Bergenbio ( (BRRGF) ) has released its Q3 earnings. Here is a breakdown of the information Bergenbio presented to its investors.
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BerGenBio ASA is a clinical-stage biopharmaceutical company in Norway, focused on developing novel medicines for aggressive diseases, including advanced cancers and severe respiratory infections.
In its third-quarter earnings report for 2024, BerGenBio highlighted its focused strategy on advancing its lead AXL inhibitor, bemcentinib, for treating patients with first-line non-squamous NSCLC with STK11 mutations. The company announced the completion of Phase 1b enrollment and ongoing progress in Phase 2a of its BGBC016 study across the US and Europe.
The financial performance for the quarter showed no operating revenue, with operating expenses slightly decreasing to NOK 27.2 million from NOK 28.1 million in the same period last year. The company reported an operating loss of NOK 27.2 million, which is an improvement from the NOK 28.1 million loss in Q3 2023. The cash position at the end of the quarter was NOK 174.8 million, supported by strategic cost management and reduced headcount.
Strategically, the company decided to discontinue its tilvestamab activities following unsuccessful partnership discussions. Additionally, it welcomed a new board member, David Colpman, to strengthen its business development efforts. Preparatory work continues for a study combining bemcentinib with pacritinib in advanced adenocarcinoma lung cancer, expected to commence by early 2025.
Looking ahead, BerGenBio maintains focus on achieving key milestones in the development of bemcentinib for NSCLC STK11m patients. The company plans to share interim analysis results in early 2025, which will influence their strategy for securing additional financial resources.
