Oncoinvent (ONCIN) Q4 2024 earnings summary

Executive summary

• Strategic focus shifted to RadspherinⓇ, pausing other research and implementing significant cost-saving measures, including staff reductions and new leadership appointments.

• Raised NOK 141 million through private placement and subsequent offering, and listed on Euronext Growth Oslo.

• Entered a collaboration agreement with ARTBIO, leveraging laboratory assets for external partnerships and new revenue streams.

• Advanced RadspherinⓇ clinical program with promising efficacy and safety in ovarian and colorectal cancer trials, including positive interim results and FDA Fast-Track designation.

• Management and board have deep radiopharmaceutical expertise, with experience from major industry players.

Financial highlights

• Q4 2024 operating revenue increased to NOK 8,036k, mainly due to the ARTBIO agreement; full-year 2024 revenues NOK 5.4m.

• Q4 2024 EBITDA loss reduced to NOK -22,592k from NOK -39,525k year-over-year; full-year EBITDA loss NOK -126,463k.

• Cash and cash equivalents at year-end 2024 were NOK 135.7m, up from NOK 32.1m at end-2023.

• Payroll expenses for Q4 2024 decreased to NOK 15,966k from NOK 23,009k in Q4 2023 due to staff reductions.

• Earnings per share improved to NOK -0.29 in Q4 2024 from NOK -2.13 in Q4 2023.

Outlook and guidance

• Focus remains on advancing RadspherinⓇ through clinical milestones, especially in ovarian cancer, with topline data from two phase 1/2a trials expected in 2025.

• Revenue expected to rise as ARTBIO agreement income is recognized through 2025.

• Manufacturing scale-up and outsourcing planned for phase 3; GMP lab services selectively offered to non-competing companies.

• Continued engagement with regulatory authorities and preparation for potential commercialization.

• Multiple upcoming investor and industry events scheduled through 2025.