Financial highlights
- 2022 total turnover of €18 million driven by strategic
partnerships with pharmaceutical companies.
- €25.6 million available cash as of December 31st 2022,
including the drawdown of the second tranche of €10 million
under a financing agreement with the European Investment
Bank.
- Reinforced financial visibility until Q2 2024 supported by a
recent bridge financing (detailed below: “Additive financing
secured in 2023”).
Clinical pipeline
highlights
- Tedopi® (T-cell specific immunotherapy - cancer vaccine):
Positive data on survival, safety and quality of life from Phase 3
trial in 3rd line in non-small cell lung cancer presented at ASCO
& ESMO 2022; Confirmatory pivotal Phase 3 trial in preparation
in 2nd line following FDA and EMA positive advice; Ongoing
compassionate use in 3rd line in 3 European countries.
- OSE-127/S95011-lusvertikimab (IL-7R antagonist antibody):
Phase 2 programs in Sj�gren syndrome and ulcerative colitis with
main results expected in 2023.
- OSE-172/BI765063 (SIRPα antagonist antibody): Phase 1
clinical expansion trial initiated in advanced hepatocellular
carcinoma and head and neck cancer.
- FR104/VEL-101 (CD28 antagonist antibody): Clinical Phase 1
completed by Veloxis in the US and ongoing Phase 1/2 in kidney
transplantation.
- OSE-279 (PD1 antagonist antibody): First patient dosed in
Phase 1/2 clinical trial in solid tumors and lymphomas.
Regulatory News:
OSE Immunotherapeutics SA (ISIN: FR0012127173; Mnemo:
OSE) today reported its consolidated annual financial results
for 2022 and provided an update on key clinical and preclinical
achievements, on ongoing collaboration and licensing agreements, as
well as on the 2023 Company’s outlook.
Nicolas Poirier, Chief Executive Officer of OSE
Immunotherapeutics, comments:
“We have achieved significant milestones in 2022, advancing our
assets both in the clinical and preclinical stage, while
strengthening our financial position despite a difficult economic
environment. First, I would like to thank our team, our scientific,
clinical, pharmaceutical experts and our pharma partners for their
continuous commitment. I would also like to thank our institutional
partners, the Region Pays de la Loire, our banks and Bpifrance for
their contribution for securing a bridge financing to support our
strategic leading immunotherapy programs.
We have recently seen renewed interest for cancer vaccines in
the field of Immuno-Oncology and the Phase 3 results of Tedopi®
post IO failure contributed significantly to this new momentum.
Well protected by recent granted patents families and orphan status
in the US for the HLA-A2 population, Tedopi® is the most advanced
cancer vaccine candidate worldwide in the domain of acquired
resistance to immune checkpoint. We are also dedicated to the
development of the most-advanced anti-IL-7R product within the
framework of a license option agreement with Servier. Our other
international pharma partners Boehringer Ingelheim and Veloxis are
actively engaged in the development of respectively OSE-172/BI
765063 in hepatocellular carcinoma and head and neck cancers and
FR104/VEL-101 in kidney transplant.
Today, the Company has solid clinical and preclinical innovative
assets and, like many European biotech companies, is striving to
create more sustainable and higher value. My ambition for OSE is
twofold: on the one hand, to generate near-term value by bringing
our proprietary clinical assets until marketing registration with
commercialization through regional established partners. This
strategy is based on prioritizing investments when a selected niche
indication is clearly identified based on a strong biological
rationale and with acceleration opportunities in the development.
On the other hand, to generate long-term recurrent revenue through
collaborations and licensing agreements with global pharma partners
for our programs targeting large indications and requiring larger
investments.
We look forward reaching new key milestones in 2023 with
significant potential inflection points, including clinical
readouts and further updates on our preclinical programs. I am
confident that we shall find the next strategic pharma partners and
have all the relevant internal capabilities to support them in
bringing our pre-IND assets to the next stage and demonstrating
clinical proof of efficacy. OSE-230 (anti-ChemR23 agonist mAb) is
one of our key preclinical assets with initiated IND-enabling
studies to be ready for clinical Phase 1 in 2024 in the new
attractive field of chronic inflammation resolution.
The progress we have made these last years has positioned OSE to
deliver multiple major milestones in the next 12 months, including
launching a registrational Phase 3 trial for the most advanced
therapeutic vaccine candidate. I strongly believe that OSE has a
very exciting future and is well positioned to meet all of its key
stakeholders’ expectations. OSE is at the forefront to transform
breakthrough scientific and technological discoveries into
therapeutic innovations for the benefit of patients.”
