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22.04.2024 07:30:00
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Nicox Provides First Quarter 2024 Update and Full Year 2023 Financial Results
| Press Release | |||
| Nicox Provides First Quarter 2024 Update and Full Year 2023 Financial Results | |||
April 22, 2024 – release at 7:30 am CET Sophia Antipolis, France Nicox SA (Euronext Growth Paris: FR0013018124, ALCOX), an international ophthalmology company, today provided the revenue and cash position for Nicox SA and its subsidiaries (the "Nicox Group”) for the first quarter of 2024 and financial results for Nicox SA (the "Company) for the full year of 2023, as approved by the Board of Directors on April 19, 2024, and provided an update on key future milestones. As previously announced, the Company is no longer reporting consolidated accounts under IFRS standards and figures communicated for the Nicox Group are for information only. The Company also announced that its CEO, Gavin Spencer, has joined the Board of Directors. "Nicox made good progress in 2023 as we move towards topline results of the Denali Phase 3 trial which we expect in H2 2025. We implemented the cost reduction previously communicated in order to focus on the Denali trial. We also entered into a new licensing agreement for NCX 470 with Kowa for Japan and completed the signature of our debt restructuring amendment with BlackRock,” said Gavin Spencer, Chief Executive Officer of Nicox. "We are fully focused on development of NCX 470 and the Denali trial, which should confirm the profile of NCX 470 in glaucoma and open up further strategic options and routes to commercialization, beyond our existing partnerships. Our cash runway has been extended to November 2024 and we continue to consider all options for further financing, including a number of business development discussions which could provide non-dilutive capital, in parallel with planning to raise funds from equity capital markets.” "We are very pleased to welcome Gavin Spencer, our new CEO, as a member of the Nicox Board of Directors. Gavin will provide valuable expertise as a member of the Board, based on his wide-ranging experience across all aspects of the biopharma industry and deep knowledge of the Nicox business,” said Jean-François Labbé, Chairman of Nicox. Revenue, Cash Position for the Nicox Group for the First Quarter 2024
The Company is pursuing business development discussions, including the sale or license of certain assets, and exploring multiple other strategic options which could further extend the cash runway. The Company is evaluating all options for financing and will use the most appropriate at the time. Post First Quarter 2024 Events
Revenue and Cash Position for the Nicox Group for 2023
Revenue for the full year of 2023 was €6.9 million, consisting of royalty payments and internal rebilling versus €5.5 million (same sources) for the full year of 2022. Operating expenses for the full year of 2023 were €24.2 million compared to €24.8 million for the full year of 2022. Nicox SA recorded a net loss of €20.9 million for the twelve months ended December 31, 2023, compared to a net loss of €31.3 million for the same period in 2022. The difference is due to the variation of the provision for depreciation of shares in the American affiliate in 2022. As of December 31, 2023, Nicox SA had cash and cash equivalents of €11.3 million compared to €27.1 million as of December 31, 2022. The Company is currently funded until at least the end of November 2024, based on focusing exclusively on the development of NCX 470. As of December 31, 2023, Nicox SA had financial debt of €20.9 million, consisting of €19.6 million in the form of a bond financing agreement with Kreos Capital (an affiliate of BlackRock), including €0.1 million of interest due, and a €1.3 million credit agreement guaranteed by the French State, and granted in the context of the COVID-19 pandemic. The audit procedures on the 2023 statutory financial statements of Nicox SA have been completed and the certification report is in the process of being issued. All other figures in this press release are non-audited. | |||
| About Nicox | |||
| Nicox SA is an international ophthalmology company developing innovative solutions to help maintain vision and improve ocular health. Nicox’s lead program in clinical development is bimatoprost grenod (NCX 470), a novel nitric oxide-donating bimatoprost eye drop, for lowering intraocular pressure in patients with open-angle glaucoma or ocular hypertension. Nicox generates revenue from VYZULTA® in glaucoma, licensed exclusively worldwide to Bausch + Lomb, and ZERVIATE® in allergic conjunctivitis, licensed in multiple geographies, including to Harrow, Inc. in the U.S., and Ocumension Therapeutics in the Chinese and in the majority of Southeast Asian markets. Nicox, headquartered in Sophia Antipolis, France, is listed on Euronext Growth Paris (Ticker symbol: ALCOX) and is part of the CAC Healthcare index. For more information www.nicox.com. | |||
| Analyst coverage | |||
Bryan, Garnier & Co Eric Yoo Paris, France H.C. Wainwright & Co Yi Chen New York, U.S. | |||
