Hansa Biopharma AB: Hansa Biopharma Reports Second Quarter 2024 Financial Results and Business Update
Lund, Sweden, July 18, 2024, Hansa Biopharma today announced its first half and second quarter 2024 financial results and business update.
Søren Tulstrup, President and CEO, Hansa Biopharma said: "For the third consecutive quarter, Hansa Biopharma delivered solid IDEFIRIX[®] sales performance driven by continued utilization of IDEFIRIX in key transplant centers across all major European markets. Additionally, we continued to progress key trials across the pipeline. Notably, we completed randomization of all patients in ConfIdeS, our pivotal Phase 3 US trial in kidney transplantation, and look forward to communicating data in the second half of 2025 with an expected Biologics License Application (BLA) submission to the US Food and Drug Administration (FDA). Also, our Phase 3 trial in anti-glomerular basement membrane (anti-GBM) disease and the European Post Authorization Efficacy Study (PAES) in kidney transplant have both increased enrollment and remain on track. Looking ahead, the Company has several important milestones in the second half, including further analysis of data from the Phase 1 study of HNSA-5487, the Company's second-generation IgG cleaving enzyme designed to be re-dosed."
Financial Performance
The Company delivered strong financial performance for the third consecutive quarter with total revenue of 54.2 MSEK. Of this, 47.1 MSEK is attributed to IDEFIRIX sales. This excludes the impact of an approximate 20 MSEK provision related to potential price adjustments from cumulative sales since the launch of IDEFIRIX in Europe in 2020. After accounting for this provision, total IDEFIRIX product sales were 27.2 MSEK.
Sales performance was primarily driven by continued expansion of IDEFIRIX in key European markets. To date, the Company has secured reimbursement in 14 European markets.
In Q2 2024, the Company completed a directed share issue, raising gross proceeds of 372 MSEK (US $34.6M) primarily from high-quality international healthcare specialist investors.
Pipeline Progress
Progress across the pipeline included the completed randomization in the ConfIdeS pivotal Phase 3 US trial in kidney transplantation, further enrollment in the European Post Approval Efficacy Study in kidney transplantation (70 percent) with expected completion by 2025, and continued enrollment (70 percent) in the GOOD-IDES-12 Phase 3 trial in anti-GBM disease with data readout in 2025.
Financial Summary
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MSEK, unless otherwise Q2 2024 Q2 2023 H1 2024 H1 2023
stated - unaudited
Revenue 34.3 36.7 90.3 60.8
- thereof: Product 27.2 29.6 74.7 43.9
sales[1](Q2 product
sales
47.1 MSEK less
provision 19.9 MSEK =
27.2
MSEK)
SG&A expenses (88.2) (129.5) (179.5) (232.8)
R&D expenses (91.7) (114.7) (194.6) (207.5)
Loss from operations (187.4) (228.5) (346.8) (410.8)
Loss for the period (207.9) (251.2) (426.5) (456.6)
Net cash used in (189.2) (181.9) (378.3) (388.9)
operations
Cash and short-term 705.0 1,102.5 705.0 1,102.5
investments
EPS before and after (3.30) (4.79) (7.38) (8.71)
dilution (SEK)
Number of outstanding 67,814,241 52,443,962 67,814,241 52,443,962
shares
Weighted average 62,929,675 52,443,962 57,800,736 52,443,962
number of shares
before and
after dilution
No of employees at the 146 162 146 162
end of the period
[1] Product sales in the second quarter 2024 totaled 47.1 MSEK. Sales were
offset by a provision totalling 19.9 MSEK for potential credits associated
with volume discounts and potential refunds. First half 2024 product sales
totaled 94.6 MSEK and were offset by the provision totaling 19.9 MSEK. Net of
the provision, first half product sales totaled 74.7 MSEK.
Conference Call Details
Hansa Biopharma will host a telephone conference today Thursday, July 18, 2024, at 14:00 CET / 8:00 am EST.
The event will be hosted by Søren Tulstrup, President and CEO, Matthew Shaulis, Chief Commercial Officer and US President, Evan Ballantyne, Chief Financial Officer, and Hitto Kaufmann, Chief R&D Officer. The presentation will be held in English.
Slides used in the presentation will be live on the company website during the call under "Events & Presentations" and will also be made available online after the call. Link to presentation (https://investors.hansabiopharma.com/English/events-and-presentations/presentations/default.aspx)
To participate in the telephone conference, please use the dial-in details provided below:
Sweden: +46 812 410 952
United Kingdom: +44 203 769 6819
United States: +1 646 787 0157
Participant access code: 765135
The webcast will be available on https://hansabiopharma.eventcdn.net/events/half-year-january-june-2024
For the full financial calendar and list of events in 2024 please visit https://www.hansabiopharma.com/investors/calendar/
This is information that Hansa Biopharma AB is obliged to make public pursuant to the Securities Markets Act.
For more information:
Evan Ballantyne, CFO
E: ir@hansabiopharma.com
Stephanie Kenney, VP Global Corporate Affairs
E: media@hansabiopharma.com
About Hansa Biopharma
Hansa Biopharma is a pioneering commercial-stage biopharmaceutical company on a mission to develop and commercialize innovative, lifesaving and life altering treatments for patients with rare immunological conditions. Hansa has developed a first-in-class immunoglobulin G (IgG) antibody cleaving enzyme therapy, which has been shown to enable kidney transplantation in highly sensitized patients. Hansa has a rich and expanding research and development program, based on the Company's proprietary IgG-cleaving enzyme technology platform, to address serious unmet medical needs in transplantation, autoimmune diseases, gene therapy and cancer. Hansa Biopharma is based in Lund, Sweden and has operations in Europe and the U.S. The Company is listed on Nasdaq Stockholm under the ticker HNSA. Find out more at hansabiopharma.com.