Salute e Benessere
OSE Immunotherapeutics Reports Full Year 2024 Financial Results and Provides Corporate Update
OSE Immunotherapeutics Reports Full Year 2024 Financial Results and Provides Corporate Update
Total income of €83.4 million. Cash level of €64.2 million as of December 31, 2024, ensuring financial visibility until Q1 2027
Three strategic agreements signed: licensing and collaboration with AbbVie (worth up to $713 million), and anti-SIRP α program expansions (worth up to € 1.1 billion), plus a purchase asset agreement with Boehringer Ingelheim.
€ 8.4 million in non-dilutive public funding as part of “France 2030” innovation program
Multiple positive clinical efficacy and safety results reported across pipeline
Strengthened Board and Leadership Team
NANTES, France – March 26, 2025, 6:15 p.m. CET - OSE Immunotherapeutics SA (ISIN: FR0012127173; Mnemo: OSE) , a biotech company dedicated to developing first-in-class therapies in immuno-oncology and immuno-inflammation, today announced its consolidated annual financial results for 2024, along with key updates on proprietary programs as well as licensed assets, and the Company's outlook for 2025.
“2024 was transformative for OSE, marked by positive efficacy results, major partnerships, and accelerated preclinical programs. We signed strategic agreements with AbbVie and Boehringer Ingelheim, strengthening our financial position and bolstering our capabilities in immuno-inflammation and immuno-oncology.
“Lusvertikimab showed positive and clinically meaningful Phase 2 induction results for ulcerative colitis, proving its excellent efficacy and safety profile, with further data to be presented at the Digestive Disease Week conference in San Diego in May, for the 24-week open-label extension period. This success, built on 10 years of research and development by the OSE teams, reinforces our confidence in Lusvertikimab's promise. It serves as a strong catalyst to explore the best strategic opportunities for its further development in a maintenance study in ulcerative colitis, as well as other chronic autoimmune and inflammatory diseases.
“In immuno-oncology, we launched Artemia, the global pivotal Phase 3 study of Tedopi® monotherapy in Non-Small Cell Lung Cancer ( NSCLC) second-line treatment in patients with secondary resistance to immune checkpoint inhibitors. Everything is on track. The study leverages our previous randomized positive efficacy results from NSCLC third-line treatment. We are also pleased with the positive topline results in pancreatic cancer, which will be presented at an upcoming medical conference this year. Additionally, we expect further combination study readouts in ovarian and lung cancer in 2026.
“With over €90 million non-dilutive cash accumulated in 2024 , and a cash runway until 2027, we are well-positioned to develop novel therapeutic options for patients, supported by our strong and diversified clinical and pre-clinical portfolio, and our dedicated expert teams. Going forward, we will prioritize and strategically advance our two late-stage proprietary programs, aiming to fully realize their potential and create significant value for patients and our shareholders,” said Nicolas Poirier, CEO of OSE Immunotherapeutics.
THREE PHARMACEUTICAL AGREEMENTS SIGNED in H1 2024 STRENGTHEN FINANCIAL POSITION TO SUPPORT STRATEGY IMPLEMENTATION UNTIL 2027
MAJOR CLINICAL ADVANCES OF TWO LATE-STAGE ASSETS
Anti-IL-7R Lusvertikimab in ulcerative colitis (UC): Significant clinical and preclinical advances were presented at ECCO 2025 (Top 10 congress highlights) and a KOL webinar:
Tedopi® Clinical Trials Update:
PROGRESS ON PARTNERED ASSETS
PROGRESS ON PRECLINICAL PROGRAMS
OSE Immunotherapeutics announced significant advancements in 2024, including a CAR cell therapy commercial and revenue sharing agreement with Memorial Sloan Kettering Center and updates on novel CLEC-1 immune checkpoint or pro-resolutive mAb research, IL-35 mRNA therapeutic preclinical proof of concept data, and established a strategic AI collaboration in the field of Precision Immunotherapy in 2025.
