Hybrigenics (PA:ALHYG) has reported H117 financial results which have been restated to reflect the sale of the proteomics division. Hybrigenics continues to generate preclinical data from its inhibitors of ubiquitin-specific protease (USP) programme. Inecalcitol’s Phase II studies in acute myeloid leukaemia (AML) and chronic myeloid leukaemia (CML) will be expanded to other countries and combinations with other kinase inhibitors, respectively. Net cash at end July 2017 was €11m which we estimate provides runway into 2019. Our updated valuation is €129m or €2.75/share.
Company reports H117 results; forecasts adjusted
Hybrigenics reported the results of its retained activities (inecalcitol development, the research on USP inhibitors and its genomic services division Helixio) following the R&D reorganisation and sale of the majority of its proteomics services division for €0.8m in March 2017. Revenues from retained activities were €1.2m in H117 vs €1m in H116. Operating costs were €4.7m vs €3.5m in H116 largely due to the Phase II clinical trial of inecalcitol in AML. We have adjusted FY17e total revenue to €2.5m (vs €3.7m previously) and increased FY17 expenses to €10.1m (from €8m) to reflect the expansion of the Phase II trials. After raising €6.8m in June 2017, pro forma cash at 24 July 2017 was €11m, sufficient to fund operations into 2019.
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