Oncoinvent (ONCIN) Q2 2025 earnings summary

Executive summary

• Radiopharmaceutical platform targets peritoneal metastases with a receptor-independent, alpha-emitting therapy, showing efficacy in ovarian and colorectal cancers.

• H1 2025 marked a pivotal period with the discontinuation of the BGBC016 trial and a strategic review leading to a merger agreement with Oncoinvent ASA, approved post-period and expected to complete by September 2025.

• Ongoing Phase 2 trial in ovarian cancer addresses high unmet need and limited competition, with compatibility to established treatment regimens.

• Experienced management and board with strong radiopharmaceutical track record.

• All BerGenBio employees have been given notice of termination, and all projects except BGBIL025 (to be transferred to UTSA) are being closed.

Financial highlights

• Sales revenue reached NOK 11.7 million in H1 2025, up from NOK 0.07 million in H1 2024, mainly from lab leasing and services.

• Operating expenses decreased 28% year-over-year to NOK 56.2 million, reflecting strategic focus on Radspherin in ovarian cancer.

• EBITDA for H1 2025 was NOK -44.2 million; EBIT was NOK -52.0 million.

• Net loss for H1 2025 was NOK -52.0 million, with cash and cash equivalents at NOK 77.4 million at period end.

• Revenue for H1 2025 was NOK 4.7 million, up from NOK 0.2 million in H1 2024, mainly from resale of unused stock.

• Operating expenses decreased to NOK 59.3 million from NOK 90.7 million year-over-year, reflecting cost containment and project closures.

• Operating loss narrowed to NOK 54.6 million from NOK 90.5 million in H1 2024.

• Net loss after tax was NOK 54.1 million, compared to NOK 85.8 million in H1 2024.

• Cash and cash equivalents at period end were NOK 65.9 million, down from NOK 140.2 million at FY 2024.

• FTEs reduced to 36 from 51 in 2024, improving financial discipline.

Outlook and guidance

• Cash runway extends beyond interim Phase 2 ovarian trial read-out in late 2026, supported by merger and rights issue.

• The combined company post-merger is expected to be funded into 2027 to advance Oncoinvent's oncology pipeline.

• No material changes to operating cash burn expected in the near term; disciplined financial management remains a priority.

• Exploring strategic options to further extend cash runway, including partnerships and business development.