Nicox’s lead candidate NCX-470 targets the topical treatment of glaucoma by utilising and expanding on an already-established dual intraocular pressure (IOP)-lowering mechanistic approach. Top-line data from Mont Blanc, the first of two Phase III studies, is expected in H122. The second Phase III trial, Denali, already ongoing in the US, recently received approval to begin enrolling patients in China. Denali study data is expected in Q422, which we believe should support a potential US launch in 2024. Nicox recently reported FY20 results, which were in line with our estimates in terms of product sales-related royalty revenue, and slightly ahead in terms of free cash flow.
