Release Date: October 31, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
- BioInvent International AB (STU:BIX, Financial) reported additional positive data for their lead compound targeting TNF receptor two, showing promising responses in heavily pretreated patients.
- The company has initiated a subcutaneous triplet combination study, which is progressing faster than anticipated, indicating efficient project management.
- BioInvent has established a new clinical trial collaboration and supply agreement with Merck, enhancing their strategic partnerships.
- The company presented promising anti-tumor activity in their ongoing trials, suggesting potential efficacy in treating solid tumors.
- BioInvent has a strong cash position with liquid funds amounting to SEK979 million, providing a runway until the end of Q1 2026.
Negative Points
- Net sales decreased significantly from SEK26.8 million in Q3 2023 to SEK12.8 million in Q3 2024, indicating a decline in revenue.
- Operating costs increased by SEK12 million in Q3 2024 compared to the previous year, impacting the company's financial performance.
- The company reported a loss of SEK97.2 million for Q3 2024, highlighting ongoing financial challenges.
- Research funding decreased by SEK26 million in 2024, which could affect future research and development activities.
- There is uncertainty regarding the exact reasons for the increased activity observed in the subcutaneous formulation, which requires further analysis.
Q & A Highlights
Q: Can you comment on AstraZeneca's interest in the BI 1,206 trial and whether they are involved in its progress?
A: Martin Welschof, CEO: AstraZeneca is indeed interested, as evidenced by our rare supply and collaboration agreement with them. They are particularly interested in follicular lymphoma, as they currently only have approval for mantle cell lymphoma. The trial's progress is data-driven, and while it may seem quicker, all our studies are progressing as fast as possible.
Q: Do you think the new BI 1,206 subcutaneous (subcu) formulation is better than the intravenous (IV) version, possibly due to better receptor occupancy?
A: Martin Welschof, CEO: Yes, the subcu formulation appears to have more activity and an improved safety profile compared to the IV version. We are currently analyzing this observation to understand the underlying reasons.
Q: Are there plans for combination trials with trastuzumab and BI 1,607?
A: Martin Welschof, CEO: We are focusing on a triplet combination with BI 1,607, as it seems most promising from both patient and commercial perspectives. The initial trials with trastuzumab were to establish safety, which is crucial for the more complex triplet combination.
Q: Could you provide insights on the strategic or out-licensed programs like AHM I 115, which seem to be phase three ready?
A: Martin Welschof, CEO: We have several programs with companies like Takeda and Mitsubishi. Two programs are phase three ready, which is very promising. This development is a strong validation of our capabilities.
Q: With your cash position approaching a one-year runway, are there plans to raise funds or maintain a good cash position?
A: Martin Welschof, CEO: We have a runway until the end of Q1 2026, which is strong for a biotech company. We aim to leverage our data to pursue collaborations with corporates, which could generate significant cash.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
