Edison Investment Research - Pharnext SA (ALPHA) Pharnext - Clinically healthy

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Edison Investment Research

Sean Conroy

Pharnext - Clinically healthy

The past weeks have been eventful for Pharnext, with the company releasing its H121 results, announcing multiple C-Suite appointments, and conducting its R&D day. On the business front, the financing situation appears manageable following the June 2021 convertible debt financing, and the pivotal Phase III PREMIER trial remains on track to conclude enrolment in Q222. However, the continued stock price softness (triggered by the financing) remains an overhang. We believe there is the possibility for a sentiment reversal and stock price re-rating following positive progression towards the commercialisation of PXT3003.

06/12/2021 1 EN

Underlying

Pharnext SA

Pharnext SA is a France-based biopharmaceutical company. The Company is focused on discovering, developing and licensing new therapeutic solutions (Pleodrugs) and companion tests for unmet medical needs (large and niche markets) by using the Pleotherapy approach. Pharnext SA runs all its own activities, from research through to clinical development (no further than the end of Phase II trials), and then licenses the Pleodrugs to industrial partners. The Company's prime focus is on neurodegenerative diseases and metabolic diseases.

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FR0011191287 Euronext Paris France

Provider

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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Pharnext - Clinically healthy

Pharnext - Termination of coverage

Pharnext - Potential licensing deals could add confidence

Pharnext - Improving FY23 financial footing

Record - AUME momentum and a sharper focus

Actinogen Medical - Funding in place through key catalysts

Henderson Opportunities Trust - A differentiated exposure to smaller companies

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