We revisit our investment case for OSE Immunotherapeutics following the recently presented strategic plans for 2026-28, reflecting a more streamlined focus on advancing its core clinical assets, Tedopi and Lusvertikimab. Tedopi remains on-track in the registrational Phase III ARTEMIA trial in non-small cell lung cancer (NSCLC), with a futility analysis planned in Q326, before a full readout in Q128. For Lusvertikimab, any Phase IIb development in ulcerative colitis (UC) would now be undertaken in partnership, with OSE targeting less capital-intensive indications internally (speciality or rare diseases). Management anticipates needing up to €90m over FY26-28 to support its plans, using a mix of equity, debt and potential milestone payments from partners. With several moving parts, we take a more conservative stance on OSE, with our valuation revising to €371.3m or €16.5 per share (from €560.8m or €25.6 per share previously).Den vollständigen Artikel lesen ...
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