Opsy (OPSYH ) Q2 2024 earnings summary

Executive summary

• NeoFox phase 2 study expansion underway, with first patient included and 19 patients enrolled by early August; initial results expected in autumn 2024.

• Foxy-5, a synthetic WNT5A fragment, shows promising tumor-inhibiting effects in colorectal cancer, with ad hoc observations indicating reduced local tumor spread.

• Business development intensified, with strong interest from potential partners pending clinical data; aim to secure partnership before or after phase 2 results.

• Patent portfolio for Foxy-5 strengthened, with new product patents extending protection to 2041 and robust coverage confirmed by external analysis.

• Market potential for Foxy-5 estimated at over SEK 5 billion annually, targeting high-risk stage III colorectal cancer patients.

Financial highlights

• No operating revenue; net result for Q2 2024 was -13.5 MSEK compared to -8.3 MSEK in Q2 2023.

• Operating costs for Q2 2024 totaled -13.7 MSEK, up from -8.5 MSEK in Q2 2023, mainly due to clinical trial and manufacturing expenses.

• Cash and cash equivalents at period end were 24.0 MSEK, down from 30.8 MSEK at the end of Q2 2023.

• Cash flow for the quarter was -15.7 MSEK, reflecting increased R&D activity.

• Equity at period end was 27.5 MSEK, with no interest-bearing debt.

Outlook and guidance

• Initial efficacy evaluation of Foxy-5 in a subset of patients planned for late 2024; full proof-of-concept results expected in 2025.

• Accelerated business development to secure partnership agreements, with the goal to finalize deals based on upcoming clinical data.

• Revised NeoFox study design reduces time and cost, enabling earlier clinical readouts.