Anne-Laure Autret-Cornet, Chief Financial Officer of OSE
Immunotherapeutics, adds: “Recurrent turnover is driven by
collaborations and licensing agreements with pharma companies. We
have secured financial visibility for over the next 12 months,
supported, in parallel, by a strict review of strategic expenses
and their prioritization, to manage our cash level. This new
flexible and scalable funding operating model, in addition to other
available sources of financing, allows us to pursue our investments
to increase the value and interest of our assets.”
CLINICAL PROGRESS IN IMMUNO-ONCOLOGY AND
IMMUNO-INFLAMMATION
IN IMMUNO-ONCOLOGY
TEDOPI®, an immunotherapy
activating tumor specific T-cells
Major regulatory progress on the clinical development plan; A
further confirmatory Phase 3 trial to support the registration of
Tedopi® as a potential new standard of care in second line for
non-small cell lung cancer (NSCLC) patients in secondary resistance
to immune checkpoint inhibitors (ICI); Authorizations for
compassionate use in NSCLC in third line in France, Italy and
Spain.
- The US Food and Drug Administration (FDA) and the European
Medicines Agencies (EMA) supported the continuation of the clinical
development for Tedopi® through a new confirmatory phase 3 clinical
trial versus standard of care in second line treatment for HLA-A2+
patients in advanced non-small cell lung cancer (NSCLC) with
secondary resistance post-ICI (Immune Checkpoint Inhibitors)
failure*. OSE Immunotherapeutics is progressing on the protocol
development for this next confirmatory Phase 3 pivotal trial to
support the regulatory registration in second line treatment. The
protocol design is developed with the support of the international
NSCLC clinician experts’ group which were already involved in the
previous phase 3 ATALANTE trial.
- The significant medical need for new therapeutic options in
NSCLC patients post-ICI failure associated with promising efficacy,
safety and quality of life data from the initial Phase 3 trial of
Tedopi® (ATALANTE-1) resulted in authorizations for compassionate
use** of Tedopi® delivered by Health Agencies in Europe - in
September 2022 in France and in Italy and in March 2023 in Spain
through a Special Situation Authorization*** - in third line
post-chemotherapy and immunotherapy.
* Secondary resistance: after at least 12 weeks of ICI treatment
in monotherapy (Task force SITC 2020 - Kluger H et al 2020). **
Compassionate use is a treatment option that allows for the use of
an unauthorized medicine. Under strict conditions, products in
development can be made available to nominative patients who have a
disease with no satisfactory authorized therapies and who cannot
enter clinical trials
(https://www.ema.europa.eu/en/human-regulatory/research-development/compassionate-use).
*** The Special Situation Authorization (Real Decreto 1015/2009) is
intended to provide early access to medicines for patients with a
severe or rare disease with high unmet need and for which no
authorized therapeutic alternatives are available.
Positive clinical results presented at the American Society
of Clinical Oncology (ASCO) and at the European Society for Medical
Oncology (ESMO) 2022 annual meetings.
- Final data of Phase 3 Atalante-1 in NSCLC patients after
failure to ICI were presented at ASCO 2022 with significantly
better Patient Reported Outcomes (PROs) in the Tedopi® arm versus
chemotherapy in the primary analysis for the population of interest
(n=118 patients) and confirmed in the global population (n=219
patients).
- The results presented at ESMO 2022 have shown that in advanced
HLA-A2+ NSCLC patients with IO secondary resistance after
sequential CT-IO (n=118), overall survival was longer with Tedopi®
versus SoC regardless of the use (or not) of post progression
anticancer treatment (with 13.5 months versus 10.6, HR=0.71;
without 6.3 months versus 4.5, HR=0.76).
- A second analysis presented at ESMO 2022 assessed the Net
Treatment Benefit (NTB), a new statistical method combining
efficacy, safety and quality of life, of Tedopi® versus SoC in
patients with NSCLC who failed therapy with immune checkpoint
inhibitors. NTB of Tedopi® in the overall population (n=219) was of
19% and reached statistical significance (p=0.035).
