Destiny Pharma (LON:DEST) full-year results for the year ending December 31 2023 included news of a strategic review of the options for its lead program XF-73 nasal. Cost-controls and reduced clinical trial spend at this point in the development of Destiny’s assets reduced the loss for the year.
With the increased focus on the partnering of XF-73 nasal, we were left in no doubt after the analysts’ meeting that XF-73 nasal is both a valuable asset and that it will be partnered at some point in time. While an external out-licensing transaction for XF-73 nasal similar to that for NTCD-M3 remains probable, the strategic update suggests a range of other options to achieve the same result for this asset.
Our fair value for Destiny Pharma plc has changed to £212.0m (or 234p / share) from £254.7m (or 279p / share). This reflects the longer times until Phase 3 studies start and, as a result, its products launch at Destiny’s partners. It also reflects the vast global unmet need that XF-73 nasal can address.
Link to research note: https://www.equitydevelopment....
