Hemogenyx Pharmaceuticals PLC

Hemogenyx Pharmaceuticals PLC (LSE: HEMO) is an LSE listed, clinical-stage biotech focused on therapies for blood-related diseases and certain viral infections. The company is developing immunotherapy candidates for acute myeloid leukemia (AML) and other hematologic cancers, along with patient-conditioning approaches for bone marrow transplants, including a CDX bispecific antibody and a CAR-T program. This Report covers the Key Recommendation Rationale, Conclusion, and Recommendation on the stock.

Key Recommendation Rationale – Sell at GBX 948.00

• Losses widened, driven by FX: H1 loss before tax £5.01mn vs £2.82mn YoY; operating loss £4.89mn. A material foreign-exchange loss of £2.24mn (vs £0.12mn gain YoY) was a major drag alongside higher operating costs £4.82mn (2024: £2.69mn).

• Tight liquidity and higher cash burn: Period-end cash was just £226.7k. Operating cash outflow (£3.78mn) rose vs (£2.35mn) YoY, necessitating fresh equity (£2.24mn in H1 and £2.2mn post period). Cash improved quarter-end largely due to £1.92mn FX translation rather than operations.

• Pre-revenue profile and early clinical stage: Revenue: nil in H1. Clinical dataset remains limited (3 adult patients at the opening dose level), with DSMB review still pending for dose escalation. The LOI pathway for potential near-term revenue is post-period and contingent on hospital-exemption execution, leaving no operating revenue contribution in H1.

Share Price Chart  

Conclusion

Given its current trading levels, the recent financial performance, strategic investments and partnerships, market expansion and cost optimization strategies, relative valuation, and associated risks, it is prudent to exit the stock at the current levels. Hence, a ‘Sell’ recommendation is given on the stock at the Current Market Price of GBX 948.00, 14 November 2025, 08:20 AM GMT. 

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is 14 November 2025. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Target Price refers to a price level which the stock is expected to reach as per the relative valuation method and/or technical analysis taking into consideration both short-term and long-term scenario.

Note 5: ‘Kalkine reports are prepared based on the stock prices captured either from the London Stock Exchange (LSE) and or REFINITIV. Typically, both sources (LSE and or REFINITIV) may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.’

Note 6: Dividend Yield may vary as per the stock price movement.