Oncoinvent (ONCIN) H1 2026 earnings summary

Executive summary

• Phase II ovarian cancer trial recruitment surpassed the halfway mark with 55 patients enrolled and up to 10 active sites, including four new sites added in 2026, reflecting accelerated momentum.

• Positive final Phase I data for RadspherinⓇ presented at ESGO, with normal tissue dosimetry results published and new patents secured in China, expanding IP protection to 2041.

• RadspherinⓇ targets micrometastasis in the peritoneum with a one-time, post-surgery injection, showing promising efficacy and safety signals, including a 10% peritoneal recurrence rate at 24 months versus 55-60% for standard of care.

• The company is preparing for Phase III by planning protocols, securing raw materials, scaling manufacturing, and engaging in early regulatory discussions leveraging FDA Fast Track designation.

• Appointment of Dr. Ramzi Amri as CFO and new scientific director Sara Westrøm, strengthening the leadership team.

Financial highlights

• Cash and cash equivalents totaled NOK 108.8 million as of June 30, 2026, including NOK 2 million in restricted cash, providing runway into 2027 and past interim readout.

• Operating cash burn for H1 2026 was NOK 69.3 million, in line with budget and proportional to increased trial activity.

• Operating expenses increased to NOK 77.2 million in H1 2026, driven by higher payroll and clinical study costs.

• Operating loss widened to NOK 69.0 million in H1 2026, compared to NOK 52.0 million in H1 2025.

• Total operating revenue for H1 2026 was NOK 8.2 million, mainly from an agreement with Artbio.

Outlook and guidance

• Interim results from the Phase II ovarian cancer trial are expected later in 2026 and 2027, with Phase III potentially starting as early as 2027.

• Recruitment is on track to complete in the first half of 2027, enabling a nine-month follow-up and main interim readout in late 2027.

• Preparations for Phase III include regulatory engagement, protocol design, and manufacturing scale-up, aiming for Accelerated or Conditional Approval pathways.

• Strategic partnerships and collaborations are actively pursued for Phase III and commercialization, with ongoing discussions but no timeline disclosed.

• Additional funding will be required within the next twelve months to support ongoing operations and development.