Arovella Therapeutics - Refocused pipeline towards iNKT cell therapy

Arovella is progressing on its lead product, ALA-101 (CAR19-iNKT) targeting blood cancers and has selected a CMO for the production of plasmid and lentiviral vector, with the company intending to finalise iNKT cell manufacturer in Q1 CY22. Legacy product, Zolpimist, an oro-mucosal spray for insomnia, expects to generate commercial sales in Australia (through Arovella's partner STADA) starting from Q3 CY22. Following a recent fund raise of A$6.7m (excluding financing costs) in Q1 CY22, we estimate that the company has sufficient cash to run its iNKT studies and to manage its operating activities until CY23 (an acceleration in cash burn due to iNKT cell therapy related programs). Our valuation for Arovella stands at A$30.5m or A$0.05 per basic share.

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