- The first interim results from the Phase 2 clinical trial
TEDOPaM evaluating Tedopi® in advanced or metastatic pancreatic
ductal adenocarcinoma, in monotherapy or in combination with
nivolumab or FOLFIRI after induction with FOLFIRINOX were presented
at ASCO 2022. The primary endpoint of the trial is the one-year
survival rate (Fleming- futility analysis; null hypothesis
<25%), and the key secondary endpoint was the Time to
maintenance Strategy Failure (TSF= maintenance time + FOLFIRI
reintroduction). The GERCOR oncology clinician group and the
PRODIGE Intergroup are sponsors of this study.
BI 765063/OSE-172, a myeloid
checkpoint inhibitor developed in partnership with Boehringer
Ingelheim
- In May 2022, the initiation of the Phase 1 clinical expansion
trial with BI 765063 sponsored and conducted by Boehringer
Ingelheim triggered a €10 million milestone payment from Boehringer
Ingelheim to OSE Immunotherapeutics. The trial is conducted in
advanced hepatocellular carcinoma and head and neck cancer patients
in combination, in particular with anti-PD-1 antibody
ezabenlimab.
OSE-279, anti-PD1
monoclonal antibody: first patient dosed in the Phase 1/2
clinical trial in patients with advanced solid tumors or
lymphomas
- In December 2022, the first patient was dosed in this
first-in-human open label Phase 1/2 dose escalation and expansion
study. The trial aims to determine the Maximum Tolerated Dose
and/or the recommended Phase 2 dose of OSE-279 in monotherapy in
advanced solid tumors or lymphomas. Secondary objectives include
assessment of OSE-279’s antitumor activity, evaluation of the
safety profile, pharmacokinetic and receptor occupancy or
pharmacodynamic profile.
IN IMMUNO-INFLAMMATION
OSE-127/S95011-lusvertikimab, a
monoclonal antibody antagonist of the interleukin-7
receptor
The main results are expected for H1 2023 for the phase 2 in
Sj�gren syndrome (Servier sponsorship) and Q4 2023 for the phase 2
in ulcerative colitis (OSE Immunotherapeutics sponsorship). Servier
has the right to exercise the second option provided in the license
agreement based on the Phase 2 clinical studies.
- Positive preclinical efficacy data in B- and T-Cell Acute
Lymphoblastic Leukemia (B- and T-ALL): the latest preclinical data
on the use of OSE-127 for the treatment of B- and T-Cell ALL (B-
and T-ALL) were presented at the American Society of Hematology
(ASH) annual meeting in December 2022. This oral presentation has
received the merit-based “Abstract Achievement Award” from the
peer-review committee. The presentation, entitled “The
IL7R-Antagonist OSE-127 Blocks Acute Lymphoblastic Leukemia
Development Via a Dual Mode of Action”, reported on the preclinical
efficacy of OSE-127 in ALL and on the dual mechanism of action
underlying its anti-leukemic efficacy.
VEL-101/FR104, a monoclonal
antibody antagonist of CD28 developed in partnership with Veloxis
Pharmaceuticals, Inc. in transplantation
- In January 2022, Veloxis obtained acceptance of the IND from
the Food & Drug Administration (FDA) for a clinical trial with
VEL-101/FR104 sponsored and conducted by Veloxis in the US. Based
on the global license agreement signed in April 2021, this first
milestone triggered a €5 million payment from Veloxis to OSE
Immunotherapeutics.
- In February 2022, Veloxis obtained Fast Track Designation from
the FDA for VEL-101/FR104 which is developed for prophylaxis of
renal allograft rejection in recipients of kidney transplants.
- In May 2022, the first patient was dosed in the Phase 1
conducted by Veloxis Pharmaceuticals, Inc. This study was completed
in 2023.
PRECLINICAL PROGRESS IN IMMUNO-ONCOLOGY AND
IMMUNO-INFLAMMATION
- MYELOID PLATFORM
OSE-230, first monoclonal
antibody to activate a pro-resolutive GPCR target (ChemR23) in the
resolution of inflammation
- Presentation at the Protein & Antibody Engineering Summit
(PEGS) 2022 annual meeting reporting on ChemR23’s over-expression
is associated with chronic neutrophil accumulation in damaged
tissues. OSE-230 is the first monoclonal antibody to activate a
pro-resolutive GkPCR target (ChemR23). Its innovative mechanism of
action drives inflammatory neutrophil tissue clearance through
apoptosis and inhibition of the pathogenic NETosis**** process.
This mAb triggered resolution demonstrated positive preclinical
efficacy in chronic colitis or chronic arthritis models with
significant decrease in tissue fibrosis and restoration of tissue
healing.
