Core Insights - Nicox SA reported its financial results for the first half of 2025, highlighting a significant decrease in revenue compared to the same period in 2024, primarily due to the sale of the VYZULTA royalty stream [5][9] - The company has secured over 12 months of operational runway and plans to fully repay its financial debts by 2026, aided by recent licensing payments [2][6] Financial Performance - Revenue for the first half of 2025 was €1.5 million, down from €6.1 million in the first half of 2024, reflecting a decrease in license payments and royalties [5] - Operating expenses decreased to €6.8 million from €10.1 million in the same period last year, mainly due to reduced payroll expenses [8] - The net loss for the first half of 2025 was €8.9 million, compared to a net loss of €4.3 million in the first half of 2024, which included a significant foreign exchange loss [9][10] Key Future Milestones - The company anticipates submitting New Drug Applications (NDA) for NCX 470 in the U.S. and China in 2026, with the Phase 3 clinical program in Japan already initiated [6][7] - Nicox's partners will handle the marketing authorization preparation and commercialization of NCX 470 in the global glaucoma market, valued at over $7 billion [2][4] Subsequent Events - In August and September 2025, Nicox received license payments totaling €12.5 million related to NCX 470 and clinical trial results, which will help reduce its financial debt of €7.4 million as of September 30, 2025 [4][11]

Core Viewpoint - Nicox SA anticipates fully repaying its financial debts by 2026, bolstered by the global licensing of NCX 470 and positive results from its Phase 3 clinical trial, Denali [1][2]. Financial Update - The company expects milestone payments from NCX 470 in 2026 and 2027, with royalties on net sales anticipated from 2027 [5]. - Nicox is financed into Q3 2026, with a commitment to cost control and resource optimization [5]. Product Development - NCX 470 has been licensed globally to Kowa and Ocumension Therapeutics, with NDA submissions planned for the U.S. in H1 2026 and subsequently in China [6][10]. - The Phase 3 clinical program for NCX 470 in Japan has been initiated, managed by Kowa [9][10]. Strategic Options - The company is considering future strategic options, including collaborations or business combinations [4][2]. - Glaukos has extended its research agreement for NCX 1728, which is being evaluated for glaucoma and retinal diseases [7]. Market Presence - Nicox's ZERVIATE is commercially available in the U.S. and China through exclusive licensing agreements [8]. - The company has a diverse portfolio, including VYZULTA, which is licensed worldwide to Bausch + Lomb [11].

Core Viewpoint - Nicox SA reported its financial results for the full year of 2024, highlighting a revenue increase and significant exceptional income from the sale of VYZULTA royalties, while also outlining future clinical milestones for its lead product, NCX 470 [1][4][6]. Financial Performance - Revenue for 2024 was €7.9 million, an increase from €6.9 million in 2023, including €3.0 million from VYZULTA royalties prior to their sale [4][6]. - Exceptional income in 2024 amounted to €13.7 million, primarily from the transfer of VYZULTA's future revenue stream to Soleus Capital, compared to €0.1 million in 2023 [6][8]. - Operating expenses decreased to €18.7 million in 2024 from €24.2 million in 2023 [5]. - The net loss for 2024 was €22.4 million, slightly higher than the €20.9 million loss in 2023, influenced by a non-cash impairment of €27.1 million related to intercompany receivables [9]. Cash Position and Financing - As of December 31, 2024, cash and cash equivalents were €10.5 million, down from €11.3 million in 2023, with funding expected to last into the fourth quarter of 2025 [10]. - Financial debt stood at €15.1 million, primarily from a bond financing agreement and a credit agreement related to COVID-19 support [11]. Future Milestones - Topline results from the Denali Phase 3 clinical trial for NCX 470 are expected in the third quarter of 2025, with additional results from the Whistler Phase 3b trial anticipated in May 2025 [6][7]. - The company is actively pursuing business development discussions for NCX 470, including potential partnerships in the U.S. [6][12]. Company Overview - Nicox SA is an international ophthalmology company focused on developing innovative solutions for ocular health, with NCX 470 as its lead program aimed at lowering intraocular pressure in glaucoma patients [13].