Oryzon Genomics - Multiple milestones anticipated in H224

Oryzon’s Q224 results summarised an active quarter for its clinical pipeline, with multiple milestones expected in H224. Central to the H224 momentum will be the upcoming FDA end-of-Phase II (EoP2) meeting for vafidemstat in BPD, for which a positive outcome would provide impetus to subsequent plans. Interim data from FRIDA (iadademstat in AML) was encouraging, and with several additional combination trials planned, the second half of the year will continue to be highly active. Operating results threw no surprises, with R&D expenses remaining soft (€2.2m in Q224) following the PORTICO trial completion in late 2023. The period-end gross cash balance of €10.1m was supported by another €4m drawdown from the November 2023 convertible debt facility and should support operations into FY25. As we make minor revisions to our estimates, our valuation adjusts to €774.7m versus €748.8m previously. Our per share valuation remains unchanged (€12.1) on a higher post-conversion share count.