CLEC-1***** (a C type lectin
receptor), a novel myeloid immune checkpoint beyond the SIRPα/CD47
axis
- Presentations at the Immuno-Oncology Summit Europe in May 2022,
Tumor Myeloid-Directed Therapies Summit in June 2022 and Society
for Immunotherapy of Cancer (SITC) meeting in November 2022
reported on:
- The identification and validation of CLEC-1
as novel immune checkpoint target and development of its
antagonists as an innovation in cancer immunotherapy to enhance
myeloid cell functions and promote tumor antigen presentation to
bridge the innate and adaptative immune system.
- CLEC-1 has the ability to sense dead or
stress tumor cells through the identification of a CLEC-1 protein
ligand (CLEC-1 ligand) over-expressed in cancer cells.
Mechanistically, CLEC-1’s expression by dendritic cells controls
the cross-presentation of dead-cell tumor associated antigens and
hence CD8+ T-cell cross-priming. Reversely, the absence of CLEC-1
increases the phagocytosis of tumor cells by macrophages in vivo.
Proprietary anti-CLEC-1 mAbs increase survival in monotherapy in
orthotopic model of hepatocellular carcinoma while combination with
chemotherapy increases preclinical tumor eradication in colon
carcinoma model.
- In November 2022, an article entitled “CLEC-1 is a death sensor
that limits antigen cross-presentation by dendritic cells and
represents a target for cancer immunotherapy” was published in the
peer-reviewed journal Science Advances.
- The article reported on fundamental
discoveries and preclinical results showing that CLEC-1 is a novel
myeloid checkpoint interacting with a new ligand TRIM-21 and
highlighting the CLEC-1/TRIM21 axis as a new target for cancer
immunotherapy.
**** NETosis is a program for formation of neutrophil
extracellular traps (NETs), which consists of modified chromatin
decorated with bactericidal proteins from granules and cytoplasm.
Recent research has highlighted those neutrophils, and in
particular NETs that can be released upon activation, have central
roles in the initiation and perpetuation of systemic autoimmune
disorders and trigger complex and chronic inflammatory responses
that lead to organ damage and fibrosis.
*****Collaborative program between OSE Immunotherapeutics and Dr
Elise Chiffoleau’s (https://cr2ti.univ-nantes.fr/research/team-1)
research teams (Center for Research in Transplantation and
Translational Immunology (CR2TI), UMR1064, INSERM, Nantes
University at Nantes University Hospital).
- BiCKI® PLATFORM
BiCKI®IL-7v, a novel bispecific
therapy combining anti-PD-1 and the cytokine IL-7
- Presentations at the American Association for Cancer Research
(AACR) in April 2022 and Society for Immunotherapy of Cancer (SITC)
meeting in November 2022 reported on:
- The presentation highlighted the
differentiation of the novel bispecific therapy combining anti-PD1
and IL-7 cytokine and positioned it as a high potential asset for
cancer patients suffering from immune escape following checkpoint
inhibitor treatments.
- High IL-7 receptor (IL-7R) pathway
expression in TILs (Tumor-Infiltrating Lymphocytes) and
tumor-specific T-cell clonotypes is predictive of long-term immune
checkpoint inhibitor clinical responses. Reversely, decreased IL-7R
pathway expression is associated with metabolic stress and
apoptosis of tumor-specific T-cells. Redirecting IL-7 selectively
on PD1 expressing T-cells provides stemness, proliferative and
survival signals to tumor-specific T-cells inducing durable
anti-tumor responses.
A STRONG GLOBAL INTELLECTUAL PROPERTY STRATEGY
37 new patents granted:
- Tedopi®
. Five new patents (Europe, United States,
Japan, China – including Hong-Kong and Macao – and Mexico) related
to a new emulsion manufacturing process validated for the
ready-to-use peptides combination (process and product protected),
until 2038.
. A Japanese patent for the use of Tedopi®
after failure with PD-1 or PD-(L)1 immune checkpoint inhibitor
treatment in HLA-A2 positive cancer patients, until 2037.
. A Eurasian patent covering the regimen of
administration (inducing early T memory response) of Tedopi®, until
2035.
- OSE-127
. Seven patents (United States, Eurasia, New
Zealand, Ukraine, Malaysia, Costa-Rica and Salvador) covering
anti-CD127 antibodies (notably OSE-127), until 2035.
