Adlai Nortye (ANL) Q2 2024 earnings summary

Executive summary

• Advanced lead candidate buparlisib (AN2025) in a Phase 3 trial for recurrent/metastatic HNSCC, with OS data expected Q1 2025.

• Strengthened leadership with appointments of Archie Tse, M.D., Ph.D. as Head of R&D and Roger Sawhney, M.D. to the Board.

• Reported encouraging safety and efficacy data for AN4005, an oral PD-L1 inhibitor, and nominated AN8025 as a development candidate.

Financial highlights

• Cash and cash equivalents totaled $98.0M as of June 30, 2024, up from $91.5M at year-end 2023.

• Net cash used in operating activities was $28.4M for H1 2024, up from $18.3M in H1 2023.

• R&D expenses decreased 4.5% year-over-year to $26.0M; G&A expenses decreased 9.8% to $4.7M.

• Other income and gains rose 852.4% to $2.6M, mainly from government grants.

• Net loss decreased 64.8% year-over-year to $27.7M, driven by the absence of fair value loss on financial liabilities post-IPO.

Outlook and guidance

• On track to report Phase 3 OS data for buparlisib in Q1 2025.

• Clinical update for AN4005 expected in H2 2024; IND submissions for AN8025 and AN9025 planned for mid and late 2025, respectively.

• Current cash position expected to fund operations and capital expenditures for at least the next 12 months.