Transgene (TNG) H1 2024 earnings summary

Executive summary

• TG4050 individualized vaccine showed all treated head and neck cancer patients disease-free at 18.6 months, with strong and durable immune responses; phase II trial ongoing and new indication to be announced in 2025.

• TG4001 phase II trial in HPV-positive anogenital cancer completed enrollment, with topline results expected Q4 2024.

• BT-001 and TG6050 oncolytic virus programs are advancing, with BT-001 showing partial responses and favorable safety, and TG6050 phase I data expected by end of 2024.

• New executive hires, including CMO and CSO, strengthen leadership as the company enters a critical growth phase.

• Collaboration agreements with NEC, Merck, MSD, and Biolnvent support clinical development and supply.

Financial highlights

• €33 million of debt was converted into equity in July 2024, increasing the majority shareholder's stake to 69.1% and reducing non-current financial debt from €36.1 million to €5.8 million.

• Financial visibility is secured through Q4 2025, supported by a €66 million credit facility, with €32.9 million drawn as of June 30, 2024.

• Operating revenue for H1 2024 was €3.4 million, down from €4.8 million in H1 2023, mainly due to the end of the AstraZeneca collaboration.

• Net loss for H1 2024 was €16.5 million, with EPS at €(0.16); R&D expenses were €15.4 million, stable year-over-year.

• Cash and current financial assets totaled €15.3 million as of June 30, 2024.

Outlook and guidance

• No increase in R&D budget is planned for the next 12 months, as current funding covers all ongoing and new studies.

• TG4001 and TG6050 topline data expected in Q4 2024; TG4050 phase II trial ongoing with last patient enrollment expected H2 2025.

• Dense news flow expected through end of 2025, including additional trials and potential partnerships.