| The views expressed by analysts in their coverage of Nicox are those of the author and do not reflect the views of Nicox. Additionally, the information contained in their reports may not be correct or current. Nicox disavows any obligation to correct or to update the information contained in analyst reports. | |||
| Contacts | |||
Nicox Gavin Spencer Chief Executive Officer +33 (0)4 97 24 53 00 communications@nicox.com | Media / Investors Sophie Baumont Cohesion Bureau +33 6 27 74 74 49 sophie.baumont@cohesionbureau.com | ||
| Disclaimer | |||
| The information contained in this document may be modified without prior notice. This information includes forward-looking statements. Such forward-looking statements are not guarantees of future performance. These statements are based on current expectations or beliefs of the management of Nicox S.A. and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Nicox S.A. and its affiliates, directors, officers, employees, advisers or agents, do not undertake, nor do they have any obligation, to provide updates or to revise any forward-looking statements. Risks factors which are likely to have a material effect on Nicox’s business are presented in section 2.7 of the "Rapport Annuel 2022” and in section 4 of the "Rapport semestriel financier et d’activité 2023” which are available on Nicox’s website (www.nicox.com). Finally, this press release may be drafted in the French and English languages. If both versions are interpreted differently, the French language version shall prevail. | |||
| Nicox S.A. Sundesk Sophia Antipolis, Bâtiment C, Emerald Square, Rue Evariste Galois, 06410 Biot, France T +33 (0)4 97 24 53 00 | |||
Income statement
| December 31, 2023 | December 31, 2022 | |
| (in thousands of euros) | ||
| Sales of services | 257 | 212 |
| Royalties for patent grants | 6,646 | 5,241 |
| REVENUE | 6,903 | 5,453 |
| Reversals of depreciation, amortization, provisions and transfers of expenses | 13 | 97 |
| Other income | 225 | - |
| TOTAL OPERATING INCOME | 7,141 | 5,550 |
| Other purchases and external charges | (18,406) | (18,103) |
| Taxes, duties and similar payments | (99) | (184) |
| Salaries and wages | (1,764) | (3,053) |
| Social security expenses | (739) | (1,177) |
| Amortization | (21) | (13) |
| Depreciation | - | - |
| Provisions for liability and charges | (122) | (41) |
| Other expenses | (2,825) | (2,241) |
| Exchange loss on receivables and debts | (221) | - |
| TOTAL OPERATING EXPENSES | (24,197) | (24,812) |
| OPERATING PROFIT (LOSS) | (17,056) | (19,262) |
| Other interest and similar income | 1,099 | 1,120 |
| Net income from sales of investments securities | - | 1 |
| Reversal of provisions, impairment losses and transfer of expenses | 39 | 3 |
| Foreign exchange gains | 117 | 872 |
| TOTAL FINANCIAL INCOME | 1,255 | 1,996 |
| Amortization, depreciation and financial provisions | (3,543) | (12,142) |
| Interest and similar expenses | (1,580) | (1,582) |
| Foreign exchange loss | (244) | (401) |
| Interests on loan | (53) | (49) |
| Net expense from sales of investments securities | (200) | (349) |
| TOTAL FINANCIAL EXPENSES | (5,621) | (14,523) |
| FINANCIAL PROFIT (LOSS) | (4,366) | (12,527) |
| PRE-TAX LOSS | (21,422) | (31,789) |
| Exceptional income from previous financial year | 63 | - |
| EXCEPTIONAL INCOME | 63 | - |
| EXCEPTIONAL INCOME (LOSS) | 63 | - |
| Research tax credit | 478 | 504 |
| NET PROFIT & LOSS | (20,881) | (31,285) |
Balance sheet
| December 31, 2023 | December 31, 2022 | |
| (in thousands of euros) | ||
| ASSETS | ||
| Intangible fixed assets | 24 | 1 |
| Tangible fixed assets | 26 | 25 |
| Financial fixed assets | 1,805 | 4,926 |
| FIXED ASSETS | 1,855 | 4,952 |
| Trade receivables and related accounts | 3,424 | 2,623 |
| Other receivables (1) | 34,324 | 37,844 |
| Cash assets | 11,259 | 27,080 |
| Prepaid expenses | 886 | 1,481 |
| CURRENT ASSETS | 49,893 | 69,028 |
| Unrealized foreign exchange losses and valuation differences - Assets | 13 | 36 |
| Loan redemption premiums | 1,218 | 1,827 |
| TOTAL REGULARISATION ACCOUNTS | 1,231 | 1,863 |
| TOTAL ASSETS | 52,980 | 75,843 |
| LIABILITIES | ||
| Share Capital | 50,170 | 50,100 |
| Premiums related to share capital | 529,478 | 529,547 |
| Retained earnings | (537,354) | (506,069) |
| Net loss for the financial year | (20,881) | (31,285) |
| Total shareholders' equity | 21,413 | 42,293 |
| Provisions for liabilities | 13 | 39 |
| Provisions for charges | 700 | 577 |
| Total provisions for liabilities and charges | 713 | 616 |
| Loans and debts from lending institutions | 20,895 | 21,259 |
| Loans and other financial debts | 4,258 | 4,037 |
| Accounts payable and related accounts | 2,499 | 2,537 |
| Tax and social security debts | 648 | 1,072 |
| Deferred income | 1,918 | 2,169 |
| Total current liabilities | 30,218 | 31,074 |
| Unrealized exchange gains | 635 | 1,860 |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 52,980 | 75,843 |
(1) including €32.7 million of receivable with Nicox Ophthalmics Inc’s subsidiary
1 Net revenue consists of revenue from collaborations less royalty payments
Attachment
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