Bergenbio ( (BRRGF) ) has released its Q4 earnings. Here is a breakdown of the information Bergenbio presented to its investors.
BerGenBio ASA is a clinical-stage biopharmaceutical company based in Norway, focusing on developing innovative medicines for aggressive diseases, including treatment-resistant cancers and severe respiratory infections. The company operates primarily in the biotechnology sector and is known for its lead compound, bemcentinib, a selective inhibitor targeting the AXL receptor tyrosine kinase.
In its fourth-quarter 2024 earnings report, BerGenBio announced the discontinuation of its BGBC016 study in first-line non-small cell lung cancer (NSCLC) patients with an STK11 mutation, due to insufficient preliminary results and funding challenges. The company also highlighted its ongoing strategic review process, which may involve potential mergers or sales.
Financially, BerGenBio reported a slight increase in revenue to NOK 0.7 million for Q4 2024, compared to NOK 0.4 million in Q4 2023. Operating expenses decreased significantly, reflecting a focused strategy and restructuring efforts. Despite these efforts, the company recorded an operating loss of NOK 33.5 million for the quarter, an improvement from the NOK 43.5 million loss in the same period last year. The cash position at the end of the quarter stood at NOK 140.2 million, down from NOK 156.4 million a year earlier.
The company is advancing its clinical development with the initiation of the BGBIL025 study, which combines bemcentinib with pacritinib for advanced adenocarcinoma lung cancer, funded by a NIH grant. This study is part of a collaborative effort with the University of Texas at San Antonio and Sobi®.
Looking ahead, BerGenBio’s management is focused on exploring strategic alternatives to enhance shareholder value. The company aims to conserve cash and manage costs effectively following the closure of the BGBC016 study, while continuing to explore new opportunities in its pipeline.
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