Results bring welcome detail and no surprises
Operating expenses excluding share-based payment charges decreased to £6.0m from £6.4m in FY 2020, as a result of the lower clinical trial expense after the XF-73 Phase 2b study. The operating expenses included R&D costs of £3.7m, which came in under our £3.8m estimate, and £2.3m in other operating costs (£4.5m and £1.9m in FY 2020, respectively).Destiny’s confident FY 2021 results presentation should have left investors in no doubt that the Phase 3 studies and commercialisation of its two products – non-toxigenic Clostridioides difficile strain M3 (NTCD-M3) for the prevention of C.difficile infections (CDIs), and XF-73 for the prevention of post-operative staphylococcal infections – will be conducted with partners.
As Destiny’s FY 2021 results had in a modestly lower YE 2021 cash position after the increased investment in the two lead assets and increased staff costs, our valuation changes very slightly from £210.3m or 289p per share to £209.6m or 288p per share.
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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