Oryzon Genomics - Catalysts on the horizon in FY23

FY23 is shaping up to be a busy clinical year for Oryzon with readouts and trial initiations expected across its lead assets. The next major clinical milestone for iadademstat in oncology is the initiation of the Phase Ib FRIDA study in second-line FLT3+ relapsed/refractory (r/r) acute myeloid leukaemia (AML) patients with the trial expected to start imminently. Oryzon’s lead central nervous system (CNS) clinical asset, vafidemstat, is being assessed for the treatment of borderline personality disorder (BPD) in the Phase IIb PORTICO study. Interim data readouts are expected from the trial in Q123, which we view as the next major upcoming catalyst for investor attention. Our valuation of Oryzon remains largely unchanged at €869.0m or €15.6 per share (previously €846.7m or €15.5/share).