ReNeuron Group PLC (LON:RQE) ended FY18 with a healthy cash balance and the 11 July announcement of an exclusivity agreement worth up to US$5m with a US specialty pharmaceutical company for the evaluation of ReNeuron’s hRPC platform now leaves it well-funded through to FY20. A key milestone is the imminent start of the US Phase IIb PISCES III placebo-controlled study in chronic stroke disability, which heralds the later stages of clinical development for ReNeuron.
FY18 results: Strong cash balance
ReNeuron’s end-year cash balance was £37.4m (vs £53.1m at end FY17), about £5m higher than our estimate. Net losses in FY18 were £17.6m, better than the £20.1m we had forecast. These incorporated R&D expenses of £16.7m, up £1.6m on a comparable basis, and were distorted by material FX losses (£0.9m vs a gain of £1.7m in FY17). Net cash outflows were £14.9m (£12.6m in FY17) and we estimate net outflows of £21.2m in FY19.
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