Oryzon Genomics - Costs up but company remains well funded
Oryzon Genomics has reported results for H122 and highlighted the progress of key assets iadademstat and vafidemstat during the period. It reported combined R&D grants of US$7.48m in H122. Total operating expenses amounted to US$10.90m (R&D expense US$8.12m), an 11% increase from H121 of US$9.78m (R&D US$7.26m). Expenses were largely due to costs associated with the clinical trial programme for iadademstat in acute myeloid leukaemia (AML) and vafidemstat in various central nervous system indications. Gross cash at end-H122 was US$23.60m. At the reported H122 burn rate of US$6.92m (capex including capitalised intangibles of US$5.35k plus cash loss from operations of US$1.57m), we estimate a cash runway to Q225, past key clinical readouts. As Oryzon’s H122 results are in line with our estimates, our forecasts are unchanged. We value the company at €802m, or €15.1/share.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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