Quantum Genomics - A fresh take on cardiovascular medicine

Quantum Genomics is focused on the development of new classes of cardiovascular medicines. Firibastat, the company’s lead clinical asset, is in development for the management of treatment-resistant hypertension (TRH) and post-myocardial infarction heart failure (post-MI HF). We value Quantum Genomics at €701.3m or €20.3 per share, with 92% of this attributable to firibastat in TRH. In the near term, readouts from two Phase III trials in TRH are the main catalyst for the company. In our view, firibastat’s unique mechanism of action offers the potential for significant differentiation in the sizeable cardiovascular drug market. If results from Phase III are positive, the company could file an NDA with the FDA by end-2023. With a handful of licensing deals already in place, we see the timely signing of licensing deals in the United States and EU5 as essential to maximising the commercial success of firibastat. We estimate that, post the capital raise, end April net cash was c €20.5m, providing a runway into Q223.