BioInvent International (BINV) Q3 2024 earnings summary

Executive summary

• Positive clinical data for lead compounds BI-1206 (FcgammaRIIB) and BI-1808 (TNF receptor 2), including complete and partial responses in heavily pretreated patients, with additional efficacy in CTCL and NHL.

• Six projects in clinical development, with expanded collaborations and new agreements with Merck/MSD and AstraZeneca, and presentations at ESMO and EHA 2024.

• New clinical trial collaborations and patent milestones achieved, including Notice of Allowance for BI-1910 and Orphan Drug Designation for BI-1206.

• Promising anti-tumor activity observed in BT-001 (anti-CTLA-4 antibody) in combination with oncolytic virus and pembrolizumab in refractory solid tumors.

• Over ten development agreements and five clinical projects outlicensed to partners, validating the antibody platform.

Financial highlights

• Q3 2024 net sales were SEK 12.8 million, down from SEK 26.8 million in Q3 2023; net sales for January–September 2024 were SEK 23.3 million, a decrease from SEK 56.1 million in 2023.

• Operating costs increased to SEK 120 million in Q3 2024 and SEK 368 million for the nine-month period; operating loss for January–September 2024 was SEK -345.2 million.

• Q3 2024 net loss was SEK 97.2 million; nine-month loss was SEK 312.5 million.

• Liquid funds and investments totaled SEK 979 million at the end of September 2024.

• Cash flow from operating activities for the nine-month period was SEK -282.2 million.

Outlook and guidance

• Additional single agent phase 2 data for BI-1808 and first phase 1 data for BI-1910 expected by year-end 2024.

• Preliminary patient data for BI-1206 triplet combination anticipated by year-end 2024; further data mid-2025.

• Seven major data readouts anticipated in 2025 from four clinical assets, with key updates targeted for major oncology conferences.

• BI-1607 triple combination study with pembrolizumab and ipilimumab to start, with first data in the second half of 2025.