Kuros Biosciences Reports Results for First Half 2023 - Seite 2

Key developments in H1 2023

Commercial highlights:

• MagnetOs overachieved its commercial activity plan in the first half of 2023 and the medical devices product segment recognized a positive EBITDA in the period.
• On May 1, 2023, Daniel Geiger was appointed Chief Financial Officer (CFO), transitioning from his previous role as CFO-ad interim.

Clinical highlights:

• On February 21, 2023, Kuros announced the publication of supportive osteoimmunology data for MagnetOs bone graft in two prestigious, peer-reviewed scientific journals. The articles in the Journal of Immunology and Regenerative Medicine and Clinical Oral Implants Research substantiate the unique mechanism of action of MagnetOs bone graft and add to the growing body of evidence Kuros is building up for MagnetOs.
• On July 13, 2023, Kuros announced the completion of enrollment in the STRUCTURE trial, which is investigating the safety and efficacy of Fibrin-PTH (KUR-113) in single-level transforaminal lumbar interbody fusion (TLIF) procedures in patients with degenerative disc disease (DDD). Fibrin-PTH targets a substantial clinical need and, upon approval, will address the large musculoskeletal growth factor market projected to reach $2.2B by 2030.

Financial position

Cash and cash equivalents (including trade and other receivables) as of June 30, 2023, amounted to CHF 22.0 million compared to CHF 27.7 million as of December 31, 2022.
Revenues from product sales amounted to CHF 12.9 million (first half 2022: CHF 5.7 million). Costs for research and development, which include costs of the Phase 2 study (spine indication) of Fibrin-PTH amounted to CHF 2.3 million (first half 2022: CHF 2.5 million). General and administrative costs increased to CHF 3.8 million (first half 2022: CHF 3.1 million). Sales and marketing costs increased to CHF 9.3 million (first half 2022: CHF 5.4 million). Net operating costs amounted to CHF 15.3 million (first half 2022: CHF 10.9 million). The net loss for the six months ended June 30, 2023, amounted to CHF 5.1 million (first half 2022: CHF 3.7 million).

Key figures			H1 2023				H1 2022
In 000'CHF, IFRS
Revenue from product sales			12,866				5,705
Revenue from collaborations			-				4,721
Cost of goods sold			(2,142	)			(1,873	)
Research and development costs			(2,291	)			(2,534	)
General and administrative costs			(3,759	)			(3,090	)
Sales and marketing costs			(9,332	)			(5,426	)
Other income			129				117
Net operating costs			(15,253	)			(10,932	)
Operating loss			(4,529	)			(2,379	)
Net financial result			(352	)			(2,140	)
Net loss			(5,052	)			(3,701	)
Net loss per share (in CHF)			(0.14	)			(0.11	)
Cash and cash equivalents, trade and other receivables			22,041				29,369

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