Newron Pharmaceuticals - Crucial upcoming datasets for evenamide

Newron has released its H123 results and presented an overview of its upcoming clinical activities assessing evenamide as a potential treatment for schizophrenia. Positive results from these trials from Q423 to Q124, may represent the most significant near-term catalysts for the company, in our view. Throughout the period, Newron has also continued to work with partners Zambon and Supernus to maintain the intellectual property of Xadago in the US, which is protected by three patents until at least 2027. At end-June 2023, Newron had a total cash and liquid asset position of €17.1m (versus €22.8m at the start of the year), which we estimate will provide a cash runway into 2024. We value Newron at CHF137.4m or CHF7.7 per share (previously CHF128.7m or CHF7.2 per share).

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