Trinity Delta view: FY22 was another year of delivery, with two wholly-owned Redx assets now in Phase II trials: RXC004 in solid tumours, and RXC007 in IPF, a fibrotic lung disorder. Both are expected to yield key data during 2023, notably H223, which will provide important insights into their respective positioning and commercial potential. In addition, the discovery engine continues to generate pipeline candidates and Redx is aiming to generate three INDs by the end of 2025; this includes RXC008 which is set to enter the clinic in the near-term. Cash of £53.9m at end-September should be sufficient through key value inflection points expected in H223. Our valuation is £458m (or $596m), or 138p per share.
