Oncoinvent (ONCIN) Q2 2024 earnings summary

Executive summary

• Advanced clinical development of bemcentinib (AXL inhibitor) in frontline NSCLC with STK11 mutation, with Phase 1b enrollment completed and Phase 2a ongoing, addressing a major unmet medical need for ~20% of 1L NSCLC patients.

• All Phase 2a sites activated to enroll up to 40 patients, with an innovative synthetic control arm established through a Tempus partnership.

• Fast Track designation from FDA, patent protection until 2042, and positive safety review support regulatory and commercial prospects.

• Cash position at end of Q2 2024 was NOK 200.1 million, strengthened by NOK 138.9 million from warrant exercise, and fully funds operations through at least summer 2025.

• Reverse share split (100:1) completed in June 2024 to address stock price compliance.

Financial highlights

• Raised NOK 138.9 million from warrant exercise, with total cash position at NOK 200.1 million at end of Q2 2024.

• Q2 2024 operating expenses were NOK 50.8 million, with average quarterly spend trending at NOK 40 million.

• Q2 2024 operating loss was NOK 50.8 million; net loss after tax was NOK 49.7 million.

• No operating revenues reported in Q2 2024.

• Equity ratio at 30 June 2024 was 80.2%, up from 68.9% at 31 March 2024.

Outlook and guidance

• Phase 2a study on track for full enrollment by summer 2025, with interim data expected late 2024 or H1 2025.

• Regulatory guidance on pivotal development path in 1L STK11m NSCLC anticipated in H1 2025.

• NIH-funded investigator-led trial combining bemcentinib and pacritinib to initiate in H2 2024.

• Strategic options post-phase 2a include further fundraising or partnering for late-stage development and commercialization.

• Cash position and focused strategy expected to provide adequate resources to advance bemcentinib in NSCLC.