ACCESS Newswire
17 Jul 2019, 14:13 GMT+10
LONDON, UK / ACCESSWIRE / July 17, 2019 / After a second-half punctuated by outstanding interim clinical results and partnering, which together contributed to a 430% year-to-date share price increase, the FY19 financial results now return to focus. The FY19 net loss decreased to Pound 14.3m (Pound 17.6m in FY18), driven by R&D spend of Pound 16.3m and an R&D tax credit of Pound 2.9m. We expect the year-end FY19 cash balance of Pound 26.4m to last into FY21.
We have updated our model for the FY19 preliminary results and made a number of other changes. We have increased our R&D spend in FY20 and FY21 to reflect the deferred spend from the delayed start to the PISCES III study. The Pound 16m illustrative debt represents either a licensing transaction or a fund-raising in FY21. These two changes reduced our valuation by c 3% but are more than offset by updating our model to reflect the Fosun milestones, R&D tax credits, and US dollar strength. Our valuation moves to Pound 198m or 625p per share, from Pound 193m or 610p per share previously. Our probabilities of success remain unchanged for now.
Click here to view the full report.
Subscribe to Edison's content to receive reports by email.
All reports published by Edison are free-to-access and available on the website.
About Edison: Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East, and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers, and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.
Edison is authorised and regulated by the Financial Conduct Authority.
Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities.
For more information please contact Edison:
Andy Smith, +44 (0)20 3077 5700
[email protected]
Learn more at www.edisongroup.com and connect with Edison on:
LinkedIn https://www.linkedin.com/company/edison-group-
Twitter www.twitter.com/Edison_Inv_Res
YouTube www.youtube.com/edisonitv
SOURCE: Edison Investment Research Limited
Get a daily dose of Boston Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Boston Star.
More InformationFRANKLIN, Tennessee: Hundreds of thousands of Nissan and Infiniti vehicles are being recalled across the United States due to a potential...
REDMOND, Washington: Microsoft is the latest tech giant to announce significant job cuts, as the financial strain of building next-generation...
LONDON UK - U.S. stock markets were closed on Friday for Independence Day. Global Forex Markets Wrap Up Friday with Greeback Comeback...
SANTA CLARA, California: Nvidia came within a whisker of making financial history on July 3, briefly surpassing Apple's all-time market...
SACRAMENTO, California: California's multibillion-dollar farms are facing a growing crisis—not from drought or pests, but from a sudden...
WASHINGTON, D.C.: President Donald Trump says the United States could soon reach a trade deal with India. He believes this deal would...
FRANKLIN, Tennessee: Hundreds of thousands of Nissan and Infiniti vehicles are being recalled across the United States due to a potential...
]LONDON, U.K.: A World Health Organization (WHO) expert group investigating the origins of the COVID-19 pandemic released its final...
(Photo credit: Eric Canha-Imagn Images) Boston right-hander Walker Buehler looks to put a horrid six-start stretch behind him when...
(Photo credit: Mady Mertens-Imagn Images) The Cincinnati Reds are becoming known for their resilience. Fresh off an impressive...
(Photo credit: Kamil Krzaczynski-Imagn Images) The Chicago Cubs set a franchise record by bashing eight home runs in a single game...
(Photo credit: Grace Smith/IndyStar / USA TODAY NETWORK via Imagn Images) The Indiana Fever look to extend their winning streak to...