Oryzon Genomics - Clinical ramp in Q3; several catalysts approaching
Oryzon Genomics reported Q322 results that are largely in line with our expectations. The clinical ramp up of its key assets, iadademstat and vafidemstat, has meant R&D expenses were higher than our estimates, largely offset by the higher R&D tax rebates. The Q322 net loss of US$0.6m (€0.7m) brought the 9M22 net loss to US$1.9m (€2.0m). As a result, we expect FY22 operating losses to decrease to €5.0m versus our previous estimates (€7.0m), reflecting the timing of R&D spend and associated tax rebates. Oryzon closed the quarter with a gross cash position, including marketable securities, of US$27.1m, implying an annual cash burn of approximately €14m, which assuming full drawdown of the €20m convertible debt facility, will see the company through into Q224 (including outstanding debts repayments). We value Oryzon at €861m or €16.2 per share, up from €802m or €15.1/share previously.Oryzon Genomics SA is a Spain-based biopharmaceutical company. It is engaged in the field of epigenetic medicine and in the development of therapeutic, biological solutions for cancer and neurodegenerative diseases. The Company's business model focuses on identifying biomarkers that can be translated in new therapeutic targets, as well as on investing in programs, mainly through the development of small molecules for two main indications: cancer and neurodegeneration. The Company develops investigational medicines till proof of concept (POC) phase and then partners the program with pharmaceutical entities, which are able to get the approval from drug agencies to bring these medicines to the patients. It cooperates with Roche. The Company is a subsidiary of Laboratorio Reig Jofre SA.
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