Vyome Holdings (NASDAQ:HIND) experienced a sharp market move, with its share price rising 70% on Tuesday, after an independent valuation placed substantial commercial potential on its primary investigational drug, VT-1953. The valuation projects that, conditional on positive Phase 3 outcomes, the asset could be worth about $1 billion.
The company engaged Destum Partners to perform the assessment of VT-1953, which is being developed to treat symptoms associated with malignant fungating wounds (MFW). MFW are described in the analysis as a rare but severe complication of advanced solid tumors that produce intense malodor, pain, and psychological distress for patients.
Destum Partners’ report estimates the total addressable U.S. market for treatments targeting MFW at approximately $2.2 billion. Within that framework, the firm projects peak annual U.S. sales for VT-1953 of $600 million, should the candidate reach the market. Using a risk-adjusted net present value approach, Destum placed the current value of the asset at $455 million following the positive Phase 2 data, while noting the potential to approach the $1 billion mark after successful Phase 3 completion.
Tom Filipczak, Managing Director and Partner at Destum Partners, emphasized the unmet need underpinning the opportunity: "Malignant fungating wounds represent one of the most severe and underserved conditions in oncology supportive care," he said. "Based on the absence of approved therapies and the high unmet need, we believe this indication represents a compelling clinical and commercial opportunity."
Vyome’s chief executive, Venkat Nelabhotla, characterized the Destum analysis as "important external validation" as the company advances VT-1953 toward pivotal development. The company and the report both note that there are currently no FDA-approved drugs for malignant fungating wounds.
The valuation drew on multiple inputs, including literature research, epidemiology modeling, competitive landscape assessment, pricing benchmarking, and interviews with key opinion leaders across several medical specialties. These elements were combined to inform the market-sizing, revenue projections, and the risk-adjusted valuation shown in the report.
While the market reaction was immediate and pronounced, the report’s upside is explicitly tied to trial progress and regulatory outcomes. The current $455 million valuation reflects the asset's status after Phase 2 data, and the potential $1 billion figure is contingent on successful completion of Phase 3.