ReNeuron Group (AIM: RENE)

Currency in GBP

Last close As at 06/02/2023

GBP0.11

−0.12 (−1.07%)

Market capitalisation

GBP6m

ReNeuron Group is a UK biotech focused on the development of its stem cell-derived exosome drug delivery platform (CustomEx). It operates as a CRDO and its established partners are progressing the preclinical development of exosome-based therapeutics utilising its CustomEx technology.

Drug delivery remains a major challenge in both central nervous system (CNS) and cell and gene drug development, and we view these as key markets for ReNeuron to target with its exosome drug delivery platform. Additionally, ReNeuron’s diversification in exosome producing stem cell lines and ability to produce exosomes with enhanced natural tissue targeting affinity, particularly neural stem cell lines to target CNS indications, may offer market differentiation against single cell line competitors.

Sector

Healthcare

Equity Analyst

Soo Romanoff

Soo Romanoff

Managing Director - Head of Content, Healthcare

Key Management

  • John Berriman

    Chairman

  • John Sinden

    Chief Scientific Officer

  • Michael Hunt

    CFO

  • Olav Hellebø

    CEO

Balance Sheet

Forecast net cash (£m)

11

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 27.1 (59.2) (64.7)
Relative 20.4 (62.9) (65.1)
52 week high/low 41.5p/8.8p

Financials

ReNeuron Group has presented encouraging preclinical data surrounding the company’s conditionally immortalised induced pluripotent stem cell (CI iPSC) line. The results show that, using the group’s proprietary conditional immortalisation technology, ReNeuron can achieve enhanced control of growth and survival of CI-iPSC-derived cells, including Schwann cells, providing a potentially key differentiator over traditional iPSCs. While we acknowledge that these are early stage results, the latest data may also bode well for the group’s customisable exosome platform (CustomEx) and could further enhance the current exosome offering into new indications and targets. We continue to value ReNeuron at £44.2m or 77p per share.

Y/E Mar Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2021A 0.3 N/A (13.4) (29.00) N/A N/A
2022A 0.4 N/A (11.1) (17.01) N/A N/A
2023E 0.8 N/A (8.9) (13.27) N/A N/A
2024E 0.9 N/A (9.6) (14.37) N/A N/A

More from our Healthcare team

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Analyst of the week

Soo Romanoff

Soo Romanoff

Managing Director - Head of Content, Healthcare

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