Oncoinvent (ONCIN) Q2 2025 earnings summary

Executive summary

• H1 2025 marked a pivotal period with the discontinuation of the BGBC016 trial and a strategic review leading to a merger agreement with Oncoinvent ASA, approved post-period and expected to complete by September 2025.

• A fully underwritten NOK 130 million rights issue was approved, open to all shareholders, to fund the combined company post-merger.

• All BerGenBio employees have been given notice of termination, and all projects except BGBIL025 (to be transferred to UTSA) are being closed.

Financial highlights

• Revenue for H1 2025 was NOK 4.7 million, up from NOK 0.2 million in H1 2024, mainly from resale of unused stock.

• Operating expenses decreased to NOK 59.3 million from NOK 90.7 million year-over-year, reflecting cost containment and project closures.

• Operating loss narrowed to NOK 54.6 million from NOK 90.5 million in H1 2024.

• Net loss after tax was NOK 54.1 million, compared to NOK 85.8 million in H1 2024.

• Cash and cash equivalents at period end were NOK 65.9 million, down from NOK 140.2 million at FY 2024.

Outlook and guidance

• The combined company post-merger is expected to be funded into 2027 to advance Oncoinvent's oncology pipeline.