Molecular Partners (MOLN) H1 2024 earnings summary

Executive summary

• Advanced multiple pipeline programs, including MP0533 for AML, MP0712 for SCLC, Switch-DARPin (MP0621), MP0317, and the Radio-DARPin platform, with significant progress and strong preclinical and early clinical data supporting further development.

• Strategic collaborations with Orano Med and Novartis to co-develop radio-DARPin therapies, leveraging robust R&D and manufacturing capabilities.

• Maintained a strong financial position with CHF 159.1 million in cash as of June 2024, ensuring funding into 2027, and updated expense guidance for FY2024.

• Promoted Philippe Lejeune to Chief Medical Officer, recognizing strong clinical execution and leadership.

• Platform optimizations reduced kidney accumulation and increased tumor uptake, supporting further clinical development.

Financial highlights

• Cash and short-term deposits totaled CHF 159.1 million as of June 30, 2024, with a CHF 28 million cash burn in H1.

• H1 2024 revenue was CHF 4.3 million, mainly from the Novartis collaboration.

• Operating loss of CHF 31.8 million and net loss of CHF 26.4 million in H1 2024, both improved year-over-year.

• R&D expenses increased to CHF 27.2 million, mainly due to MP0533 and radio platform investments; SG&A expenses decreased to CHF 8.9 million.

• Updated FY2024 expense guidance to CHF 65–75 million, down from previous guidance.

Outlook and guidance

• Cash runway extended into 2027, supporting continued investment in key programs.

• MP0533: Protocol amended for higher and more frequent dosing; updated results expected late 2024 and 2025.

• MP0712 (Radio-DARPin): Clinical entry expected in H2 2025, with initial imaging data available soon after dosing.

• Switch-DARPin (MP0621): Preclinical data in H2 2024; clinical route to be determined based on results.

• Continued expansion of the RDT portfolio and collaborations with Orano Med and Novartis.