CORPORATE GOVERNANCE
2024 FINANCIAL RESULTS
A meeting of the Board of Directors of OSE Immunotherapeutics was held on March 26, 2025. Following the Audit Committee's opinion, the Board approved the annual and consolidated financial statements prepared under IFRS as of December 31, 2024. The key figures for the consolidated annual results for 2024 are reported below (and presented in the attached tables):
As of December 31, 2024, the Company's level of cash totaled €64.2 million, compared to €18.7 million as of December 31, 2023. In 2024, OSE Immunotherapeutics amassed:
This level of cash will enable the Company to finance its clinical and pre-clinical R&D portfolio, until Q1 2027
2025 update : OSE Immunotherapeutics and Vester Finance set up an equity financing line on April 27, 2023. The parties entered into an extension on September 27, 2023, whereby an additional maximum 900,000 warrants are granted to Vester, giving right to 900,000 shares of the Company, representing a maximum of 4,16% of the share capital, that Vester committed to subscribe on its own initiative, over a maximum period of 24 months, subject to certain usual contractual conditions. No shares were issued in 2024 under the financing line with Vester Finance. The parties entered into an agreement on March 26, 2025, whereby the remaining 880,000 warrants granted to Vester can be exercised for an additional 12 months under the same conditions .
The number of shares issued under this agreement and admitted to trading is communicated on the Company's website.
2024 FINANCIAL RESULTS
The audit procedures on the consolidated accounts have been performed. The certification report will be issued after the finalization of the procedures required for filing the registration document.
The Company recorded a consolidated operating profit of €43.7 million. Current operating expenses were €39.7 million (versus €25.2 million in 2023) of which 82% were related to R&D. R&D expenses amounted to €30.4 million compared to €17.1 million in 2023.
APPENDICES
CONSOLIDATED PROFIT & LOSS
CONSOLIDATED BALANCE SHEET
CONSOLIDATED CASH FLOW STATEMENTS
(1) Warrants and free shares awards granted in 2024 and valuated for K€ 2,088
(2) Explained by:
(3) Explained by IFRS16 application, which corresponds to reimbursement of lease debt for K€ 810
ABOUT OSE IMMUNOTHERAPEUTICS
OSE Immunotherapeutics is a biotech company dedicated to developing first-in-class assets in immuno-oncology (IO) and immuno-inflammation (I&I) that address the unmet patient needs of today and tomorrow. We partner with leading academic institutions and biopharmaceutical companies in our efforts to develop and bring to the market transformative medicines for people with serious diseases. OSE Immunotherapeutics is based between Nantes and Paris and is quoted on Euronext.
Additional information about OSE Immunotherapeutics assets is available on the Company's website: www.ose-immuno.com. Follow us on LinkedIn.
Contacts
Forward-looking statements
This press release contains express or implied information and statements that might be deemed forward-looking information and statements in respect of OSE Immunotherapeutics. They do not constitute historical facts. These information and statements include financial projections that are based upon certain assumptions and assessments made by OSE Immunotherapeutics' management considering its experience and its perception of historical trends, current economic and industry conditions, expected future developments and other factors they believe to be appropriate.
These forward-looking statements include statements typically using conditional and containing verbs such as “expect”, “anticipate”, “believe”, “target”, “plan”, or “estimate”, their declensions and conjugations and words of similar import. Although the OSE Immunotherapeutics management believes that the forward-looking statements and information are reasonable, the OSE Immunotherapeutics' shareholders and other investors are cautioned that the completion of such expectations is by nature subject to various risks, known or not, and uncertainties which are difficult to predict and generally beyond the control of OSE Immunotherapeutics. These risks could cause actual results and developments to differ materially from those expressed in or implied or projected by the forward-looking statements. These risks include those discussed or identified in the public filings made by OSE Immunotherapeutics with the AMF. Such forward-looking statements are not guarantees of future performance. This press release includes only summary information and should be read with the OSE Immunotherapeutics Universal Registration Document filed with the AMF on April 30, 2024, including the annual financial report for the fiscal year 2023, available on the OSE Immunotherapeutics' website. Other than as required by applicable law, OSE Immunotherapeutics issues this press release at the date hereof and does not undertake any obligation to update or revise the forward-looking information or statements.
1 Cash position includes cash, cash equivalents, fixed-term deposits classified as current and non-current financial assets. Cash and cash equivalents was €16.7 million as of December 31, 2024. Fixed-term deposits classified as current and non-current current-financial assets was €47.4 million as of December 31, 2024.
2 These conditions are described in the Company's press release dated April 27, 2023. The shares will therefore be issued on the basis of the lowest average daily price weighted by volumes over the period of the two trading sessions preceding each issue, reduced by a maximum discount of 6%, in compliance with the price rule and the ceiling set by the general meeting. Under the terms of the delegation granted by the general meeting, the issue price of the shares must be "at least equal to the weighted average of the prices of the last three trading sessions preceding the fixing of the issue price, possibly reduced by a maximum discount.”
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