Transgene (TNG) H2 2024 earnings summary

Executive summary

• Achieved clinical proof of concept for TG4050, an individualized cancer vaccine, with all treated patients disease-free after a median 24.1 months in Phase I for head and neck cancer; Phase II ongoing and new Phase I trial in a second indication planned for Q4 2025.

• Advanced pipeline assets TG4001, BT-001, and TG6050, with key data readouts and analyses planned for 2025.

• Business funded through April 2026, supported by increased credit facility and €33M capital increase.

• New leadership team appointed and manufacturing process improvements underway to support growth and scalability.

Financial highlights

• Financial results aligned with forecasts due to strict cost control; operating revenue was €6.4M in 2024, down from €7.9M in 2023.

• R&D expenses increased to €34.2M in 2024, reflecting intensified clinical activity.

• Operating loss widened to €35.7M in 2024; net loss was €34.0M (€0.29/share).

• Net cash burn was €27.7M in 2024; year-end cash position was €16.7M.

• Credit facility increased to €48M, with €22.5M drawn as of March 2025.

Outlook and guidance

• 24-month follow-up data for TG4050 Phase I to be presented in Q2 2025; Phase II randomization to complete in Q4 2025.

• Interim immunogenicity data for TG4050 Phase II expected at ASCO or ESMO 2026; efficacy data with two-year follow-up by end of 2027.

• TG4001 data in HPV-16 positive cancers to be presented in Q2 2025, with analyses by tumor type and PD-L1 expression.

• BT-001 and TG6050 updated data expected in the second half of 2025; new TG4050 trial in a second indication to start in Q4 2025.

• Business operations funded through April 2026.