Athersys (ATHX)

Business description

Athersys is a US biotech company developing MultiStem (allogeneic, bone marrow-derived stem cells). A Phase II trial with MultiStem in ischaemic stroke is ongoing (data in Q115) and further studies in AMI (Phase II) and GvHD (Phase II/III) are planned.

Share price chart

Share chart

Stock data

Market cap.US$169.8m
Last closeUS$2.19
High / Low (52 weeks)US$4.0 / US$1.1
Stock market listingUS
Forecast net cash (US$m)25.4
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceutical & Healthcare

Price performance

%1m3m12m
Actual68.461562.2102(46.0591)
Relative *71.055854.9154(53.0551)

* % Relative to local index

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Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (c) P/E (x) P/CF (x)
2012A 8.7 (17.5) (17.1) (52.6) N/A N/A
2013A 2.4 (24.8) (24.4) (42.3) N/A N/A
2014E 1.8 (29.7) (29.3) (38.2) N/A N/A
2015E 1.6 (26.6) (26.2) (33.5) N/A N/A

Last updated on 18/12/2014

Investment summary

Enrolment in the potentially pivotal Phase II study assessing MultiStem in ischaemic stroke patients is now complete. With a 90-day primary efficacy endpoint, headline data are expected towards the end of Q115. The bulk of our valuation of Athersys at $275m ($3.55/share) is attributed to MultiStem’s potential in ischaemic stroke, so positive results could re-rate the stock. For illustration, raising the probability of success to 50% (vs 20% currently) would boost our valuation to ~$595m ($7.70/share).

Last updated on 12/01/2015

Industry outlook

Athersys is well positioned in terms of its stage of development and the profile of its MAPCs, in terms of safety, high dose (>1bn cells), and convenient mode of delivery (IV). The MAPCs appear to be substantially differentiated from other MSCs. Regenerative medicine is gaining traction and recognition by global regulators (eg accelerated approval pathway in Japan).

Last updated on 22/12/2014

Key management

Gil Van Bokkelen, CEO
William (BJ) Lehmann, President and COO

Company address

3201
Carnegie Avenue
Cleveland
OH 4415-26
United States
+1 216-431-9900
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