1.9 (23.7) (24.7) (3579.47) N/A N/A
2024E 8.9 (10.8) (13.2) (1910.77) N/A N/A

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