Oryzon Genomics - Progress in oncology and CNS in FY22

Oryzon Genomics has presented headline FY22 financial results, which reflect continued progress on its clinical activities for key assets iadademstat (oncology) and vafidemstat (central nervous system; CNS) across different programmes. Total operating expenses for the year were US$22.9m, up by 13.5% from US$20.2m in FY21 and slightly higher than our estimate of US$20.1m. As expected, the bulk of these costs (c 80%) related to R&D expenses (US$18.1m) as the company continues to focus on advancing its clinical pipeline. The period-end gross cash balance was US$22.7m, which at historical burn rates (€6.92m/US$7.3m in H122) should fund the company into H225, past key clinical readouts. Looking ahead, we see the start of patient enrolment in the FRIDA study for relapsed/refractory (r/r) FLT3+ acute myeloid leukaemia (AML) patients and top-line data from the PORTICO study for borderline personality (BPD) disorder in Q123 as key upcoming catalysts.