London, UK, 13 November 2023

Edison issues update on e-therapeutics (ETX): More to come in RNAi therapy discovery

e-therapeutics reported H1 FY24 results (to end-July 2023), reaffirming its commitment to integrating its computational and hepatocyte biology expertise to develop short interfering RNA (siRNA) therapies. The key half-year development was the proof-of-concept (PoC) data for two preclinical assets for the treatment of cardiometabolic disease and haemophilia, with further updates forthcoming. We view these pipeline updates, especially in segments with increased interest, as positive. Management continues to strengthen its intellectual property (IP) position and has filed new patent applications to protect 11 inventions relating to its novel targets and siRNA constructs. In our view, the company’s cost-effective and flexible approach is a key differentiator, especially in light of the challenging funding environment for drug discovery. In H1 FY24, R&D spend was £5.3m, and the company expects an increase in H2 FY24 with further development of its AI capabilities and progression of its in-house preclinical pipeline. At end-July 2023, e therapeutics had a net cash position of £24.8m.

At end-July 2023, e-therapeutics had £24.8m in net cash. Management emphasises that its lean and efficient computational approach to develop novel medicines (compared to traditional drug development programmes) affords it flexibility and the ability to contain costs. While we note that later-stage discovery efforts will be more capital intensive, the company is sufficiently funded to support its current strategy.

 
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