| Valuation method | Value, £ | Upside, % |
|---|---|---|
| Artificial intelligence (AI) | 1530.40 | 1522686 |
| Intrinsic value (DCF) | 1.20 | 1094 |
| Graham-Dodd Method | n/a | |
| Graham Formula | 300.90 | 299303 |
PHAXIAM Therapeutics S.A. (formerly ERYTECH Pharma S.A.) is a France-based biopharmaceutical company specializing in innovative treatments for resistant bacterial infections and oncology. The company's lead candidate, eryaspase, is in Phase 3 clinical trials for second-line pancreatic cancer and Phase 2 for triple-negative breast cancer and acute lymphoblastic leukemia. Additionally, PHAXIAM is developing a phage therapy portfolio targeting dangerous hospital-acquired infections caused by bacteria like Staphylococcus aureus and Pseudomonas aeruginosa. Operating in France and the U.S., PHAXIAM focuses on high-need therapeutic areas with significant unmet medical demand. The company's pivot from ERYTECH to PHAXIAM in 2023 reflects its strategic shift toward bacteriophage-based therapies alongside its oncology pipeline. With a market cap of approximately €2.2 million, PHAXIAM represents a high-risk, high-reward opportunity in the biotechnology sector, particularly for investors interested in novel anti-infective and oncology solutions.
PHAXIAM Therapeutics presents a speculative investment opportunity with its dual focus on oncology and phage-based antibacterial therapies. The company's eryaspase candidate shows promise in pancreatic cancer, but its negative EPS (€-5) and significant net losses (€-23.5M in FY2023) underscore high clinical and financial risk. With €10.5M in cash and €13.3M in debt, liquidity remains a concern, though its modest market cap could appeal to investors betting on successful trial outcomes. The 1.832 beta indicates high volatility, aligning with its clinical-stage profile. Investors should weigh the potential of its Phase 3 asset against its cash burn rate (€-24.4M operating cash flow) and the competitive landscape in both oncology and phage therapy.
PHAXIAM competes in two distinct but challenging spaces: oncology (with eryaspase) and phage therapy for resistant infections. In pancreatic cancer, its eryaspase faces competition from established chemotherapies and targeted therapies like Ipsen's Onivyde (NASDAQ:IPSEY) and Merck's Keytruda (NASDAQ:MRK). The phage therapy space is less crowded but includes innovators like Adaptive Phage Therapeutics (private) and Armata Pharmaceuticals (NYSE:ARMP). PHAXIAM's differentiation lies in its combination of bacterial lysins with antibiotics, potentially offering broader efficacy than traditional phages. However, its small size (€1.3M revenue) limits commercialization capabilities compared to larger peers. The company's French base provides access to EU regulatory pathways but may hinder U.S. market penetration. Its competitive edge hinges on clinical validation of eryaspase's survival benefits and the scalability of its phage platform—both unproven at commercial stage. Capital constraints further restrict its ability to outpace deep-pocketed competitors in oncology R&D.