Oryzon Genomics - Advancing on multiple clinical fronts in Q1

Oryzon has reported Q123 results highlighting its near-term strategic priorities, including a favourable interim analysis of its lead asset study, the Phase IIb PORTICO study (vafidemstat, central nervous system, CNS), and the commencement of patient enrolment for the Phase Ib FRIDA study (iadademstat, oncology). Total operating expenses stood at $5.6m for Q123, largely similar to Q122, with the majority (78.1%) from R&D expenses ($4.4m) as Oryzon continues to advance its clinical pipeline. With a cash balance of $20.0m at end Q123, we estimate a cash runway into H124. Going forward, we anticipate top-line data from the FRIDA and PORTICO studies will be key catalysts. Our valuation of Oryzon adjusts to €874.1m or €15.6/share, from €869.0m previously.