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17.10.2024 07:30:00
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Nicox Provides Third Quarter 2024 update and First Half 2024 Financial Results
| Press Release | ||
| Nicox Provides Third Quarter 2024 update and First Half 2024 Financial Results | ||
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 third quarter of 2024 and financial results for Nicox SA (the "Company”) for the first half of 2024, as approved by the Board of Directors on October 16, 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 first 9 months of 2024 have been a period of significant strategic progress for Nicox, in which we have stabilized our financial situation with a royalty sale, optimised our cost structure to focus on our lead asset and partnerships, renewed the Board of Directors and increased our institutional shareholder base through targeted financing activities. Our development team has also continued driving the NCX 470 Denali clinical trial with the completion of recruitment in the United States in July, and the target date for topline results now advanced to Q3 2025.” said Gavin Spencer, Chief Executive Officer of Nicox. "We have also seen major progress in our partnership activity, with our Chinese licensee Ocumension Therapeutics obtaining approval for ZERVIATE in China, where we are now awaiting the commercial launch, and the signature of a new research agreement, including a pre-agreed license option, for NCX 1728 with leading ophthalmic pharmaceutical and medical technology company Glaukos. Going forward we will be focussing on the completion of the Denali trial and partnerships for the commercialisation of NCX 470 in the United States and elsewhere.” Key Future Milestones
Emmet Purtill, Vice President of Business Development at Nicox, has joined the Executive Committee. Emmet has been with the company since 2006 and has played a significant role in establishing our partnerships, notably the relationships with Ocumension and Kowa, and had led many of our recent deals. Emmet joins Sandrine Gestin, VP Finance and HR, Doug Hubatsch, Chief Scientific Officer and Gavin Spencer, Chief Executive Officer, who are the other Executive Committee members. Revenue, Cash Position for the Nicox Group for the Third Quarter 2024 and post-period events
Net revenue1 for the first half of 2024 was €4.9 million (including €1.7 million of net royalty payments and a license payment of €3.0 million) versus €1.7 million (consisting entirely of net royalty payments) for the first half of 2023. Operating expenses for the first half of 2024 were €10.1 million compared to €14.8 million for the first half of 2023. The decrease in operating expenses for the first half of 2024 compared with the first half of 2023 is explained by the costs related to the finalization of the Mont-Blanc study which had an impact on the first half of 2023. In addition, operating expenses for the first half of 2023 included a €3.5 million adjustment relating to the rebilling of services performed in 2022 by the U.S. subsidiary. Net loss for the six months ended June 30, 2024, was €4.4 million, compared to a net loss of €12.5 million for the same period in 2023. The reduction in the net loss for the first half of 2024 is mainly due to the increase in revenues following the signature of the agreement with Kowa for Japan for which the Company has received an initial payment of €3 million, and to the reduction in operating expenses as explained above. As of June 30, 2024, Nicox SA had cash and cash equivalents of €7.7 million as compared with €11.3 million as of December 31, 2023. Including the estimated net proceeds of the VYZULTA royalty sale and equity investment announced on October 14, 2024 and exclusively on the basis of the development of NCX 470, the Company estimates it is currently funded into Q3 2025. As of June 30, 2024, Nicox SA had financial debt of €20.5 million, consisting of (i) €19.4 million in the form of a bond financing agreement with Kreos Capital signed in January 2019 and (ii) a €1.1 million credit agreement guaranteed by the French State, and granted in August 2020 in the context of the COVID-19 pandemic. Only the figure related to the cash position and the debt of Nicox SA