Vivoryon Therapeutics (VVY) H1 2024 earnings summary

Executive summary

• Strategic focus shifted from Alzheimer's disease to kidney disease and inflammatory/fibrotic disorders after compelling kidney function data from the VIVIAD Phase II-B study, with varoglutamstat showing significant eGFR improvement, especially in diabetic subgroups.

• Varoglutamstat's mechanism targets QPCTL, reducing pro-inflammatory chemokines, and demonstrated excellent safety and tolerability across over 400 subjects in Phase 1 and 2.

• A Phase II study in advanced DKD is planned, subject to additional funding or partnerships.

• Management changes included a new CFO and board member transitions; all AGM agenda items approved, including share nominal value reduction.

Financial highlights

• No revenue reported for H1 2024 or H1 2023.

• Research and development expenses rose to €10.3 million in H1 2024 from €6.3 million in H1 2023, mainly due to increased clinical costs.

• General administrative expenses decreased to €3.5 million from €4.4 million year-over-year.

• Net loss for H1 2024 was €13.6 million, compared to €10.7 million in H1 2023.

• Cash and cash equivalents stood at €15.3 million as of June 30, 2024, down from €28.6 million at year-end 2023.

Outlook and guidance

• Cash and cash equivalents are expected to fund operations into Q2 2025; additional financing or partnerships are required for the planned Phase II DKD study and to extend the runway.

• Ongoing partnership discussions are strengthened by new scientific data, with a focus on advancing varoglutamstat in kidney disease.

• VIVA-MIND study data will be analyzed by year-end to inform next steps in Alzheimer's disease.