Q3 2024 Nykode Therapeutics ASA Earnings Call Transcript
Key Points
- Nykode Therapeutics AS (VACBF) is launching a new focused operating model to become a leaner, research- and technology-driven organization.
- The company aims to reduce its annual cost base to approximately USD20 million, extending its cash runway into 2030.
- Nykode is focusing on advancing its Vaccibody technology platform into innovative therapeutic modalities, seeking early-stage partnerships.
- The company has regained full control of its VB10.NEO program from Genentech, allowing for new partnership opportunities.
- Nykode reported a strong cash position of $124.6 million at the end of the quarter, providing financial stability.
- Nykode Therapeutics AS (VACBF) will undergo significant staff reductions, with an estimated 50% cut in workforce.
- The company will not engage in large clinical trials for its assets VB10.16 and VB10.NEO without securing partnerships.
- Nykode reported a net loss of $9.7 million for the third quarter, slightly improved from the previous year's loss.
- The company is facing a $30 million tax payable due to a decision by the Norwegian tax authorities, which is under appeal.
- Partnership discussions for VB10.16 are ongoing and may take longer due to the current flux in the cancer vaccine field.
Greetings, and welcome to the Nykode Therapeutics third-quarter 2024 conference call and webcast. (Operator Instructions) As a reminder, this conference is being recorded.
It's now my pleasure to turn the call over to your host, CEO, Michael Engsig. Please go ahead.
Thank you very much, Kevin, and a warm welcome to everybody this early hours of Scandinavia to dial in from there. Go to the next slide.
Here, I just want to remind everybody of our forward-looking statements. So we are familiar with the wording on that. And on that note, we will move forward. I'm very pleased to have with me today here in the room, Agnete Fredriksen, Chief Scientific Officer and Business Development; Harald Gurvin, Chief Financial Officer. And today, we also are pleased to have Martin Nicklasson, the Chairman of the Board.
And Martin, I'm going to hand over to you to kick us off for this quarterly update for third-quarter 2024.
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