26 February 2025
BerGenBio ASA: BerGenBio Fourth Quarter Results 2024
Bergen, Norway, February 26, 2025 – BerGenBio ASA (OSE: BGBIO), a clinical-stage biopharma-ceutical company developing novel, selective AXL kinase inhibitors for severe unmet medical needs, today announced financial results for the quarter ended December 31, 2024, and provided a business update.
Highlights, including post period:
BGBC016 1L NSCLC STK11m Study
- Yesterday the company announced its decision to close its BGBC016 study of bemcentinib in combination with standard of care therapy in first line (1L) non-squamous Non-Small Cell Lung Cancer (NSCLC) patients with a mutation in the STK11 gene (STK11m).
Olav Hellebø, Chief Executive Officer of BerGenBio stated, “It is, of course, disappointing and unexpected that we are now discontinuing the study. I would like to extend my gratitude to the patients and investigators who participated in our study for this particularly difficult-to-treat patient group, as well as to our team members who have worked tirelessly on this effort. We do not believe these preliminary results are strong enough for the company to obtain additional funding within the current cash runway to complete the study as originally designed. The company is now entering a new phase in which strategic alternatives will be explored, which may include a potential sale, merger, or other strategic transaction.”
Fourth Quarter and Full-Year 2024 Financial Highlights
- The operating loss for the quarter was NOK 33.5 million and NOK 151.2 million for the full year 2024 (Q4 2023: NOK 43.5 million and full year 2023 NOK 191.8 million)
- Net cash flow for the quarter was negative by NOK 32.9 million and NOK 19.9 for the full year 2024 (Q4 2023: negative by NOK 11.8 million and for the full year 2023 positive by NOK 2.8 million)
- Cash and cash equivalents amounted to NOK 140.2 million as of 31 December 2024 (NOK 174.8 million 30 September 2024).
Presentation and Financial Report
The Q4 2024 Financial report is attached to this stock exchange announcement and the report and the Q4 2024 presentation will be available at the Company’s website: https://www.bergenbio.com/investors/financial-reports.
Webcast details
BerGenBio’s senior management team will provide a business update today at 10:30 am CET. The presentation will webcast live. To participate in the webcast, please use the following link:
https://channel.royalcast.com/landingpage/hegnarmedia/20250226_5/
A recording of the webcast will be available at www.bergenbio.com in the Investors/Financial Reports section (https://www.bergenbio.com/investors/financial-reports) shortly afterwards.
Contacts
Olav Hellebø, CEO, BerGenBio ASA
Rune Skeie, CFO, BerGenBio ASA
Media Relations
Jan Lilleby
About BerGenBio ASA
BerGenBio is a clinical-stage biopharmaceutical company focused on developing transformative drugs targeting AXL as a potential cornerstone of therapy for aggressive diseases, including cancer. BerGenBio is based in Bergen, Norway with a subsidiary in Oxford, UK. The company is listed on the Oslo Stock Exchange (ticker: BGBIO). For more information, visit www.bergenbio.com.
Forward looking statements
This announcement may contain forward-looking statements, which as such are not historical facts, but are based upon various assumptions, many of which are based, in turn, upon further assumptions. These assumptions are inherently subject to significant known and unknown risks, uncertainties, and other important factors. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this announcement by such forward-looking statements.
This information is considered to be inside information pursuant to the EU Market Abuse Regulation and subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
About Oncoinvent
Oncoinvent is developing Radspherin®, a receptor-independent alpha radiation therapy that leverages the unique anatomy of the abdominal cavity to destroy residual micrometastases using a single, highly localized dose of alpha radiation. The initial clinical focus is treatment of ovarian and colorectal cancer patients after surgical removal of the primary tumor and visible metastases in the peritoneum, the thin membrane lining the abdominal cavity and covering the abdominal organs.
This radiopharmaceutical is designed to prevent or delay recurrence in the peritoneal cavity, keeping patients disease-free for longer than the current standard of care and thereby also impacting overall survival. It is broadly applicable to any cancer that spreads to the peritoneum, e.g. ovarian, colorectal, and gastric cancers. Radspherin® stands out for its simplicity, excellent safety profile, and seamless integration into existing surgical workflows. Oncoinvent’s product is easy to use, avoids systemic delivery and significant toxicity. It is also differentiated in being simple to manufacture, scalable, and supply de-risked.
Data from two trials in ovarian (phase 1) and colorectal (phase 1/2a) cancers, are highly promising, showing an excellent safety profile and meaningful signals of efficacy. Interim data from an ongoing, randomized, controlled phase 2 ovarian cancer trial is expected in 2026. With cost-effective manufacturing, blockbuster potential, active pharma partnership momentum, plus strong endorsements from leading experts, Oncoinvent is built for scale and commercial success, and is set to become the new standard for post-surgical cancer care. The Company was founded by the originators of Algeta and Xofigo (acquired by Bayer).
