Medigene (MDG1) H1 2024 earnings summary

Executive summary

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

• Proprietary end-to-end TCR platform supports multiple immunotherapy modalities and has been expanded with new technologies.

• Lead program MDG1015 is nearing clinical stage, with IND expected Q3 2024 and CTA Q4 2024.

• Cash runway extended to July 2025 following successful and oversubscribed capital raises in May 2024.

Financial highlights

• Revenue for H1 2024 was €4.5 million, up 46% year-over-year, mainly due to contract liability reversal.

• R&D expenses rose 21% to €6.3 million, reflecting increased investment in TCR-T therapies.

• EBITDA improved by 10% to €-5.94 million; net loss narrowed to €-6.7 million from €-7.0 million.

• 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 likely milestone payments from existing partnerships.

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

• Cash runway projected into July 2025, but future financing is required for business continuation beyond that date.

• Expectation to initiate MDG1015 phase I trial by end of 2024, pending further financing.