FY22 has been a year of transition for Arovella as it pivots its strategic focus towards immunotherapy, in particular invariant natural killer T (iNKT) cell-based therapies. Another major development during the period was the first commercial launch of ZolpiMist, the flagship product from its legacy OroMist portfolio. With first sales expected in Q3 CY22 for ZolpiMist and steady progress of the lead iNKT asset ALA-101 towards the clinic, we expect FY23 to be eventful for Arovella. The FY22 results were broadly in line with expectations with the significantly higher R&D figure (A$2.6m, five times the FY21 number) signalling the oncology-focus. The year-end cash balance of A$6.1m should provide a 12-month runway based on the current run rate, but we estimate the need to raise another A$5m in FY24. Our valuation remains largely unchanged at A$31m or A$0.05/share.Den vollständigen Artikel lesen ...
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