OSE Immunotherapeutics (OSE) H1 2024 earnings summary

Executive summary

• Achieved total H1 2024 income of €82.5 million, driven by new partnerships and milestone payments.

• Entered strategic agreements with AbbVie and Boehringer Ingelheim, reinforcing a partnership-focused business model.

• Positive clinical results in immuno-oncology and immuno-inflammation, including Phase 2 efficacy for Lusvertikimab in ulcerative colitis and launch of TedopiⓇ Phase 3 trial in NSCLC.

• Strengthened Board with new independent directors and appointed a new Chairman.

Financial highlights

• H1 2024 operating income reached €82.6 million, up from €1.4 million in H1 2023.

• Net result for H1 2024 was €57.2 million, compared to a loss of €11.9 million in H1 2023.

• Available cash and financial assets totaled €80.7 million as of June 30, 2024, providing visibility until 2027.

• Operating expenses were €19.3 million, with 77% allocated to R&D.

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

Outlook and guidance

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

• Focus on advancing late-stage clinical assets and expanding proprietary pipeline in immuno-oncology and immuno-inflammation.

• Ongoing investment in Phase 3 TedopiⓇ trial and other proprietary programs.