OncoZenge (ONCOZ) Q2 2024 earnings summary

Executive summary

• Focused on securing a strategic partner for Phase III program of BupiZenge, targeting EU approval based on positive EMA advice.

• BupiZenge demonstrated readiness for Phase III after successful stability studies; market potential estimated at SEK 10 billion annually for licensees.

• Ongoing negotiations with development and licensing partners, with priority on Europe; aim to start and finance Phase III in H2 2024.

• No revenue generated; main activities centered on R&D, regulatory preparations, and business development.

Financial highlights

• Net sales were SEK 0 (0) for both Q2 and H1 2024.

• Operating loss for Q2 was SEK -2,049k (Q2 2023: -4,492k); H1 loss was SEK -4,422k (H1 2023: -8,545k).

• EPS for Q2 was -0.18 SEK (-0.38); H1 was -0.38 SEK (-0.73).

• Cash flow for H1 was SEK -5,058k (-9,121k); cash and cash equivalents at June 30, 2024, were SEK 7,569k.

• Equity at period end was SEK 14,213k (Dec 31, 2023: SEK 18,641k); equity per share was 1.21 SEK.

Outlook and guidance

• Well-prepared for Phase III program in EU, with documentation and protocols ready; approval and market launch in EU possible by 2026.

• Intends to secure a strategic partner to share Phase III costs and risks, with upfront and milestone payments from licensing as potential funding.

• Sufficient liquidity for operations into Q2 2025; future funding depends on partnership agreements.