as of December 31, 2023, is audited; 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 NCX 470 (bimatoprost grenod), a novel nitric oxide-donating bimatoprost eye drop, for lowering intraocular pressure in patients with open-angle glaucoma or ocular hypertension. Nicox also has a preclinical research program on NCX 1728, a nitric oxide-donating phosphodiesterase-5 inhibitor, with Glaukos. Nicox’s first product, VYZULTA® in glaucoma, licensed exclusively worldwide to Bausch + Lomb, is available commercially in the U.S. and over 15 other territories. Nicox generates revenue from 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 | ||
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 T +33 (0)4 97 24 53 00 communications@nicox.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 3 of the "Rapport Annuel 2023” which is 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
| (in thousands of euros) | June 30, 2024 | June 30, 2023 | |
| Sales of services – Various re-invoicing | 2 | 3 | |
| Royalties for patent grants | 6 067 | 2 721 | |
| REVENUE | 6 069 | 2 724 | |
| Reversals of depreciation, amortization, provisions and transfers of expenses | 449 | 7 | |
| Other income | 105 | 77 | |
| TOTAL OPERATING INCOME | 6 623 | 2 807 | |
| Other purchases and external charges | (6 853) | (12 049) | |
| Taxes, duties and similar payments | (42) | (63) | |
| Salaries and wages | (1 548) | (918) | |
| Social security expenses | (412) | (361) | |
| Amortization | (9) | (11) | |
| Provisions for liability and charges | - | (108) | |
| Other expenses | (1 190) | (1 189) | |
| Exchange loss on receivables and debts | (57) | (130) | |
| TOTAL OPERATING EXPENSES | (10 111) | (14 829) | |
| OPERATING PROFIT (LOSS) | (3 488) | (12 022) | |
| Other interest and similar income | 398 | 550 | |
| Reversal of provisions, impairment losses and transfer of expenses | 13 | 39 | |
| Foreign exchange gains | 23 | 110 | |
| TOTAL FINANCIAL INCOME | 434 | 699 | |
| Amortization, depreciation and financial provisions | (311) | (306) | |
| Interest and similar expenses | (789) | (790) | |
| Foreign exchange loss | - | (212) | |
| Interests on loan | (28) | (29) | |
| Net expense from sales of investments securities | (72) | (185) | |
| TOTAL FINANCIAL EXPENSES | (1 200) | (1 522) | |
| FINANCIAL PROFIT (LOSS) | (766) | (823) | |
| PRE-TAX LOSS | (4 254) | (12 845) | |
| Exceptional income on management operations | 3 | - | |
| Exceptional income from previous financial year | - | 63 | |
| EXCEPTIONAL INCOME | 3 | 63 | |
| EXCEPTIONAL INCOME (LOSS) | (23) | 63 | |
| Research tax credit | - | 251 | |
| NET PROFIT & LOSS | (4 277) | (12 531) |
Balance sheet
| June 30, 2024 | December 31, 2023 | |
| (in thousands of euros) | ||
| ASSETS | ||
| Intangible fixed assets | 18 | 24 |
| Tangible fixed assets | 14 | 26 |
| Financial fixed assets | 1 729 | 1 805 |
| FIXED ASSETS | 1 761 | 1 855 |
| Trade receivables and related accounts | 3 022 | 3 424 |
| Other receivables (1) | 34 984 | 34 324 |
| Cash assets | 7 654 | 11 259 |
| Prepaid expenses | 1 207 | 886 |
| CURRENT ASSETS | 46 867 | 49 893 |
| Unrealized foreign exchange losses and valuation differences – Assets | 7 | 13 |
| Loan redemption premiums | 914 | 1 218 |
| TOTAL REGULARISATION ACCOUNTS | 921 | 1 231 |
| TOTAL ASSETS | 49 549 | 52 979 |
| LIABILITIES | ||
| Share Capital | 635 | 50 170 |
| Premiums related to share capital | 532 068 | 529 478 |
| Retained earnings | (508 438) | (537 354) |
| Net loss for the financial year | (4 277) | (20 881) |
| Total shareholders' equity | 19 988 | 21 413 |
| Provisions for liabilities | 7 | 13 |
| Provisions for charges | 256 | 700 |
| Total provisions for liabilities and charges | 263 | 713 |
| Loans and debts from lending institutions | 20 536 | 20 895 |
| Loans and other financial debts | 3 156 | 4 258 |
| Accounts payable and related accounts | 1 580 | 2 498 |
| Tax and social security debts | 515 | 648 |
| Deferred income | 1 995 | 1 919 |
| Total current liabilities | 27 782 | 30 218 |
| Unrealized exchange gains | 1 516 | 635 |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 49 549 | 52 979 |
1 Net revenue consists of revenue from collaborations less royalty payments
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