Oncoinvent (ONCIN) Q3 2024 earnings summary

Executive summary

• Completed Phase 1b enrollment for Bemcentinib in frontline STK11-mutated NSCLC, showing encouraging safety and therapeutic plasma levels; Phase 2a recruitment ongoing with interim analysis expected early 2025.

• Bemcentinib is the only AXL inhibitor in development for this indication, addressing a significant unmet need in over 30,000 US/EU patients.

• All tilvestamab and ADCT-601 programs discontinued after unsuccessful out-licensing and partner program halt, with no expected financial impact.

• CEO transition underway, with Martin Olin departing and David Colpman joining the Board to strengthen business development.

• Collaboration with Tempus to provide a novel comparator for Phase 2a results.

Financial highlights

• Year-to-date operating expenses were NOK 117.9 million, down 20% from NOK 148.3 million in 2023; Q3 2024 expenses NOK 27.2 million, down 3% year-over-year.

• Q3 2024 operating loss: NOK 27.2 million; net loss after tax: NOK 24.8 million; basic and diluted EPS: NOK -0.63.

• Cash position at end of Q3 2024: NOK 174.8 million, expected to fund operations into Q3 2025.

• Net cash flow from operating activities in Q3 2024: NOK -27.6 million.

• Raised NOK 129.9 million in April 2024 from exercise of warrants.

Outlook and guidance

• Interim analysis of Phase 2a study expected in early 2025, with final data potentially available in late 2026.

• Cash reserves projected to support operations through Q3 2025; guidance on operating expenses and cash burn unchanged.

• No financial impact expected from discontinuation of tilvestamab and ADCT-601 programs.