. Ten patents (Australia, Eurasia, Mexico,
Malaysia, New-Zealand, Russia, Ukraine, Taiwan, Chili and Pakistan)
covering humanized anti-CD127 antibodies, until 2037.
- OSE-172: Four patents (United States, Japan, Korea and
ARIPO (Africa)) covering anti-SIRPα antibodies, until
2036-2037.
- OSE-279: Six patents (United States, Japan, Korea,
China, Mexico and Colombia) for OSE-279 and its use in cancer
treatment, until 2039.
- CLEC-1: Three patents (United States, Japan and Israel)
covering CLEC-1, novel myeloid immune checkpoint target for cancer
immunotherapy, until 2037.
CORPORATE GOVERNANCE - NEW CHIEF EXECUTIVE OFFICER (CEO), NEW
BOARD OF DIRECTORS MEMBER AND NEW INTERNATIONAL SCIENTIFIC ADVISORY
BOARD (SAB)
Appointment of Nicolas Poirier as CEO
Nicolas Poirier was appointed Chief Executive Officer of OSE
Immunotherapeutics on October 7, 2022.
Throughout his career, Nicolas Poirier has demonstrated both his
expertise as an international scientific leader, pioneering the
discovery and development of innovative immunotherapies, and
in-depth knowledge of the biotech sector through various strategic
leadership roles. He has been instrumental in the development of
OSE Immunotherapeutics, notably as the initiator of 5 programs in
the Company's portfolio that are now in clinic. He also played a
major role in the signature of 4 strategic pharmaceutical
partnerships for OSE Immunotherapeutics.
Appointment of Alexandre Lebeaut as an Independent Member of
the Board of Directors
Alexandre Lebeaut was appointed independent Director of OSE
Immunotherapeutics on February 18, 2022.
Alexandre Lebeaut has more than 25 years of a valuable
experience and leadership both in innovation, research and
development, from preclinical to post-marketing stage and with
major achievements in particular in immunology, oncology,
immuno-inflammation and infectious diseases. He has held various
global positions, notably in the United States at Bluebird Bio,
Sanofi, Novartis and Schering Plough Research Institute. Most
recently, Alexandre Lebeaut served as Executive Vice-President
R&D and Chief Scientific Officer at Ipsen in the US.
A newly formed SAB combining the expertise of renowned
scientific and international key-opinion leaders in the fields of
immunology, immuno-oncology, inflammation and immunotherapy
- The SAB, appointed in June 2022, works with the Company’s
leadership team and advises its Board of Directors on its
scientific and medical strategy.
- The SAB includes Pr. Wolf-Hervé Fridman (Université de Paris),
Dr. Sophie Brouard (CRTI, Nantes), Dr. Bernard Malissen (CIML,
Marseille), Pr. Miriam Merad (Mount Sinai, New-York), Pr. Charles
Serhan (Harvard, Boston) and Dr. Jennifer Wargo (MD Anderson Cancer
Center, Houston).
2022 FINANCIAL RESULTS
A meeting of the Board of Directors of OSE Immunotherapeutics
was held on April 27, 2023. Following the Audit Committee opinion,
the Board approved the annual and consolidated financial statements
prepared under IFRS on 31 December 2022.
The key figures of the 2022 consolidated annual results are
reported below (and presented in the attached tables):
In K€
December 31, 2022
December 31, 2021
Current operating result
(18,392)
(16,625)
Operating result
(18,476)
(16,625)
Net result
(17,760)
(16,850)
Available cash*
25,620
33,579
Consolidated balance sheet
91,781
101,876
As of December 31, 2022, the Company’s available cash totaled
€25.6 million, versus €33.6 million as of December 31, 2021.
In 2022, OSE Immunotherapeutics received:
- €10 million milestone payment as part of the global
collaboration and license agreement with Boehringer Ingelheim for
BI 765063, a SIRPα inhibitor on the SIRPα/ CD47 myeloid
pathway.
- €5 million milestone payment as part of the license agreement
with Veloxis Pharmaceuticals Inc. for VEL-101/FR104, anti-CD28, in
transplant indications.
- €10 million payment corresponding to the second tranche of a
€25 million loan agreement by the European Investment Bank.
ADDITIVE FINANCING SECURED IN 2023:
The global economic crisis and political uncertainty driven by
the war in Russia-Ukraine have triggered a global major instability
in the financial markets and high inflation that have strongly
impacted the life sciences and biopharmaceutical industry since
2022. In this adverse context, OSE Immunotherapeutics has secured
additional funding options to strengthen its financial visibility
beyond 12 months.
