Hyloris FIRST LOOK: New product in BMS through 50/50 AFT collaboration

Hyloris announced a new product candidate, HY-090, in burning mouth syndrome through an equal partnership agreement with AFT Pharma (AFT). We'd like to learn more about the target for HY-090, which for now remains undisclosed, though we did learn from management that the development timeline meets Hyloris' internal criteria of <7 years, and look forward to the product entering the clinic in the near-term. This new product announcement marks the second one for Hyloris in 2023, taking the company a step closer to its target of 30 products before 2025 (currently 17 reformulated/repurposed and 3 generics). Beyond HY-090, we expect 2024 to be a busy year for Hyloris with multiple new product announcements as the company continues to guide for 30 products before 2025. We reiterate our BUY rating and €19.5 TP.