Medigene AG Reports Full-Year 2023 Financial Results and Provides Corporate Update

• Significant corporate and scientific progress in 2023
• Innovations to End-to-End Platform technologies and IP portfolio
• Pipeline additions with multiple KRAS neoantigen targets
• Advancement of lead program MDG1015 with IND/CTA approval expected in 2H 2024
• Partnering expansion with new scientific partnership with the National Cancer Institute and further collaboration for new costimulatory switch protein with Helmholtz Munich
• Updates to strategy going forward to develop both TCR-T therapies and additional, non-autologous, TCR-based modalities leveraging Medigene’s best-in-class TCR generation capabilities
• Cash runway extended into April 2025
• Company to host a conference call today, March 28, 2024, at 3 pm CET/ 10 am ET

Planegg/Martinsried, March 28, 2024. Medigene AG (Medigene or the “Company”, FSE: MDG1, Prime Standard), an immuno-oncology platform company focusing on the discovery and development of T cell immunotherapies for solid tumors, today reported financial results for the fiscal year ended December 31, 2023, and provided a corporate update.

Select FY 2023 financial results  

Revenues amounted to EUR 6.0 million, a decrease of 81% (or EUR 25.2 million) compared to EUR 31.2 million in 2022. Higher revenues in 2022 were due to the comprehensive TCR-T and technology partnership with BioNTech concluded in February 2022, resulting in EUR 20.9 million in product revenues. In addition, revenues from the partnerships with 2seventy bio and Hongsheng Sciences were generated in 2022.

Selling expenses decreased from EUR 2.2 million in 2022 to EUR 20 thousand in 2023. This decrease is due to the above-mentioned partnership with BioNTech and the related costs incurred in the first half of 2022 as part of the preparation process leading up to the agreement.

General and administrative (G&A) expenses were EUR 9.3 million in 2023 compared to EUR 7.7 million in the year prior. This 21% increase was mainly due to higher personnel and consulting expenses as the Company supported its strategic efforts to advance all scientific and partnering activities.

Research and development (R&D) expenses decreased by 59% to EUR 11.5 million (2022: EUR 28.5 million) and reflect the work associated with the development of T cells for the treatment of solid tumors and pre-clinical development activities. The significant decrease in 2023 is mainly due to depreciation related to the full impairment of the drug candidate RhuDex, out-licensed to Dr. Falk Pharma GmbH for the amount of EUR 20.4 million in 2022. R&D expenses incurred in the collaborations with partner companies are reimbursed by the companies. The reimbursements are recognized as R&D payments in immunotherapies revenue.