London, UK, 10 February 2022

Oryzon Genomics (ORY): Planning iadademstat's path to market

Oryzon is making progress with its two epigenetic drugs, iadademstat for oncology and vafidemstat for CNS indications (both are lysine-specific demethylase 1A, or LSD1, inhibitors). The company's R&D strategy has been to select indications where there is a scientific rationale for intervention with an epigenetic therapy and then conduct quick and relatively small trials, but with patient sample sizes still sufficient to obtain proof-of-concept data. With this strategy, Oryzon has completed multiple trials over the last several years. Importantly, insights from the data have allowed the company to design the next phase of development. At least two new trials with iadademstat could potentially be pivotal. Our valuation is €739m, or €13.9 per share (vs €11.1 per share previously).

Our valuation is higher at €739m, or €13.9 per share, versus €591m or €11.1/share previously. Oryzon's R&D pipeline has evolved substantially over the last several months. Accordingly, we have extensively revised our rNPV model. In our rNPV model we keep AML (26% of the total rNPV) and SCLC (23%) indications for iadademstat and AD (11%) and BPD (28%) for vafidemstat (albeit our underlying assumptions are updated). We have removed multiple sclerosis, but have added vafidemstat for schizophrenia (10%) as a new opportunity.

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