Nuvectis Pharma(NVCT) - 2025 Q2 - Quarterly Results

Nuvectis Pharma Q2 2025 Earnings Release Business Highlights and CEO Commentary Nuvectis highlighted significant progress in Q2 2025, with its lead candidate NXP900 successfully completing Phase 1a and a drug-drug interaction (DDI) study, positioning it for an imminent Phase 1b launch, while also planning to explore new indications for NXP800, and a July ATM share acquisition strengthened its proforma cash to approximately $39 million, extending its operational runway into the second half of 2027 - NXP900 successfully completed Phase 1a dose escalation and a drug-drug interaction study, with Phase 1b program initiation imminent[2][6] - New opportunities for NXP800 are planned for exploration in cancer types such as endometrial and prostate cancer[2] - A July At-The-Market (ATM) share acquisition boosted proforma cash to approximately $39 million as of June 30, 2025, extending operational funding into the second half of 2027[2][6] Second Quarter 2025 Financial Results The company reported a net loss of $6.3 million for Q2 2025, an increase from $4.4 million in Q2 2024, primarily due to costs associated with the completed NXP900 DDI study, with both R&D and G&A expenses rising year-over-year, and the cash balance increasing to $26.8 million at quarter-end, boosted by a public offering earlier in the year - Cash and cash equivalents stood at $26.8 million as of June 30, 2025, an increase of $8.3 million from December 31, 2024, primarily resulting from a public offering in February 2025[3] Key Financial Metrics (Q2) | Metric | Q2 2025 (Millions USD) | Q2 2024 (Millions USD) | Change (Millions USD) | | :--- | :--- | :--- | :--- | | Net Loss | $6.3 | $4.4 | +$1.9 | | R&D Expenses | $3.6 | $2.9 | +$0.7 | | G&A Expenses | $3.0 | $1.7 | +$1.3 | - The increase in net loss for Q2 2025 was primarily driven by the NXP900 DDI study, with the quarter's results also including $1.8 million of non-cash stock-based compensation[4] Financial Statements This section provides the detailed unaudited financial statements for the period ended June 30, 2025, including the Balance Sheet and the Statement of Operations, which detail the company's financial position and performance Balance Sheet As of June 30, 2025, Nuvectis' balance sheet showed total assets of $27.0 million, a significant increase from $18.6 million at year-end 2024, driven by a rise in cash from financing activities, while total liabilities also increased to $10.1 million from $8.9 million over the same period Balance Sheet Summary | Account | June 30, 2025 (Thousands USD) | Dec 31, 2024 (Thousands USD) | | :--- | :--- | :--- | | Cash and cash equivalents | 26,793 | 18,533 | | Total Assets | 27,007 | 18,607 | | Total Liabilities | 10,135 | 8,894 | | Total Shareholders' Equity | 16,872 | 9,713 | Statement of Operations The statement of operations for the three and six months ended June 30, 2025, reflects increased operating expenses and a wider net loss compared to the same periods in 2024, with the net loss per share for the second quarter being $(0.30), up from $(0.26) in the prior-year quarter Statement of Operations (Three Months Ended June 30) | Metric | 2025 (Thousands USD) | 2024 (Thousands USD) | | :--- | :--- | :--- | | Operating Loss | (6,595) | (4,643) | | Net Loss | (6,334) | (4,428) | | Net Loss Per Share | ($0.30) | ($0.26) | Statement of Operations (Six Months Ended June 30) | Metric | 2025 (Thousands USD) | 2024 (Thousands USD) | | :--- | :--- | :--- | | Operating Loss | (12,163) | (9,039) | | Net Loss | (11,666) | (8,599) | | Net Loss Per Share | ($0.56) | ($0.51) |