“During the second quarter of 2024, Oncopeptides achieved the best month on record, with 60% sales growth quarter over quarter, showing a strong growth,” says Sofia Heigis, CEO of Oncopeptides. “Meanwhile, we received both the formal go-ahead and saw the first sales in Spain and selected the first candidate drug from our SPiKE platform, paving the way for a future beyond Pepaxti.”

Financial overview April-June

• Net sales amounted to SEK 8.2 M (26.0)
• Operating profit amounted to SEK -73.3 M (-62.4)
• Net profit amounted to SEK -73.2 M (-56.3)
• Earnings per share, before and after dilution, amounted to SEK -0.48 (-0.62)
• Cash balances at the end of the period amounted to SEK 383.3 M (293.8)

Significant events April-June

• Oncopeptides secures national subsidy for Pepaxti in Spain.
• The final outcome of the rights issue is announced, where 94 percent was subscribed by rights and subscription notifications and the remaining 6 percent by guarantee commitments. The issue amounted to SEK 314 million before deductions for issue costs.
• Oncopeptides presents new data highlighting the treatment benefits of Pepaxti in high-risk patients with multiple myeloma at the COMy Congress.
• Oncopeptides announces that first patients in Spain have received treatment with Pepaxti.
• Oncopeptides announces the issuance of warrants to fulfill obligations under the existing loan agreement with the European Investment Bank ("EIB").
• Oncopeptides held its annual general meeting on 31 May.
• Oncopeptides announces that the first drug candidate based on the company's unique Small Polypeptide based innate Killer Engagers (SPiKE) platform has been selected.

Events after the period

• Oncopeptides announces that the first patient has entered a new study evaluating the efficacy and safety of Pepaxti in German patients.

Financial overview of the group

Conference call for investors, analysts and the media 
Investors, financial analysts, and media are invited to participate in a webcast and a subsequent Q&A session at 09:00 CET today.
The presentation will be hosted by Sofia Heigis, CEO, together with Henrik Bergentoft, CFO. The webcast will be held in English and published on the website of Oncopeptides – www.oncopeptides.com/en – in conjunction with the start of the presentation.

If you wish to participate via webcast, please use the link below.
https://ir.financialhearings.com/oncopeptides-q2-report-2024

If you wish to participate via teleconference, please register on the link below. After registration you will be provided phone numbers and a conference ID to access the conference. You can ask questions verbally via the teleconference.
https://conference.financialhearings.com/teleconference/?id=50048826
 
CEO statement

60 percent sales growth versus Q1 and pipeline progresses

During the second quarter of 2024, Oncopeptides achieved the best month on record showing a strong quarter over quarter growth. Meanwhile, we received both the formal go-ahead and saw the first sales in Spain and selected the first candidate drug from our SPiKE platform, paving the way for a future beyond Pepaxti.

In the second quarter of 2024, our European sales increased to SEK 8.2 million, an increase of about 60 percent compared to the previous quarter and 350 percent compared to Q2 2023. With June as our best month on record I am optimistic about our trajectory into the second half of the year where we hope to see the real effects of our launch in Spain and countries accessed through our partnership with the World Orphan Drug Alliance (WODA).

In addition to the first sales in Spain, which we communicated in May, we have also increased activity in Austria, where we have established our own organization during the second quarter and some key accounts have been activated. In Germany, a number of large and important accounts run by key opinion leaders have been activated. Should their clinical experience of Pepaxti continue be positive, acceleration of Pepaxti sales in these regions will be supported.

Outside of the countries mentioned above we have also been able to progress our market access ambitions in France, where a value dossier was filed in June. Additionally, we are continuing the market access work in Italy, Netherlands, Norway and Sweden. We will continue to inform the market on the progress of our European market access efforts.

We also continue to seek partnerships across the world, and over the summer we signed partnerships with a new partner, Veld Pharma GmbH, covering South Africa. We continue to see sales of Pepaxti outside of Europe as a next step value driver and I am happy to see the overall footprint where Pepaxti is being actively marketed growing. From a signed partnership there are a few more steps to be taken before sales can take off in a region, and we hope to see the first sales from the Middle East and North Africa region during the second half of 2024 and from the newly added region in early 2025.

The positive clinical experience we are continuously receiving from treating doctors will support us to accelerate our growth efforts. The real-world data study in Germany, where we recently announced entry of the first patient, will also boost this ambition.

Beyond Pepaxti, Oncopeptides continues to build for the future through our pipeline assets. We recently announced the selection of OPSP1 as the first candidate drug based on Oncopeptides’ unique platform for Small Polypeptide based innate Killer Engagers (SPiKE). With SPiKE, a uniquely small construct built around affibody technology, Oncopeptides has an opportunity to create effective, tolerable and easy to manage immunotherapies which could generate value for patients and shareholders.

While there is still a long way to go until this platform could start helping patients, we believe the CD selection serves as an important reminder that Oncopeptides is a biotech company with both an approved product and a promising, innovative pipeline.

August 14, 2024
Sofia Heigis, CEO