Medigene AG Reports Half-Year 2024 Financial Results and Provides Corporate Update

• Significant corporate and scientific progress in the first half of 2024
• Advancement of lead program MDG1015 with IND filing on track for 3Q 2024 and CTA filing for 4Q 2024
• New additions to End-to-End Platform technologies and IP portfolio
• Partnership expansion with new research partnership with WuXi Biologics leveraging Medigene’s best-in-class TCR generation capabilities in August 2024
• Cash runway into July 2025
• Company to host a conference call today, August 14, 2024, at 3.30 pm CEST/ 9.30 am EST

Planegg/Martinsried, August 14, 2024. Medigene AG (Medigene or the “Company”, FSE: MDG1, Prime Standard), an oncology platform company focused on the research and development of T cell receptor (TCR)-guided therapies for the treatment of cancer, today reported financial results for the six months ended June 30, 2024, and provided a corporate update.
The half-year 2024 earnings report can be found on the website: https://medigene.com/investors-media/reports-presentations/

Select Half-Year 2024 Financial Results:  

Revenues in the reporting period amounted to EUR 4.5 million, an increase of 46% compared to EUR 3.1 million in the first half of 2023. This increase compared to the first half of 2023 is due to the reversal of the remaining contractual liability to Hongsheng Sciences HK Limited (EUR 1.5 million) following the termination of the partnership.

General & administrative expenses decreased by 5% to EUR 4.1 million in the first half of 2024 (6M 2023: EUR 4.3 million including selling expenses), in particular due to lower personnel expenses.

Research and development expenses increased by 21% to EUR 6.3 million in the first half of 2024 (6M 2023: EUR 5.2 million). The reason for the increase is the focus on the development of TCR-T therapies (MDG1015, MDG2011 and MDG2021) for the treatment of solid tumors and preparatory activities for clinical trials (MDG1015).

The net result of the first half of 2024 improved by EUR 0.3 million to EUR -6.7 million compared to the first half of 2023 (6M 2023: EUR -7.0 million).

As of June 30, 2024, cash and cash equivalents amounted to EUR 14.0 million (December 31, 2023: EUR 16.7 million including time deposits). There were no open credit lines.

“In the first half of 2024, we are delighted to have again delivered on all the elements of our corporate strategy. We significantly advanced our End-to-End Platform, adding new technologies such as our innovative Interferon-gamma (IFNγ) Biosensor and our novel TCR-specific antigen-antibody combination technology, UniTope & TraCR. We advanced our lead program MDG1015 towards a first-in-human clinical trial, which is expected to start by the end of 2024 subject to additional financing,” said Selwyn Ho, Chief Executive Officer of Medigene.” We also successfully closed an oversubscribed capital raise with subscription rights resulting in gross proceeds of approximately EUR 5.9 million, which allowed us to extend our cash runway into July 2025. In addition, we announced our new strategic partnership with WuXi Biologics last week, expanding the ability to apply Medigene’s TCRs into new modalities, such as TCR-guided T cell engagers, to create additional value beyond TCR-T therapies for both, patients and our shareholders.”