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Kazia Therapeutics (KZIA): Doubling Down on Clinical Development

Wednesday, September 7, 2022 10:35 AM
Edison Investment Research Limited

LONDON, UK / ACCESSWIRE / September 7, 2022 / Kazia Therapeutics' FY22 results recapped a busy year focused on strengthening its oncology-focused pipeline. While the year was marked by encouraging data readouts from several preclinical/clinical programs (particularly in rare childhood brain cancers and brain metastases), this was partially offset by recent news that lead asset paxalisib (PI3K/mTOR inhibitor) has not graduated to Stage 2 of the Phase III GBM AGILE study in glioblastoma multiforme (GBM). Final survival and response data from the fully blinded study are expected in H2 CY23. Net cash at the end of FY22 was US$5.3m, bolstered by a US$2.5m injection from the at-the-market (ATM) facility and we estimate the need of another c US$50m before break-even. Our valuation remains largely unchanged at US$146.6m and the per basic ADR calculation decreases to US$9.79, reflecting the updated share count with the recent equity raise.

We have rolled forward our model to include the FY22 results, reflect the latest FX rates and incorporate the latest pro forma net cash figure in our valuation. Our overall valuation for Kazia remains largely unchanged at US$146.6m. However, the per ADR valuation decreases to US$9.42 (US$10.86/ADR previously) with the additional c 10 million shares due to the utilization of the ATM facility.

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SOURCE: Edison Investment Research Limited

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