A moderate loss before starting phases II-b - HOLD - TP 11€ (vs 11,9€)
Biophytis H1 15 net loss amounted to -€995,350 as of June 30, 2015, vs -326,431 as of June 30, 2014. This is lower than what we expected for the whole year 2015 (-€6 million). As we expect the Company to start recruiting patients for its Phases IIb clinical trials in H1 16, R&D expenses should not grow significantly during H2 15, when they should stay in line with H1 15 (€400,000). Only SG&A expenses should stay relatively high in H2 15, due to commissions on IPO and fund raising. Sofar we do not change our forecasts for 2015, which anyway would not have much impact on our valuation. Our valuation currently equals €11 per share, lower than our previous estimate of €11.9, due to a WACC of 14.8% vs. 13.8%, impacted by a higher risk premium. We maintain a NEUTRAL rating while waiting for the authorisation (expected by mid-2016) for the start of two phases II-b studies.Biophytis SA, formerly Institut Biophytis Sas is a France-based company engaged in the healthcare industry. The Company is a biotechnology entity specialized in the development of drug candidates to treat ageing diseases. Its two programs relate to sarcopenia (loss of muscle functionality) and Age Related Macular Degeneration (ARMD). Biophytis SA is engaged in the clinical and regulatory development of its drug candidates, such as Sarconeos (BIO101) and Macuneos (BIO201), simultaneously in the United States and domestic market.
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