Report

Outlook: Far from the overvalued crowd

Cardio3 has disclosed an aggressive and ambitious clinical trial programme to develop its novel Natural Killer CAR therapy. Currently starting a Phase I in AML and MM, Cardio3 aims to start one solid tumour trial per quarter once an initial AML/MM efficacy signal is detected. This potentially moves Cardio3 into large, valuable indications, well away from the crowded space around ALL. Cardio3’s core value is based on C-Cure cardiac cell therapy. Adding CAR AML and MM therapies takes the indicative value to €985m, €121/share. Solid tumour indications might add €519m, €64/share, but are not currently included as still preclinical. Comparable US CAR companies have high valuations on limited clinical data: Juno $5.2bn; Kite $2.4bn. Cardio3 has announced a US IPO.
Underlying
Celyad Oncology

Celyad is engaged in engineered cell therapy treatments with clinical programs initially targeting indications in cardiovascular disease and oncology. Co. provides C-CATHez, an injection catheter that delivers bio therapeutic agents into the myocardium. Co.'s main product is C-Cure, which is in Phase III clinical trials for the treatment of chronic heart failure secondary to ischemic cardiomyopathy. Co.'s drug product candidates are autologous cell therapy treatments. In autologous procedures, a patient's cells are harvested, selected, reprogrammed and expanded, and then infused back into the same patient.

Provider
Edison Investment Research
Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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