William Blair & Company initiated research coverage of Aptinyx Inc. (APTX $3.65), a clinical-stage company developing novel NMDA receptor modulators for the treatment of central nervous system (CNS) disorders.
Analyst Myles Minter said, "Aptinyx has three clinical-stage pipeline assets, led by NYX-2925 in Phase IIb clinical development for both painful diabetic peripheral neuropathy, or DPN, and fibromyalgia. Top-line data from these trials was originally expected around year-end 2020 and first half 2021, but given the COVID-19 pandemic, we now await updated timing on these readouts after trials recommence enrollment. We view NYX-2925 as an active, well-tolerated, and once-daily chronic therapy that is meaningfully differentiated from existing treatments for an estimated 10 million combined painful DPN and fibromyalgia patients in the United States, who have not benefited from therapeutic innovation in decades, in our view."
Minter continued, "Aptinyx is conducting Phase IIa trials of NYX-783 in post-traumatic stress disorder and NYX-458 in mild cognitive impairment associated with Parkinson's disease. Preclinical models have demonstrated efficacy of both NYX-783 and NYX-458 in their respective indications, and both candidates have been deemed safe for oral dosing with adequate brain exposure identified from Phase I trials in healthy patient volunteers. Importantly, the company holds $98.8 million in cash, which pre-COVID-19 impact was sufficient to fund operations through all four clinical trial readouts. We believe disruptions are temporary and expect this liquidity position to fund through the NYX-2925 Phase IIb painful DPN and fibromyalgia trial share value drivers."
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