Step Pharma

Executive Summary

Step Pharma is a French private biotech company developing dencatistat (STP938), a first-in-class, highly selective, orally bioavailable small molecule targeting a novel oncological pathway. The drug aims to become a key therapy for multiple cancer regimens. As a preclinical/stage-agnostic company with no disclosed pipeline details, Step Pharma represents an early-stage investment opportunity with high risk but significant upside potential if dencatistat successfully differentiates in efficacy and safety. The company’s focus on oral administration and selectivity suggests a competitive advantage in convenience and reduced toxicity. However, limited public information and lack of clinical data visibility increase uncertainty. With a strong scientific premise but early development phase, the conviction score is moderate.

Upcoming Catalysts (preview)

• Q3 2026Initiation of Phase 1/2 Clinical Trial40% success
• Q4 2026Presentation of Preclinical Data at Major Conference70% success
• TBDPartnership or Licensing Deal for Dencatistat30% success