Oncoinvent (ONCIN) Q2 2025 earnings summary

Executive summary

• Radspherin, a targeted radioactive alpha emitter, is being developed for peritoneal cancers, showing promising efficacy in ovarian and colorectal cancer trials, with marked reduction in recurrence rates compared to historical controls.

• Phase 2 trial in ovarian cancer is ongoing, addressing high unmet need and limited competition, with positive safety lead-in data and regulatory approvals for additional sites.

• Merger with BerGenBio approved by both boards and AGMs, creating a combined entity with a strong shareholder base, main Oslo listing, and renamed Oncoinvent ASA.

• Fully underwritten NOK 130 million rights issue and merger proceeds extend financial runway beyond the first Phase 2 data readout in 2026.

Financial highlights

• Sales revenue reached NOK 11.96 million for H1 2025, up from NOK 67,000 in the prior year, mainly from lab leasing and services.

• Operating expenses reduced to NOK 56.17 million from NOK 78.10 million year-over-year, reflecting a 28% reduction and cost discipline.

• EBITDA improved to minus NOK 44.21 million for H1 2025, from minus NOK 78.04 million in H1 2024.

• Cash and cash equivalents at period end were NOK 77.41 million, up from NOK 35.79 million a year earlier.

• Number of FTEs reduced to 36 from 51 in 2024.

Outlook and guidance

• Cash runway, including post-merger rights issue, is expected to fund operations beyond interim Phase 2 ovarian trial readout in late 2026, with proceeds expected to provide runway into 2027.

• Clinical and R&D expenses may increase slightly due to trial activity, but no material change in cash burn anticipated.

• Focus remains on accelerating patient recruitment for the ongoing Phase 2 ovarian cancer trial.

• Ongoing efforts to secure further financing and strategic partnerships, including sale-leaseback and business development.