Clark Avenue Worth: AlloVir: One other Damaged Biotech

AlloVir (ALVR) (~$74MM market cap) is clinical-stage biotech centered on cell remedy to deal with viral illnesses. On 12/22/23, AlloVir paused their Part 3 research for Posoleucel after advisors concluded the research had been unlikely to fulfill their major endpoints.  Alongside the announcement, the corporate introduced, “we are going to instantly shift our focus to protect our substantial remaining capital, assessment our pipeline, and assess strategic choices.”  AlloVir does have 3 extra pipeline belongings:

About AlloVir’s Earlier Stage Virus-Particular T cell Pipeline

Grownup Kidney Transplantation

AlloVir has earlier reported the outcomes of its accomplished Part 2 randomized, placebo-controlled trial evaluating posoleucel for the remedy of BKV an infection in grownup kidney transplant sufferers. After 24 weeks of remedy, 39% of sufferers receiving posoleucel skilled a ≥1-log viral load discount, in comparison with 14% of sufferers receiving placebo.

Acute Respiratory An infection

The corporate has accomplished Half A of a randomized, placebo-controlled Part 1b/2a trial with ALVR106 in 14 stem cell or strong organ transplant sufferers. ALVR106 is an investigational allogeneic, off-the-shelf, multi-virus-specific VST remedy candidate designed to focus on illnesses brought on by human metapneumovirus (hMPV), influenza, parainfluenza virus (PIV) and respiratory syncytial virus (RSV). Information has been accepted for presentation at a scientific convention within the first quarter of 2024.

Power Hepatitis B An infection

ALVR107 is an investigational allogeneic, off-the-shelf VST remedy designed to focus on hepatitis B virus (HBV)-infected cells and doubtlessly treatment sufferers with continual HBV an infection. Preclinical and IND-enabling research assist the development of ALVR107 right into a medical proof of idea examine as a subsequent step.

A few of these may be value one thing, or not.  The corporate, sadly, did not give us present money or formally announce a discount in workforce (however if you happen to verify LinkedIn, lots of their workers are “searching for work”).  My again of the envelope math:

Somebody talked about to me we must always hope the “observe Tang” technique continues into 2024, he isn’t on the shareholder registry right here (but), however developing with an identical supply to what he is been throwing round, I get one thing like $0.83/share in money plus a CVR for any legacy asset proceeds.  There’s a good amount of money burn danger right here since we do not have a lot steering from administration, however the time between strategic alts bulletins and deal bulletins appears to be shortening in these damaged biotechs.  A poorly thought out reverse merger is all the time a priority too, nonetheless there are some actual shareholders right here, hopefully they supply some sanity.

Disclosure: I personal shares of ALVR

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