Galapagos reports half-year 2024 financial results and provides second quarter business update

Core Insights - The company is making significant progress on its "Forward, Faster" strategy, focusing on regulatory and clinical milestones, expanding cell therapy manufacturing capabilities, and advancing early-stage programs [1][3][4] Regulatory and Clinical Developments - The company submitted an IND application to the FDA for the Phase 1/2 ATALANTA-1 study of CD19 CAR-T candidate GLPG5101 in relapsed/refractory non-Hodgkin lymphoma (R/R NHL) [1][5] - A CTA was submitted to the EMA for the Phase 2 study of GLPG5201 in relapsed/refractory chronic lymphocytic leukemia (R/R CLL) [1][5] - The IND filing for the Phase 1/2 EUPLAGIA-1 study of GLPG5201 is on track for Q4 2024 [1][5] - New Phase 1/2 data for GLPG5101 and GLPG5201 shows promising safety and efficacy for fresh CD19 CAR-T therapies [1][5] Strategic Collaborations - A strategic collaboration with Blood Centers of America has been established to enhance the cell therapy manufacturing network across the U.S., complementing existing partnerships with Landmark Bio and Thermo Fisher Scientific [1][4][5] - The company signed a clinical collaboration agreement with Adaptimmune for next-generation TCR T-cell therapy, with potential milestone payments totaling up to $465 million [7] - An expanded collaboration with BridGene Biosciences aims to develop a selective oral SMARCA2 small molecule in precision oncology [7] Financial Performance - Total net revenues for the first half of 2024 reached €140.3 million, an 18% increase from €118.6 million in the same period of 2023 [6][13] - R&D expenses increased to €145.2 million, up 34% from €108.7 million in the first half of 2023, primarily due to higher costs in oncology programs [10][13] - The company reported a net profit of €99.2 million for the first half of 2024, compared to €28.3 million in the same period of 2023 [10][16] Cash Position and Outlook - As of June 30, 2024, the company had cash and current financial investments totaling €3.4 billion [21] - The cash burn guidance for 2024 is reaffirmed at €280 million to €320 million, with total cash burn including business development projected between €370 million and €410 million [22][1] - The company aims to initiate at least one first-in-human study in 2025 and introduce at least two new clinical candidates annually starting in 2026 [9][1]