Oryzon Genomics - Q3 results recap key upcoming inflection points

Oryzon has reported its Q324 results, the highlight of which was the borderline personality disorder (BPD) programme, with the final Phase IIb PORTICO data demonstrating vafidemstat’s potential to offer meaningful results in a condition with no approved drugs currently. A further boost was the positive FDA feedback for Phase III, and the next step will be the submission of a full trial protocol for PORTICO-2 (expected in Q125). Oryzon also made strides in strengthening its intellectual property (IP) profile, extending vafidemstat’s patent protection up to at least 2040. In oncology, the first patient was dosed in the investigator-initiated Phase Ib study of iadademstat with venetoclax and azacitidine in acute myeloid leukaemia (AML). For FRIDA (iadademstat with gilteritinib in AML), the strategic priority in oncology, the next update will be at EHA 2025. Our valuation adjusts to €796m or €12.3/share (from €775m or €12.1/share).