A year of progress, and addressing the future
Destiny’s full-year results for the year ending December 31 2023 included news of a strategic review of the options for its lead program XF-73 nasal. Cost-controls and reduced clinical trial spend at this point in the development of Destiny’s assets reduced the loss for the year.With the increased focus on the partnering of XF-73 nasal, we were left in no doubt after the analysts’ meeting that XF-73 nasal is both a valuable asset and that it will be partnered at some point in time. While an external out-licensing transaction for XF-73 nasal similar to that for NTCD-M3 remains probable, the strategic update suggests a range of other options to achieve the same result for this asset.
Our fair value for Destiny Pharma plc has changed to £212.0m (or 234p / share) from £254.7m (or 279p / share). This reflects the longer times until Phase 3 studies start and, as a result, its products launch at Destiny’s partners. It also reflects the vast global unmet need that XF-73 nasal can address.
Destiny Pharma is engaged in the discovery, development and commercialization of antimicrobials that have properties to improve outcomes for patients and the delivery of medical care into the future.
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