After the recent fundraising, there were no surprises in Destiny’s FY 2021 financials which continue to demonstrate its prudent financial management. Whilst preparing its two Phase 3-ready assets for partnering, the stumbles of its competitors in the CDI prevention space have made Destiny’s negotiating position stronger and arguably, easier.
Operating expenses excluding share-based payment charges decreased to £6.0m from £6.4m in FY 2020, as a result of the lower clinical trial expense after the XF-73 Phase 2b study. The operating expenses included R&D costs of £3.7m, which came in under our £3.8m estimate, and £2.3m in other operating costs (£4.5m and £1.9m in FY 2020, respectively).
Destiny’s confident FY 2021 results presentation should have left investors in no doubt that the Phase 3 studies and commercialisation of its two products – non-toxigenic Clostridioides difficile strain M3 (NTCD-M3) for the prevention of C.difficile infections (CDIs), and XF-73 for the prevention of post-operative staphylococcal infections – will be conducted with partners.
As Destiny’s FY 2021 results had in a modestly lower YE 2021 cash position after the increased investment in the two lead assets and increased staff costs, our valuation changes very slightly from £210.3m or 289p per share to £209.6m or 288p per share.
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