BioInvent International (BINV) Q4 2024 earnings summary

Executive summary

• Advanced six clinical programs, with BI-1808 and BI-1206 in phase II and four in phase I, focusing on TNFR2 and FcyRIIB targets, and enrolled first patients in BI-1607 study for metastatic melanoma.

• Positive early efficacy data reported for BI-1206 triplet in non-Hodgkin lymphoma and BI-1910 in solid tumors.

• Expanded management team, including appointment of SVP of Strategy and Finance, and achieved ISO 26000 verification, reinforcing ESG commitment.

• Granted composition of matter patent for BI-1808 antibody in Japan, expanding IP protection for cancer treatment uses.

• Signed key clinical collaboration and supply agreements with MSD, AstraZeneca, and Transgene.

Financial highlights

• Net sales for 2024 were SEK 44.7 million, down from SEK 71.5 million in 2023, mainly due to lower milestone payments.

• Q4 2024 net sales were SEK 21.4 million, up from SEK 15.3 million in Q4 2023.

• Q4 2024 operating costs rose to SEK 147.2 million from SEK 126 million in Q4 2023, with full year operating costs at SEK 516 million, up from SEK 441 million.

• Loss after tax for 2024 was SEK -429.4 million, compared to SEK -330.3 million in 2023.

• Liquid funds and investments at year-end were SEK 867.2 million, down from SEK 1,283.0 million last year, financing operations until mid-2026.

Outlook and guidance

• Multiple key data updates expected in 2025 for BI-1808, BI-1206, BI-1910, and BI-1607, including phase II and phase I results.

• Additional BI-1808 combination data and BI-1910 phase II-A data anticipated in the second half of 2025.

• First triplet data for BI-1607 with pembrolizumab and ipilimumab expected by year-end 2025.

• Ongoing and future data readouts expected to drive partnering and financing discussions.

• Anticipates further clinical milestones and potential value inflection points in 2025.