According to a statement from MP on Thursday evening, the company achieved sales of CHF 182.8 million, mainly thanks to the payment from pharmaceutical giant Novartis. At operational level, there was a profit of CHF 152.6 million and the bottom line was a net profit of CHF 153.1 million. In the first quarter of last year, MP still had a loss of more than 18 million.
Since the company does not yet have any of its own drugs on the market, it is currently “burning” money – at least if the financial injection from the pharmaceutical giant is ignored. Accordingly, liquid funds are also important. Molecular Partners estimates this at CHF 296.2 million.
According to the communication, these funds should be enough to finance projects until 2026. At the same time, the company assumes that it will incur costs of between CHF 75 and 85 million in the current year. Of this, around 9 million Swiss francs are non-cash costs for stock-based payments, IFRS pension accounting and depreciation.
The company now intends to use the cash inflow from the Novartis payment to continue pursuing its strategy. This means that candidates should be prioritized where DARPins have an advantage over other approaches.
“We continue to support Novartis with the next steps for Ensovibep’s global strategy as we continue to develop our internal portfolio, building on the strong clinical performance our DARPins candidates have consistently demonstrated,” MP CEO Patrick Amstutz said in the statement quoted.
DARPin therapeutics are multifunctional protein drugs. A single DARPin candidate can attack more than five targets, the release states.
However, MP also has product candidates in the pipeline in oncology. For example, a phase 1 study is currently underway with the cancer candidate MP0317. According to the announcement, up to 30 patients in six dosage cohorts are to be included in the ongoing study.
Subsequently, up to 15 patients are to be enrolled in a dose expansion cohort. MP0317 should be able to be used in tumor patients. According to the release, it is designed to enable tumor-local immune activation.