Mmm… I don’t quite see 10-20 x market cap in the three “peer” examples provided by Rohan. Nonetheless, Avidity, Dyne and Stoke are useful comparators.
Avidity is currently leading the pack in market cap (US$4.7 bn). It is also the furthest advanced in clinic, has the highest cash holding (US$ 1.3 bn) and is targeting fairly prevalent rare diseases in its two lead indications.
Dyne isn’t too far behind (US$4.1 bn). It has now completed Phase 1/2 in two different indications, has roughly US$ 1 bn in cash and is likely to enter Phase 3 in H1 2025. Its lead program is in the same indication as Avidity’s and its second program faces an already approved antisense therapy (Sarepta’s eteplirsen) as well as two further competitor antisense therapies in late stage clinical trials.
Finally, Stoke is a bit less than double the market cap of PYC but with higher cash holdings (A$ 400 m+). Its therapeutic focus is the most similar to PYC. Stoke has now completed Phase 1/2 in its lead (CNS) indication but has yet to commence Phase 1/2 in its second indication, ADOA.
All three of these US peers have seen strong share price movement on positive Phase 1/2 results, with Stoke more than doubling in price on release of positive Phase 1/2 results in March this year.
Avidity Biosciences (RNA)
Current MC: US$ 4.7 bn Cash: US$ 1.3 bn Raised ~ US$ 461 m in mid-June 2024
Current Share Price: US$ 44.31
6 mth SP Movement: ↑ 295%
12 mth SP Movement: ↑ 288%
Share price performance in top 1% of US stocks over past 12 months
Lead program commenced Phase 3 in Q2 2024.
Second program to commence Phase 3 in functional cohort in H1 2025.
Third program now in Phase 1/2.
Antibody-conjugated oligonucleotide platform
Three leading programs all targeting rare genetic muscular dystrophy disorders.
Lead program in myotonic dystrophy Type 1 (DM1) - est. >40,000 patients in US (3 other therapies in Phase 3).
Second program in FSHD - est. 16,000 – 40,000 patients in US.
Third program in DMD amenable to Exon 44 skipping - est. < 1,000 patients in US.
One month ago the stock surged 33% on release of initial data from Ph 1/2 in FSHD – seen as further validation of Avidity’s platform for development of RNA targets outside the liver.
Dyne Therapeutics (DYN)
Current MC: US$ 4.16 bn Cash: US$ 1 bn Raised ~US$ 375m in late May 2024
Current Share Price: US$ 41.96
6 mth SP Movement: ↑ 142%
12 mth SP Movement: ↑ 264%
Two programs currently in Phase 1/2 with positive efficacy and safety data already announced.
Planned meeting with FDA at end of 2024 for path forward to registrational trials.
Antibody fragment conjugated antisense oligonucleotide platform.
Two clinical-stage programs both target rare genetic muscular dystrophy disorders.
Program 1 in myotonic dystrophy Type 1 (DM1) - est. >40,000 patients in US (4 other therapies in Phase 3).
Program 2 in DMD amenable to exon 51 skipping - 1-2,000 patients in US (1 FDA approved therapy and 3 other therapies in Phase 2
Stoke Therapeutics (STOK)
Current MC: US$ 731m Cash: US$ 300 m Raised US$ 120 m in late April 2024
Current Share Price: US$ 14.03
6 mth SP Movement: ↑ 166%
12 mth SP Movement: ↑ 40%
Lead program completed Phase 1/2 with positive efficacy and safety data announced. Planned meeting with FDA in H2 2024 for path forward to registrational trial.
Second program to commence Phase 1/2 in H2 2024.
TANGO antisense oligonucleotide platform.
Stoke is focused on development of therapies for rare, monogenic, haploinsufficiency disorders.
Lead program in neurodevelopmental/epileptic disorder, Dravet syndrome - est. 9,000 -23,000 patients in the US.
Second program in ophthalmology – ADOA.
In March this year STOK more than doubled on the release of Phase 1/2 efficacy and safety results.
PYC Price at posting:
13.0¢ Sentiment: Hold Disclosure: Held
(20min delay)