Edison Investment Research - OXFORD CANNABINOID TECH HLDGS PLC (OCTP) Oxford Cannabinoid Technologies - Clinical headway rests on funding

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Edison Investment Research

Sean Conroy

Oxford Cannabinoid Technologies - Clinical headway rests on funding

Oxford Cannabinoid Technologies (OCT) has shared its FY23 results and summarised its ongoing activities. OCT completed preclinical research for OCT461201 (programme 1) and in July 2023 the first healthy volunteer was dosed in the Phase I safety study; results are expected in Q3 CY23. Management believes this programme will be Phase II ready by Q4 CY23, and plans to target neuropathic pain associated with chemotherapy-induced peripheral neuropathy (CIPN) and visceral pain in irritable bowel syndrome (IBS). OCT also completed preclinical research for OCT130401 (programme 2) and announced the company’s expansion into oncology (programme 4). As we push out our launch timelines for programme 1 to FY30 (FY29 previously; FY27 estimated by management) to reflect the current halt in development, update net cash and roll forward the model, our valuation adjusts to £25.3m or 2.6p per share (£26.1m or 2.7p/share previously). In line with management guidance, we have updated our cash runway to Q424 (Q124 previously) but emphasise the imminent need to raise funds to advance clinical activities.

12/09/2023 1 EN

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OXFORD CANNABINOID TECH HLDGS PLC

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GB00BMVMRB86 London Stock Exchange United Kingdom

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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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Analysts

Sean Conroy

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Oxford Cannabinoid Technologies - Clinical headway rests on funding

Oxford Cannabinoid Technologies - Termination of coverage

Oxford Cannabinoid Technologies - Early signs of revival in clinical activity

Oxford Cannabinoid Technologies - Poised to progress to Phase II pending raise

Accsys Technologies - Upgrading guidance for the full year

Topps Tiles - Market outperformance again in FY24

Nabaltec - Resilience and margin expansion

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