Equity financing line
To supplement its financial resources and in order to extend its
financial visibility until the second quarter of 2024, OSE
Immunotherapeutics has signed on 27 April 2023, an equity financing
line with Vester Finance1.
In accordance with the terms of the agreement, Vester Finance
has undertaken to subscribe to a maximum of 2,800,000 shares of the
Company, representing a maximum of 14.8% of the share capital, on
its own initiative, over a maximum period of 24 months, subject to
certain usual contractual conditions.
The shares will be issued on the basis of an average stock
market price preceding each issue2, reduced by a maximum discount
of 6%, in compliance with the price rule and the ceiling set by the
general assembly meeting3.
OSE Immunotherapeutics is committed to a minimum use of the line
of financing in the amount of 0.6 million euros, beyond which the
Company retains the option of suspending or terminating this
agreement at any time and without costs or penalties.
This transaction was decided by the Company’s Board of Directors
of the Company acting on delegation from the general assembly
meeting of shareholders of June 23, 2022 4.
Assuming that this line of financing is used in full, a
shareholder holding 1.00% of the capital of OSE Immunotherapeutics
before its establishment, would see his stake increase to 0.87% of
the capital on an undiluted basis5 and 0.88% of the share capital
on a diluted basis6.
This transaction does not give rise to the preparation of a
prospectus subject to the approval of the “Autorité des Marchés
Financiers”, on the basis of Article 1 of the Prospectus Regulation
granting an exemption when a transaction relates to a dilution less
than 20% of the Company's share capital.
The number of shares issued under this agreement and admitted to
trading will be communicated on the Company's website.
Loans and “PGE Resilience”
Moreover, on April 26, 2023, the Company obtained the formal
agreement on loans for a total amount of €5.3 million with the
collective support of “La Région Pays de la Loire”, Bpifrance and
its banking pool composed by banks CIC, Crédit Mutuel and BNP to
finance its strategic R&D programs. Favorable conditions were
granted for these loans, with an interest range of 2-4% and
reimbursement timelines within 3 to 5 years. Part of these loans is
composed by a “PGE Resilience” ("Prêt Garanti par l’État") loan
guaranteed by the French State, implemented in the context of the
Ukrainian crisis.
This available cash will enable the Company to support clinical
development and R&D costs. The Company has now a financial
visibility until Q2 2024.
2022 Financial results
Audit procedures have been performed and audit reports are
currently being issued.
The Company recorded a consolidated operating loss of €-18
million. Current operating expenses were €36.6 million (versus
€42.9 million in 2021) of which 80% related to R&D. R&D
expenses amounted to €27 million.
1 This equity financing line was advised, structured and
subscribed by Vester Finance, which usually invests in growth
companies known as "small caps", particularly in the life science
and biotechnology sectors. Vester Finance may, as an investor,
resell the shares in the more or less short term. Vester Finance
and its manager benefit from a 20 year- experience, have conducted
more than 100 similar operations, one of which has obtained the «
Prize for the best financing operations of the year” from the “Club
des Trente”. Over the last 25 equity financing line transactions
carried out by Vester Finance, the company’s stock exchange prices
have increased by an average of +18% and market capitalizations by
+52% (source: Vester Finance). 2 Lower daily average
volume-weighted stock market price over the period of the two
trading sessions preceding each issue. 3 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 setting of
the issue price, possibly reduced by a maximum discount of 20%. 4
20th resolution: delegation of capital increase with cancellation
of shareholders' preferential subscription rights to the benefit of
categories of people with specific characteristics. Vester Finance
fits well into the target category as a regular investor in
so-called “small cap” growth companies, particularly in the health
or biotechnology area. 5 Based on the 18,901,101 shares issuable
upon exercise of the dilutive instruments issued by the Company to
date. 6 Based on the 1,748,750 shares that may be issued upon
exercise of the dilutive instruments issued by the Company to
date.
