Oryzon Genomics - Refreshed outlook with near-term catalysts

We update our investment view on Oryzon Genomics following the company's FY25 results and refreshed profile. This includes an array of near-term milestones for iadademstat, lead asset for oncological- and non-oncological haematological diseases, such as clinical trial readouts for the ALICE-2 and RESTORE trials in 2026, in acute myeloid leukaemia (AML) and sickle cell disease (SCD), respectively. Separately, lead central nervous system (CNS) asset vafidemstat is Phase III-ready, as management is finalising the protocol for a pivotal-stage programme with European and US regulators in borderline personality disorder (BPD). As of end-2025, the company's current gross cash position of €28.4m should provide operational headroom through H127. Reflecting these developments, our valuation for Oryzon stands at €938.2m, or €11.7/share.

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