Medigene AG Reports Full-Year 2023 Financial Results and Provides Corporate Update - Seite 2

Net loss for fiscal 2023 increased to EUR 16.2 million compared to EUR 8.3 million in 2022. The increase is due to the described partnership with BioNTech in February 2022 and the associated revenues.

Cash and cash equivalents amounted to EUR 8.7 million and time deposits for EUR 8 million, totaling EUR 16.7 million on Dec 31, 2023 (Dec 31, 2022: EUR 33.2 million), with a cash runway extended into April 2025 (previously Q1 2025).

“2023 was a highly productive year for Medigene. We have made significant progress in broadening our pipeline into TCR-T therapies targeting KRAS mutations, which represent one of the most frequent neoantigens in solid cancers. We significantly advanced our End-to-End (E2E) Platform, adding new technologies such as the CD40L-CD28 costimulatory switch protein, and with a focus on improving our drug product composition to enable better efficacy, safety and durability. This was reflected by an increase in the size and scope of our patent portfolio,” said Selwyn Ho, Chief Executive Officer of Medigene. “Importantly, we advanced our lead program MDG1015 towards a first-in-human clinical trial, which is expected by the end of 2024 subject to financing. This first-in-human trial will target patients with gastric cancer, ovarian cancer, myxoid/round cell liposarcoma and synovial sarcoma as the initial clinical indications.”

“In 2024, we will continue to advance our differentiated TCR-T therapies for the treatment of solid tumors. Using our core expertise and ability to generate optimal TCRs, we will also aim to apply these to new TCR-based modalities beyond TCR-T cell therapies, such as off-the shelf T cell engagers and allogeneic TCR-Natural Killer cells, where further value could be created for patients and our shareholders. We believe that these additional potential therapeutic options represent highly promising commercial opportunities for Medigene.”

Financial Guidance 2024

The 2024 financial projections include potential future milestone payments from existing partnerships that are highly likely to materialize in the amount of USD 1 million and EUR 2 million, respectively. They do not include potential milestone payments from or future/new partnerships or new transactions as the occurrence of such payments or their timing and size largely depend on third parties and cannot be controlled or influenced by Medigene.