Nicox Provides First Half 2022 Business Update and Financial Results
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Topline results from first pivotal Phase 3 glaucoma clinical trial on NCX 470, Mont Blanc, due in November 2022
Press Release | ||
Nicox Provides First Half 2022 Business Update and Financial Results | ||
September 16, 2022 – release at 7:30 am CET
First Half 2022 Financial Results |
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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, a novel nitric oxide-donating prostaglandin analog, for lowering intraocular pressure in patients with open-angle glaucoma or ocular hypertension. The company is also conducting research on NCX 1728, a nitric oxide-donating phosphodiesterase 5 inhibitor, in intraocular pressure lowering and retinal conditions. NCX 4251, a novel, patented, ophthalmic suspension fluticasone propionate nanocrystals for topical ocular application for dry eye disease, is being developed by Ocumension Therapeutics in China under an exclusive license agreement and is available for partnering elsewhere. Nicox generates revenue from VYZULTA® in glaucoma, licensed exclusively worldwide to Bausch + Lomb, and ZERVIATE® in allergic conjunctivitis, licensed in multiple geographies, including to Eyevance Pharmaceuticals, LLC (a wholly-owned subsidiary of Santen Pharmaceutical Co., Ltd.), in the U.S. and Ocumension Therapeutics in the Chinese and in the majority of Southeast Asian markets. Nicox is headquartered in Sophia Antipolis, France, is listed on Euronext Paris (Compartment B: Mid Caps; Ticker symbol: COX) and is part of the CAC Healthcare, CAC Pharma & Bio and Next 150 indexes. For more information on Nicox, its products or pipeline, please visit: www.nicox.com. |
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Analyst coverage | ||
Bryan, Garnier & Co Dylan Van Haaften Paris, France Edison Investment Research Pooya Hemami London, UK H.C. Wainwright & Co Yi Chen New York, U.S. Kepler Cheuvreux Arsene Guekam Paris, France |
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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. | ||
Nicox Gavin Spencer Executive Vice President, Chief Business Officer & Head of Corporate Development T +33 (0)4 97 24 53 00 [email protected] |
Investors & Media United States & Europe LifeSci Advisors, LLC Sandya von der Weid T +41 78 680 05 38 [email protected] |
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Forward-Looking Statements | ||
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 the 3rd chapter of the ‘Document d’enregistrement universel, rapport financier annuel et rapport de gestion 2021’ filed with the French Autorité des Marchés Financiers (AMF) on April 29, 2022 which is available on Nicox’s website (www.nicox.com) |
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Nicox S.A. Drakkar 2 Bât D, 2405 route des Dolines CS 10313, Sophia Antipolis 06560 Valbonne, France T +33 (0)4 97 24 53 00 F +33 (0)4 97 24 53 99 |
nicox sa
Interim Consolidated statement of Comprehensive Income
6 Months period ending June 30, | ||
2022 | 2021 | |
(in thousands of € except for per share data) | ||
Revenues from collaborations | 2,322 | 2,043 |
Royalty payments | (892) | (721) |
Net Profit from collaborations | 1,430 | 1,322 |
Research and development expenditures | (7,778) | (10,000) |
Administrative expenses | (3,724) | (3,263) |
Other income | 371 | 466 |
Other expenses | (1,190) | (90) |
Operating loss before amortization of intangible assets | (10,891) | (11,565) |
Amortization of intangible assets | - | (587) |
Impairment of intangible assets(1) | (10,472) | - |
Operating loss | (21,363) | (12,152) |
Finance income | 3,915 | 1,451 |
Finance expense | (1,237) | (1,036) |
Net financial income/(expense) | 2,678 | 415 |
Loss before tax | (18,685) | (11,737) |
Income tax (expense) / benefit | 1,679 | 24 |
Net loss for the period | (17,006) | (11,713) |
(1) Non-cash adjustment on NCX4251 estimated fair value due to the Group decision to seek for a partner to pursue the development in USA.
nicox sa
Interim consolidated statement of financial position
As of June 30, 2022 | As of Dec. 31, 2021 | |
(in thousands of €) | ||
ASSETS | ||
Non-current assets | ||
Goodwill | 27,954 | 25,637 |
Intangible assets | 32,550 | 39,974 |
Property, plant and equipment | 916 | 1,023 |
Non-current financial assets | 158 | 237 |
Total non-current assets | 61,578 | 66,871 |
Current assets | ||
Clients | 1,992 | 1,086 |
Government grants receivables | 1,056 | 1,452 |
Other current assets | 205 | 377 |
Prepayments | 2,766 | 2,853 |
Cash and cash equivalents | 31,644 | 41,970 |
Total current assets | 37,663 | 47,738 |
99,241 | 114,609 | |
TOTAL ASSETS | ||
EQUITY AND LIABILITIES | ||
Shareholder’s equity | 43,223 | 43,138 |
Issued capital | 536,115 | 536,200 |
Share premium | 7,688 | 5,953 |
Cumulative translation adjustement | (893) | (847) |
Treasury shares | (525,431) | (508,892) |
Accumulated deficit | 60,702 | 75,552 |
Total Equity | ||
Non-current liabilities | 20,730 | 21,160 |
Non-current financial liabilities | 7,538 | 9,236 |
Deferred tax liabilities | 578 | 661 |
Non current provisions | 28,846 | 31,057 |
Total non-current liabilities | ||
Current liabilities | 763 | 346 |
Current financial liabilities | 4,097 | 3,649 |
Trade payables | 1,947 | 1,970 |
Deferred income | 2,886 | 2,035 |
Other current liabilities | 9,693 | 8,000 |
Total current liabilities | ||
99,241 | 114,609 | |
TOTAL LIABILITIES AND EQUITY |
1 Nicox has the option to extend the interest-only period of the existing Kreos debt by 6 months if the Mont Blanc trial on NCX 470 meets its primary endpoint of non-inferiority to latanoprost
2 Net revenue consists of revenue from collaborations less royalty payments which corresponds to Net profit in the consolidated statements of profit or loss
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