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Recce Pharma

Recce Pharmaceuticals (ASX: RCE)

Last close As at 26/07/2024

AUD0.46

— 0.00 (0.00%)

Market capitalisation

AUD103m

Recce Pharmaceuticals is an Australian company developing its novel, broad-spectrum synthetic polymer anti-infective drugs for the treatment of several infectious diseases, including sepsis (Phase II-ready), burn wound infections (Phase I/II) and urinary tract infections.

The WHO estimates that sepsis leads to c 11 million deaths each year. Sepsis affects 1.7 million people in the United States annually and costs the healthcare system US$57bn in inpatient costs. In our view there are significant opportunities for treatments that may reduce morbidity or hospital utilisation. Recce had a gross cash balance of A$8.5m at 31 March.

Latest Insights

View More

Healthcare | Update

Recce Pharmaceuticals — Taking a closer look at diabetic foot infections

Healthcare | Update

Recce Pharmaceuticals — Advances on several fronts

Healthcare | Update

Recce Pharmaceuticals — R&D advance (A$11.18m) extends runway

Healthcare | Update

Recce Pharmaceuticals — Supportive advancements on the pipeline
Team of Research Scientists Working On Computer, with Medical Equipment, Analyzing Blood and Genetic Material Samples with Special Machines in the Modern Laboratory.
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Sector

Healthcare

Equity Analyst

Pooya Hemami

Analyst - Healthcare

Arron Aatkar

Associate analyst

Jyoti Prakash

Jyoti Prakash

Analyst, Healthcare

Soo Romanoff

Soo Romanoff

Managing Director - Head of Content, Healthcare

Key Management

  • James Graham

    CEO

  • Daniel Astudillo

    Head of marketing

  • Dr John Prendergast

    Chairman

Balance Sheet

Forecast net debt (A$m)

7.2

Forecast gearing ratio (%)

78

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (20.0) (29.2) (32.4)
Relative (21.6) (31.6) (38.0)
52 week high/low A$0.7/A$0.4

Financials

We highlight the opportunity of topical RECCE® 327 (R327) to address diabetic foot infections (DFIs), which is the leading cause of limb morbidity in diabetic patients and an area of unmet need as currently available topical drugs have limited effectiveness. Recce is planning to initiate a Phase III registration-enabling study in H2 CY24 in Indonesia. We anticipate that positive results from the trial could lead to Recce’s earliest R327 commercialisation opportunity, through a launch in South-East Asia in the DFI indication in H2 CY26. The company announced an A$10m equity financing that is expected to extend its runway into FY26. We now obtain an rNPV valuation of A$688.5m (or A$3.07 per share), versus A$661.3m (or A$3.27 per share) previously. The reduced value per share is due to the anticipated increase in share count post-financing.

Y/E Dec Revenue (A$m) EBITDA (A$m) PBT (A$m) EPS (fd) (c) P/E (x) P/CF (x)
2022A 3.1 (10.9) (11.0) (6.31) N/A N/A
2023A 4.3 (12.8) (13.1) (7.55) N/A N/A
2024E 5.8 (16.3) (17.2) (8.98) N/A N/A
2025E 9.6 (12.8) (14.4) (6.68) N/A N/A

Research

Update

Healthcare

Recce Pharmaceuticals — Advances on several fronts

Update

Healthcare

Recce Pharmaceuticals — R&D advance (A$11.18m) extends runway

Healthcare

Update

Recce Pharmaceuticals — Taking a closer look at diabetic foot infections

Thematics

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