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Oryzon Genomics (BME: ORY)

Last close As at 13/05/2024

EUR1.95

▲ −0.02 (−0.81%)

Market capitalisation

EUR125m

Spanish biotech Oryzon Genomics is focused on epigenetics. Iadademstat is being explored for acute leukaemias, small-cell lung cancer (SCLC) and neuroendocrine tumours. Central nervous system (CNS) asset Vafidemstat has completed several Phase IIa trials and a Phase IIb trial in borderline personality disorder, and is in a Phase IIb trial for schizophrenia.

Oryzon is among the leading clinical-stage drug developers with a second generation of epigenetic therapeutics, which have greater selectivity and a potentially favourable safety/efficacy profile compared with the first-generation HDAC inhibitors.

Latest Insights

View More

Healthcare | Update

Oryzon Genomics — Doubling down on clinical activity in 2024

Healthcare | Flash note

Oryzon Genomics — FDA green light for SCLC combination trial

Healthcare | Flash note

Oryzon Genomics — Third time is a charm; INNOVATIVE SME Seal

Healthcare | Update

Oryzon Genomics — Approaching a period of inflection
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Sector

Healthcare

Equity Analyst

Soo Romanoff

Soo Romanoff

Managing Director - Head of Content, Healthcare

Nidhi Singh

Nidhi Singh

Analyst

Arron Aatkar

Associate analyst

Jyoti Prakash

Jyoti Prakash

Analyst, Healthcare

Key Management

  • Carlos Buesa

    CEO

Balance Sheet

Forecast net cash (€m)

19.1

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (2.7) 5.4 (6.8)
Relative (4.7) (5.6) (22.6)
52 week high/low €2.3/€1.6

Financials

Oryzon’s Q124 results emphasised the company’s focus on advancing and expanding its CNS and oncology pipelines, driven by its core assets, vafidemstat and iadademstat. Operating performance was in line, with the lower opex (37% y-o-y decline to €3.2m) driven by reduced R&D spending following completion of the Phase IIb PORTICO trial. Notwithstanding the mixed PORTICO results in borderline personality disorder (BPD), we expect clinical activity to pick up in the coming months, with the initiation of the iadademstat combination studies in first-line AML (Phase Ib) and SCLC (Phase Ib/II) in Q224, and the planned end of Phase II (EoP2) meeting with the FDA in BPD. We also expect interim readouts from the Phase Ib FRIDA study in advanced AML (to be presented at the European Hematology Association conference in June this year). We keep our assumptions broadly unchanged and incorporate the latest net debt figure (€3.7m at end-Q124) in our estimates. Our valuation adjusts to €12.1/share.

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (fd) (c) P/E (x) P/CF (x)
2022A 15.7 (5.3) (6.3) (7.49) N/A N/A
2023A 14.2 (4.4) (6.0) (5.65) N/A N/A
2024E 12.9 (3.1) (4.1) (2.53) N/A N/A
2025E 33.7 16.9 15.4 29.08 6.8 6.7

Research

testalize-me-0jE8ynV4mis-unsplash

Flash note

Healthcare

Oryzon Genomics — FDA green light for SCLC combination trial

Flash note

Healthcare

Oryzon Genomics — Third time is a charm; INNOVATIVE SME Seal
testalize-me-0jE8ynV4mis-unsplash

Healthcare

Update

Oryzon Genomics — Doubling down on clinical activity in 2024

testalize-me-0jE8ynV4mis-unsplash
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Further insights

insight

Epigenetics

Analyst of the week

Soo Romanoff

Soo Romanoff

Managing Director - Head of Content, Healthcare

sromanoff@edisongroup.com 020 3077 5700
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Thematics

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