Oryzon Genomics - Key milestones and extended cash runway

Oryzon is progressing with its lead assets, iadademstat and vafidemstat, in the clinic. The ALICE study continues to generate positive readouts in acute myeloid leukaemia (AML) with initiation of Phase Ib FRIDA in second line planned for H222. In borderline personality disorder (BPD) Oryzon is expecting interim readouts this year and is filing an investigational new drug (IND) application to initiate the Phase Ib study in Kabuki syndrome. We believe positive readouts in the AML and BPD setting could serve as important catalysts in 2022. With a gross cash position of €25.2m at end-March 2022, we estimate Oryzon has a cash runway through into Q225. We value Oryzon at €802m, or €15.1/share, from €739m, or €13.9/share.