Oncoinvent (ONCIN) Q4 2024 earnings summary

Executive summary

• Discontinuation of the BGBC016/BGB016 phase I/IIa study in first-line STK11-mutated NSCLC due to insufficient efficacy in phase IIa and inability to justify further financing; strategic review of remaining assets and alternatives such as mergers, acquisitions, licensing, or closure underway.

• Interim analysis in phase IIa showed no complete or partial responses among 10 patients, with only 3 achieving stable disease, resulting in a disease control rate of 30%, well below benchmarks.

• CEO Olav Hellebø appointed in November 2024, with board strengthened by David Colpman in October 2024, both bringing significant leadership and M&A experience.

• Strategic review initiated to evaluate options including mergers, acquisitions, licensing, asset sales, or orderly closure, with external advisors and regulatory compliance.

• Focus on cost efficiency and cash preservation during study closure and strategic review.

Financial highlights

• Year-end 2024 cash position at NOK 140.2 million (USD 12.3 million), slightly above guidance.

• Full year 2024 operating loss was NOK 151.2 million, below the guided NOK 160 million.

• Q4 2024 net loss after tax: NOK 28.6 million; full year 2024 net loss: NOK 139.3 million.

• Q4 2024 operating revenues: NOK 0.7 million; full year 2024: NOK 0.8 million.

• Net cash flow from operations FY 2024: negative NOK 153.2 million.

Outlook and guidance

• Strategic review underway to determine future direction, including potential transactions, asset sales, or company shutdown.

• Cash position expected to cover liabilities and costs to close BGBC016 and complete the review.

• Several potential development paths for bemcentinib remain, including severe viral infections, relapsed/refractory AML, and second-line advanced lung adenocarcinoma.

• No specific timeline for the review process; updates will be provided as required by regulations.

• Cost-saving measures to be implemented following BGBC016 closure.