H1 2021 Interims: still on track
Destiny's interim H1 2021 financial results were an upbeat and extensive update on the clinical trial progress achieved in the period.There were no surprises in the financials and progress towards starting the Phase 3 studies continues. The first of these should be the NTCD-M3 study in H2 2022, subject to financing. A range of funding options are under evaluation for the progression of Destiny’s two Phase 3-ready assets.
While the positive progress has been detailed in our recent notes on XF-73 and NTCD-M3, it is clear that, along with the most recent announcement on the secondary endpoint analysis showing the duration of the antimicrobial effects XF-73 out to six days, momentum is being maintained.
We have adjusted our financials for Destiny’s interims but left our valuation unchanged. That valuation includes a $10m upfront for a licensing transaction before YE 2021 which is required to start Destiny’s Phase 3 studies, and could come from a mixture of partnering, equity, and non-dilutive funding.
Our fair value of Destiny Pharma remains at £200.2m or 335p / share.
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