NovaBridge Biosciences (NBP) H1 2024 earnings summary

Executive summary

• Completed divestiture of China operations, transitioning to a U.S.-based global biotech model and restructuring leadership with new U.S.-based executives.

• Advanced three immuno-oncology programs: Uliledlimab, Givastomig, and Ragistomig, with new clinical milestones and collaborations.

• Ended June 30, 2024, with $207.5 million in cash and short-term investments, providing runway into 2027.

• No revenue generated in 1H 2024; focus remains on R&D and pipeline development.

• Strategic collaborations established with Bristol Myers Squibb, TJ Biopharma, and ABL Bio.

Financial highlights

• Cash and short-term investments totaled $207.5 million as of June 30, 2024, down from $311.0 million at year-end 2023, mainly due to $49.4 million in one-time outflows from China divestiture.

• $200 million of a $215 million redemption obligation extinguished, with the remaining $15 million expected to be settled by September 2024.

• Net loss from continuing operations was $6.8 million for Q2 2024 and $17.8 million for 1H 2024, improving from prior year.

• Recognized a $31.9 million gain on the China divestiture in Q2 2024.

• Cash runway projected to extend into 2027, supporting several clinical milestones.

Outlook and guidance

• Uliledlimab: First patient in combination study for advanced non-small cell lung cancer expected in 1H 2025; top-line PFS data from TJ Biopharma's phase II study in 2H 2025.

• Givastomig: Updated phase I dose expansion data to be presented at ESMO 2024; top-line data from combination study in gastric cancers expected in 2H 2025.

• Ragistomig: Phase 1 dose escalation shows 26.9% ORR and 69.2% clinical benefit ratio in advanced solid tumors.

• Actively evaluating strategic in-licensing opportunities to expand the pipeline.

• Cash runway expected to support operations and milestones into 2027.