OSE Immunotherapeutics Reports First Half 2025 Financial Results

Core Viewpoint - OSE Immunotherapeutics reported a significant decline in financial performance for the first half of 2025, with revenues dropping from €69.0 million in H1 2024 to €1.3 million in H1 2025, primarily due to the deferred recognition of licensing income and a lack of exceptional income compared to the previous year [2][7][8]. Financial Performance - Revenues for H1 2025 were €1.3 million, a decrease of 98.1% from €69.0 million in H1 2024 [2]. - Operating income fell to €1.3 million in H1 2025 from €82.6 million in H1 2024, reflecting the deferred recognition of a portion of the AbbVie licensing agreement [2][7]. - The net loss for H1 2025 was €15.1 million, compared to a profit of €57.2 million in H1 2024 [8]. Expenses - Research and development expenses increased by 6.7% to €14.8 million in H1 2025 from €13.9 million in H1 2024, driven by ongoing development programs [3]. - General and administrative expenses rose by 5.0% to €4.5 million in H1 2025, primarily due to increased legal fees related to governance changes [4]. - Share-based payments expenses increased to €2.2 million in H1 2025 from €1.1 million in H1 2024, reflecting non-cash expenses under IFRS2 [5]. Cash Flow and Position - Net cash flows from operating activities were negative at €(19.2) million in H1 2025, a significant decline from €66.4 million in H1 2024 [9]. - Net cash flows from investment activities were positive at €30.4 million in H1 2025, compared to a negative €(54.9) million in H1 2024 [10]. - Cash and cash equivalents at the end of H1 2025 were €25.4 million, slightly down from €25.9 million in H1 2024, with total cash position decreasing to €41.6 million from €64.2 million [11]. Future Outlook - The company estimates its cash runway extends until the beginning of Q4 2026, factoring in potential warrant exercises but excluding future milestone payments [12]. - To extend its runway, the company is exploring options such as new strategic partnerships, equity financing, and restructuring existing debt [13]. - The interim financial statements were prepared on a going concern basis, indicating material uncertainty regarding the company's ability to continue operations without additional funding [14].