e-Therapeutics (LON:ETX), with £45mln in cash, is well funded and has the resources to progress its two drugs in clinical development through to potential "value inflection points".
So says research house Edison, which says there is potential upside in the shares from factors, including clinical progress and future collaborations.
In the ETS2101 clinical programme for Dexanabinol, results from the US are expected in the fourth quarter (for brain cancer) and the first quarter next year from the UK (for solid tumours).
Phase II trials for ETS2101 and for ETS6103, for depression, are in planning, with the latter due to start imminently, says Edison analyst Franc Gregori.
He says the firm's current enterprise value of £34mln is supported by its existing pipeline, without value attributed from its technology platform or intellectual property.
The firm's shares are currently chnaging hands at 30p each.