OSE Immunotherapeutics (OSE) H1 2024 earnings summary

Executive summary

• Achieved record H1 2024 revenue of €69.0M and total income of €82.5M, driven by major licensing deals, milestone payments, and new partnerships with AbbVie and Boehringer Ingelheim.

• Net profit reached €57.2M, a significant turnaround from a €11.9M loss in H1 2023.

• Advanced clinical pipeline with positive results in Tedopi, Lusvertikimab, OSE-279, and FR104/VEL-101.

• Board strengthened with four new independent directors and a new Chairman.

Financial highlights

• Revenue rose to €69.0M from €1.4M year-over-year, with operating income at €82.6M, mainly from AbbVie (€37.1M license, €5.1M development, €25.3M BI royalty buyout).

• Net income of €57.2M vs. €-11.9M in H1 2023.

• Cash and equivalents at €80.7M as of June 30, 2024, providing visibility until 2027.

• Operating expenses were €19.3M, with 77% allocated to R&D; R&D expenses increased 43% to €13.9M.

• Received $48M upfront from AbbVie, €25.3M from Boehringer Ingelheim, and €13.5M for asset acquisition.

Outlook and guidance

• Financial position supports clinical development and R&D through 2027.

• Phase 3 registration trial for Tedopi launched in September 2024, targeting regulatory approval in 14 countries.

• Positive phase 2 results for Lusvertikimab in ulcerative colitis; further development and partnering opportunities anticipated.

• Ongoing phase 2/3 studies for Tedopi in multiple indications; results from ovarian and lung cancer studies expected in 2025/2026.

• Continued focus on strategic partnerships and out-licensing to fund pipeline advancement.