Transgene (TNG) H1 2024 earnings summary

Executive summary

• TG4050 individualized vaccine showed all treated patients disease-free at 18.6 months median follow-up in head and neck cancer, with strong and durable immune responses; phase II trial is ongoing and further data expected in Q4 2024.

• TG4001 phase II trial in HPV-positive anogenital cancers completed enrollment, with topline results expected in Q4 2024.

• BT-001 demonstrated partial responses and antitumor activity in solid tumors resistant to prior therapies; combination with pembrolizumab is under evaluation.

• TG6050 phase I trial in advanced lung cancer is ongoing, with initial data expected by end of 2024.

• Recent executive hires, including new CMO and CSO, strengthen leadership as the company enters a critical growth phase.

Financial highlights

• Operating revenue for H1 2024 was €3.4 million, down from €4.8 million in H1 2023, mainly due to the end of the AstraZeneca collaboration.

• Net loss for H1 2024 was €16.5 million, compared to €15.9 million in H1 2023; EPS remained at €(0.16).

• Cash and current financial assets totaled €15.3 million as of June 30, 2024.

• Net cash burn was €20.4 million in H1 2024, up from €19.5 million in H1 2023.

• EUR 33 million of debt was converted into equity at market price in July 2024, increasing the majority shareholder's stake to 69.1% and reducing non-current financial debt.

Outlook and guidance

• Financial visibility is secured until Q4 2025, supported by a €66 million credit facility and recent debt-to-equity conversion.

• No increase in R&D budget is planned for the next 12 months, as current funding covers all ongoing and new studies.

• Key clinical data readouts for TG4050, TG4001, and TG6050 are expected in Q4 2024; last patient enrollment for TG4050 phase II expected H2 2025.

• Dense news flow anticipated through end of 2025, including additional trials and potential partnerships.