APPENDICES
CONSOLIDATED PROFIT & LOSS
P&L IN K€
December 31, 2022
December 31, 2021
Turnover
18,302
26,306
Other operating income
0
0
Total Revenues
18,302
26,306
Research and development expenses
(26,893)
(30,550)
Overhead expenses
(6,672)
(8,608)
Expenses related to shares payments
(3,130)
(3,773)
OPERATING PROFIT/LOSS - CURRENT
(18,392)
(16,625)
Other operating products (badwill)
0
Other operating expenses
(84)
0
OPERATING PROFIT/LOSS
(18,476)
(16,625)
Financial products
2,079
267
Financial expenses
(1,624)
(856)
PROFIT/LOSS BEFORE TAX
(18,022)
(17,213)
Income Tax
263
364
NET PROFIT/LOSS
(17,760)
(16,850)
Of which consolidated net result
attributable to shareholders
(17,760)
(16,850)
Net earnings attributable to
shareholders
Weighted average number of shares
outstanding
18,527,401
18,154,978
Basic earnings per share
(0,96)
(0,93)
Diluted earnings per share
(0.96)
(0,93)
IN K€
2022
2021
NET RESULT
(17,760)
(16,850)
Amounts to be recycled in the income
statement:
Unrealized gains on securities available
for sale, net of tax
Currency conversion difference
(61)
(55)
Amounts not to be recycled in the income
statement:
122
25
Other comprehensive income in the
period
(61)
(29)
GLOBAL PROFIT/LOSS
(17,699)
(16,879)
CONSOLIDATED BALANCE SHEET
ASSETS IN K€
December 31, 2022
December 31, 2021
Acquired R&D costs
48,784
51,122
Tangible assets
743
926
Right-of-use assets
4,236
4,513
Financial assets
635
936
Differed tax assets
182
173
TOTAL NON CURRENT
ASSETS
54,581
57,670
Trade receivables
403
772
Other current assets
11,177
9,854
Tax accounts receivables
0
0
Current financial assets
0
0
Cash and cash equivalents
25,620
33,579
TOTAL CURRENT ASSETS
37,200
44,206
TOTAL ASSETS
91,781
101,876
EQUITY & LIABILITIES IN K€
December 31, 2022
December 31, 2021
SHAREHOLDERS’ EQUITY
Stated capital
3,705
3,705
Share premium
38,784
38,778
Merger premium
26,827
26,827
Treasury stock
(549)
(160)
Reserves and retained earnings
(18,349)
(4,411)
Consolidated result
(17,760)
(16,850)
TOTAL SHAREHOLDERS’
EQUITY
32,658
47,890
NON-CURRENT DEBTS
Non-current financial liabilities
37,231
30,801
Non-current lease liabilities
3,586
3,965
Non-current deferred tax liabilities
1,514
1,748
Non-current provisions
524
710
TOTAL NON-CURRENT
DEBTS
42,856
37,224
CURRENT DEBTS
Current financial liabilities
3,093
1,611
Current lease liabilities
883
756
Trade payables
8,539
9,607
Corporate income tax liabilities
21
14
Social and tax payables
2,916
3,724
Other debts and accruals
816
1,050
TOTAL CURRENT DEBTS
16,268
16,761
TOTAL LIABILITIES
91,781
101,876
CONSOLIDATED CASH FLOW STATEMENT1
In K€
December 31, 2022
December 31, 202
CONSOLIDATED RESULT
(17,760)
(16,850)
+/-
Depreciation, amortization and provision
expenses
2,744
2,337
+
Amortization on "right-of-use"
742
687
+/-
Shares based payments (1)
2,728
2,944
CASH FLOW BEFORE TAX
(11,545)
(10,881)
+
Financial charges
(3,066)
634
-
Income tax expenses
(263)
(364)
-
Tax paid
(236)
(332)
+/-
Working capital variation (2)
(3,142)
1,025
CASH FLOW FROM OPERATING
ACTIVITIES (A)
(18,252)
(9,919)
-
Tangible assets increase
(274)
(472)
+/-
Financial assets variation
0
0
+/-
Mutual finds units accounted in current
financial assets
0
0
+/-
Loans and advances variation
300
(355)
CASH FLOW FROM INVESTING
ACTIVITIES (B)
26
(827)
+
Capital increase (including share
premium)
265
+/-
Own shares transactions
6
+
Warrant subscription
+
Loan subscription
12,056
15,281
-
Loan repayment
(1,010)
(40)
-
Lease debt repayment (3)
(785)
(549)
-
Financial charges
CASH FLOW FROM FINANCING
ACTIVITIES (C)
10,267
14,957
+/-
Currency translation transactions (D)
CASH VARIATION E = (A + B + C
+ D)
(7,959)
4,211
CASH OPENING BALANCE (F)
33,579
29,368
CASH CLOSING BALANCE (G)
25,620
33,579
DIFFERENCE: E (G-F)
0
0
(1) Warrants and free shares awards granted in 2022 and valuated
for 2,728 K€ (2) Mainly explained by:
- Decrease in trade receivable for 369 K€ -
Increase in other current assets for 1,323 K€ - Decrease in trade
accounts payable for 1,067 K€ - Decrease in social and tax payable
for 808 K€ - Decrease in other debts for 234 K€
(3) Explained by IFRS16 application, which corresponds to
reimbursement of lease debt for 785 K€
ABOUT OSE Immunotherapeutics OSE Immunotherapeutics is a
biotech company dedicated to developing first-in-class assets in
immuno-oncology and immuno-inflammation. The Company’s current
well-balanced first-in-class clinical pipeline includes:
- Tedopi® (immunotherapy activating tumor specific
T-cells, off-the-shelf, neoepitope-based): this cancer vaccine is
the Company’s most advanced product; positive results from the
Phase 3 trial (Atalante 1) in Non-Small Cell Lung Cancer patients
in secondary resistance after checkpoint inhibitor failure. Other
Phase 2 trials, sponsored by clinical oncology groups, of Tedopi®
in combination are ongoing in solid tumors.
