KZA 5.41% 35.0¢ kazia therapeutics limited

Edison Report April 2019

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    This report has been commissioned by Kazia Therapeutics ...Edison report April 2019 DYOR

    https://www.google.com.au/search?client=safari&channel=iphone_bm&source=hp&ei=Ir3tXNDZLtLLrQGA7L34BA&q=kazia+research+report+2018&oq=kazia+research+report+&gs_l=psy-ab.1.0.33i160l3.3745.8569..14363...0.0..0.310.3773.0j21j0j1......0....1..gws-wiz.....0..0i131j0j0i10j0i22i30j33i21.m0BH7gQv2-A

    IMO.
    Research previous Edison reports for accuracy of valuations or success DYOR as imo far too optimistic as previous reports

    Valuation

    Our base-case valuation assumes a 40% likelihood that GDC-0084 is out-licensed to a marketing partner in 2021 after reporting positive PFS data from the Phase II trial, in a deal that includes US$20m upfront and US$120m in clinical and regulatory milestone payments.
    We also assume that Kazia pays a royalty of 10% of net sales to Genentech and that global sales for GBM reach US$1,050m in 2030.

    Financials


    Kazia had $4.1m cash at 31 December 2018 and has subsequently raised $1.8m (before costs) through the sale of its shareholding in Noxopharm.

    We expect the available funds to be sufficient to support operations into H2 CY19, by which time preliminary efficacy data from the GDC-0084 Phase IIa studies are expected to read out.

    However, if is there is any slippage on the timelines, funds may need to be raised in H2 CY19 before the GDC-0084 Phase IIa trial reads out.

    We estimate that Kazia will need additional funds of $1115m to finance the GDC-0084 Phase IIb GBM study.

    We have revised our FY19 financial forecasts to account for the ~$1.5m loss on the sale of the Noxopharm shareholding for $1.8m (gross) vs its valuation of $3.3m at the end of FY18.

    Last edited by qqqqqqqqq: 29/05/19
 
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