Nicox reported H122 results with operating cash burn rates mildly above our assumptions, while maintaining its guidance that its funds on hand should be sufficient to maintain operations into Q423, based on the development of NCX-470 alone. The company has pushed back its expected timeline for the release of primary efficacy data from the Denali NCX-470 Phase III study to after 2024 (from 'after 2023'). Nicox has also decided to partner NCX-4251, its dry eye disease (DED) product candidate, for the US market rather than pursue further clinical development. Given these events, we now obtain a rNPV valuation of €224.0m (versus €297.8m previously). We highlight that Nicox expects to report primary efficacy data from the Mont Blanc NCX-470 Phase III trial in early November. Positive top-line study data, demonstrating superior intraocular pressure (IOP) lowering efficacy to latanoprost, would materially de-risk future NCX-470 development and likely drive a re-rating of the stock.Den vollständigen Artikel lesen ...
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