ReNeuron Group (RENE): Pushing on with CustomEx in H123
ReNeuron reported its H123 interim results, showcasing a significant revenue increase to £438k from £58k in H122, primarily driven by a £320k payment from Fosun Pharma. The company reduced its operating losses to £4.3m from £6.1m, largely due to decreased clinical trial costs following a strategic shift towards its exosome platform, CustomEx. With a gross cash position of £10.5m, ReNeuron anticipates funding operations into Q4 CY23. The company's valuation stands at £44.2m, or 77p per share, affected by updated financial model assumptions.
- Significant revenue increase to £438k in H123, up from £58k in H122.
- Reduced operating losses to £4.3m from £6.1m, indicating improved cost management.
- Cash position of £10.5m expected to fund operations through Q4 CY23.
- Valuation decreased from £47.3m (83p per share) to £44.2m (77p per share) due to updated assumptions.
LONDON, UK / ACCESSWIRE / December 7, 2022 / With its H123 interim results, ReNeuron highlighted progress across its proprietary exosome platform, CustomEx. The company reported H123 revenues of £438k (H122: £58k), primarily related to income associated with a £320k payment from Fosun Pharma as part of a technology transfer and supply agreement. ReNeuron pared back its operating losses (£4.3m in H123, down from £6.1m in H122), largely with reduced clinical trial-related costs following the company's strategic refocus on exosomes. ReNeuron closed the half year with a gross cash position, including bank deposits, of £10.5m, which, given the company's current cash burn rate and our projections, is anticipated to fund operations into Q4 CY23. We value ReNeuron at £44.2m or 77p per share.
We value ReNeuron at £44.2m or 77p (previously £47.3m or 83p per share). Our valuation has been affected by rolling our model forward and updating our exchange rate assumption to US
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