Arovella Therapeutics - Strategic refocus on iNKT platform
Arovella has released its activity report for Q123, the key highlight of which was the company’s decision to focus exclusively on its invariant Natural Killer T (iNKT) cell platform and cease R&D operations on its legacy OroMist platform (of which Zolpimist is the flagship asset). We consider this move as sensible as it allows Arovella to focus its resources and efforts to progress its immunoncology franchise following the in-licensing of its iNKT portfolio in mid-2021. We also believe that the decision has been bolstered by the recently announced collaboration agreement with Imugene (which could potentially expand the platform’s utility into solid tumours, a space multi-fold the size of the current haematological focus). The restructuring will entail a one-time expense of A$300k in FY23 but management anticipates annual cost savings of A$1.5m thereafter. In light of the announcement, we will revisit our valuation and publish revised estimates for Arovella in due course.
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