Medigene (MDG1) H1 2024 earnings summary

Executive summary

• Achieved significant progress in TCR-guided immunotherapies, advancing lead programs MDG1015, MDG2011, and MDG2021, expanding the pipeline, and forming new partnerships, including WuXi Biologics.

• Proprietary end-to-end platform supports multiple TCR-guided immunotherapy modalities and underpins strategic partnerships with BioNTech and Regeneron.

• Successfully completed an oversubscribed capital raise in May 2024, providing €5.9 million in gross proceeds and extending the cash runway into July 2025.

• Expanded the patent portfolio to 97 issued and 124 pending patents as of June 30, 2024, with new filings and grants in Europe and Japan.

Financial highlights

• Revenue for H1 2024 was €4.5 million, up 45–46% year-over-year, mainly due to the reversal of a contractual liability after terminating the Hongsheng Sciences partnership.

• R&D expenses increased by 21% to €6.3 million, reflecting intensified development activities and clinical trial preparations.

• Selling and general administrative expenses decreased by 5% to €4.1 million, mainly from lower personnel costs.

• EBITDA improved by 10% to €-6.0 million, and net loss narrowed to €-6.7 million from €-7.0 million year-over-year.

• Cash and cash equivalents stood at €14.0 million as of June 30, 2024.

Outlook and guidance

• 2024 revenue guidance maintained at €9–11 million, including highly likely milestone payments from existing partnerships.

• R&D cost guidance increased to €11.5–13.5 million for 2024 to support clinical trial preparations.

• Cash runway projected into July 2025, contingent on current plans and recent capital raise; future financing is required for business continuation beyond that date.

• Key clinical milestones include IND filing for MDG1015 in Q3 2024, CTA filing in Q4 2024, and potential first patient enrollment by year-end, subject to financing.