- OSE-279 (anti-PD1): ongoing Phase 1/2 in solid tumors or
lymphomas (first patient included). OSE-279 is the backbone therapy
of the BiCKI® platform.
- OSE-127/S95011 - lusvertikimab (humanized
monoclonal antibody antagonist of IL-7 receptor) developed in
partnership with Servier; ongoing Phase 2 in ulcerative colitis
(sponsor OSE Immunotherapeutics) and ongoing Phase 2a in Sj�gren’s
syndrome (sponsor Servier); ongoing pre-clinical research in
leukemia (OSE Immunotherapeutics).
- FR-104/VEL-101 (anti-CD28 monoclonal antibody):
developed in partnership with Veloxis Pharmaceuticals, Inc. in
transplantation; ongoing Phase 1/2 in renal transplant (sponsor
Nantes University Hospital); Phase 1 ongoing in the US (sponsor
Veloxis Pharmaceuticals, Inc.).
- OSE-172/BI 765063 (anti-SIRPα monoclonal antibody on
CD47/SIRPα pathway) developed in partnership with Boehringer
Ingelheim in advanced solid tumors; positive Phase 1 dose
escalation results in monotherapy and in combination, in particular
with anti-PD-1 antibody ezabenlimab; international Phase 1b ongoing
clinical trial in combination with ezabenlimab alone or with other
drugs in patients with recurrent/metastatic head and neck squamous
cell carcinoma (HNSCC) and hepatocellular carcinoma (HCC).
OSE Immunotherapeutics expects to generate further significant
value from its two proprietary drug discovery platforms, which are
central to its ambitious goal to deliver next-generation
first-in-class immunotherapeutics:
- BiCKI® platform focused on immuno-oncology (IO) is a
bispecific fusion protein platform built on the key backbone
component of anti-PD1 combined with a new immunotherapy target to
increase anti-tumor efficacy. BiCKI-IL-7 is the most advanced
BiCKI® candidate targeting anti-PD1xIL-7.
- Myeloid platform focused on optimizing the therapeutic
potential of myeloid cells in IO and immuno-inflammation (I&I).
OSE-230 (ChemR23 agonist mAb) is the most advanced candidate
generated by the platform, with the potential to resolve chronic
inflammation by driving affected tissues to tissue integrity.
Additional information about OSE Immunotherapeutics assets is
available on the Company’s website: www.ose-immuno.com Click and
follow us on Twitter and LinkedIn
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 in light of 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 15 April 2022, including the annual financial
report for the fiscal year 2021, 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230427005693/en/
OSE Immunotherapeutics Sylvie Détry
sylvie.detry@ose-immuno.com +33 1 53 198 757
Investor Relations Thomas Guillot
thomas.guillot@ose-immuno.com +33 6 07 380 431
French Media: FP2COM Florence Portejoie
fportejoie@fp2com.fr +33 6 07 768 283
OSE Immunotherapeutics (EU:OSE)
Graphique Historique de l'Action
De Avr 2024 à Mai 2024
OSE Immunotherapeutics (EU:OSE)
Graphique Historique de l'Action
De Mai 2023 à Mai 2024