Quantum Genomics (ALQGC): Steady Sailing as FRESH readout Approaches

Edison Investment Research Limited

LONDON, UK / ACCESSWIRE / October 6, 2022 / Quantum Genomics' H122 results showed the company is on steady footing as it approaches a key inflection point. Top-line data from the Phase III FRESH study, investigating the use of firibastat in treatment-resistant hypertension, is expected to be presented at the American Heart Association annual meeting on 7 November and, if positive, we expect data could form the basis of a global licensing deal. In H122, the company reported total revenues of €4.1m (including a €1.2m R&D tax credit), in line with our expectations. Lower total operating costs of €12.5m have led us to trim our FY22 loss before tax to €17.1m from €20.2m. With a net cash position at end-June 2022 of €16.5m, we see the company as funded to Q223, past key results from the FRESH trial and with time to negotiate a licensing deal. We value Quantum Genomics at €728.8m or €21.1 per share (previously €701.3m or €20.3 per share).

We value Quantum Genomics at €728.8m or €21.1 per share (previously €701.3m or €20.3 per share). We have rolled our model forward and updated it for FX changes. We note the potential for considerable value uplift should FRESH data prove positive and will revisit our assumptions when these are reported. Our valuation reflects a net cash position of €16.5m at end-June 2022.

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