Oncoinvent (ONCIN) Q4 2024 earnings summary

Executive summary

• Discontinuation of the BGBC016/BGB016 study in first-line STK11-mutated NSCLC due to insufficient efficacy in phase II and funding constraints, despite encouraging phase Ib safety and efficacy data.

• Strategic review initiated to explore alternatives, including asset evaluation, licensing, mergers, acquisitions, or orderly closure to maximize shareholder value.

• CEO Olav Hellebø appointed in November 2024, with board strengthened by David Colpman in October 2024, both bringing significant leadership and M&A experience.

• Focus on cost efficiency and cash preservation during study closure and strategic review.

• New NIH grant-funded study (BGBIL025) with bemcentinib + pacritinib in advanced adenocarcinoma lung cancer initiated in January 2025.

Financial highlights

• Year-end 2024 cash position at NOK 140.2 million (USD 12.3 million), slightly above guidance.

• Full year 2024 operating loss was NOK 151.2 million, below the guided NOK 160 million.

• Full year 2024 net loss after tax: NOK 139.3 million.

• Net cash flow from operations FY 2024: negative NOK 153.2 million.

• FY 2024 net proceeds from share capital issue: NOK 129.6 million.

Outlook and guidance

• Strategic review underway with options including sale, merger, licensing, or orderly wind-down; no specific timeline provided.

• Cash position expected to cover liabilities and costs to close BGBC016 and complete the review.

• Several potential development paths for bemcentinib remain, including severe viral infections, relapsed/refractory AML, and second-line advanced lung adenocarcinoma.

• Cost-saving measures to be implemented following BGBC016 closure.