19p p/t from Cavendish on note out today30 Apr 2024 08:53
Poolbeg Pharma has announced FY 2023 results to end December 2023, which positively reflect the company’s capital-efficient operating model with net cash of £12.2m being reported, significantly ahead of our expectations (2023E: £10.9m). Meaningful R&D progress whilst maintaining financial prudence means that Poolbeg enters 2024 with a strong balance sheet in absolute terms and relative to many biotech peers, with a cash runway (to fund the existing R&D pipeline) we forecast will extend into 2026. This runway could be further extended should future revenues from potential partnering or licensing deals materialise. In our view, the data package for Poolbeg’s lead pipeline asset, POLB 001, has been significantly strengthened in 2023 and with the strategic expansion of the drug into oncology we believe POLB 001 could be viewed as an attractive licensing opportunity in the eyes of potential partners.