BioInvent International (BINV) Q2 2025 earnings summary

Executive summary

• Strategic portfolio shift to focus on BI-1808 and BI-1206, targeting solid tumors and hematologic malignancies, with multiple near-term clinical catalysts expected.

• Promising clinical data for BI-1808 in CTCL and BI-1206 in NHL and solid tumors, including high disease control and response rates.

• Monetization of mezagitamab royalty rights for up to USD 30 million, strengthening financial flexibility.

• Workforce reduction of approximately 25 positions to optimize resource allocation.

Financial highlights

• Q2 2025 net sales: SEK 198.1 million, up from SEK 4.6 million in Q2 2024, mainly due to a USD 20 million royalty transaction.

• Profit after tax for Q2 2025: SEK 38.8 million, compared to a loss of SEK -137.3 million in Q2 2024.

• H1 2025 net sales: SEK 220.2 million, up from SEK 10.6 million in H1 2024.

• H1 2025 loss after tax: SEK -77.8 million, improved from SEK -215.3 million in H1 2024.

• Liquid funds at period end: SEK 797.5 million, down from SEK 1,090.3 million a year earlier.

Outlook and guidance

• Phase 2a data for BI-1808 + pembrolizumab in solid tumors expected H2 2025.

• Additional BI-1206 triplet data in NHL and BI-1808 data in CTCL expected H1 2026.

• First read-out from BI-1206 + pembrolizumab in NSCLC and uveal melanoma expected H2 2026.

• Current cash resources expected to fund operations beyond these key clinical milestones.