Molecular Partners (MOLN) H2 2024 earnings summary

Executive summary

• Advanced Radio-DARPin and immuno-oncology pipeline, with MP0712 (DLL3) completing IND-enabling studies and first-in-human trials planned for 2025, and expanded Orano Med partnership to co-develop up to ten 212Pb-based programs.

• MP0533 in AML showed improved efficacy with optimized dosing in ongoing Phase 1/2a trial, with further data expected in 2025.

• Switch-DARPin platform expanded to T-cell switch and CD3 logic-gated engagers, with preclinical validation for solid tumors and ongoing partnering discussions.

• Celebrated 20th anniversary and 10 years as a public company, with key leadership appointment and favorable legal outcome.

• Strong financial position with CHF 149.4 million in cash at year-end 2024, supported by a CHF 20 million capital raise in October 2024, extending runway into 2027.

Financial highlights

• FY2024 revenues of CHF 5.0 million, solely from Novartis collaboration, with no further revenue expected from this source.

• Operating expenses at CHF 66.2 million, within guidance, with 74% allocated to R&D.

• Net loss narrowed to CHF 54.0 million from CHF 62.0 million year-over-year; net financial gain of CHF 7.2 million.

• Year-end cash balance of CHF 149.4 million, down from CHF 186.9 million, with CHF 85.6 million in short-term deposits.

• Company remained debt-free at year-end 2024.

Outlook and guidance

• Operating expenses for 2025 expected at CHF 55–65 million, with ~CHF 7 million non-cash costs.

• Cash runway projected well into 2027, excluding potential R&D partnership payments.

• First-in-human studies for MP0712 to start in 2025, with initial clinical data by year-end and efficacy/safety data in 2026.

• Further data from MP0533 in AML expected in H1 and H2 2025, following protocol amendments.

• Preclinical updates on MSLN and Switch-DARPin platforms expected at AACR 2025.