BerGenBio - No surprises as bemcentinib strategy progresses
BerGenBio’s (BGBIO’s) Q122 results are generally in line with recent trends, with a Q122 operating loss of NOK78.6m (-6% y-o-y). The reduction was largely due to lower clinical trial expenses as the company is now preparing for its next studies on lead candidate bemcentinib. Operating cash outflows increased year-on-year to NOK74.2m (vs NOK70.8m in Q121) primarily due to working capital movements, resulting in the company finishing the quarter with NOK367m in net cash, which, at current burn rates, should provide operating funding into Q223. Earlier in May, the company communicated an updated business strategy to focus bemcentinib, an oral AXL inhibitor, on first-line (1L) non-squamous non-small cell lung cancers (NSCLCs) carrying the STK11 mutation and on hospitalised COVID-19 patients. The company expects to report key value drivers for these programmes over the next 18–24 months. Our forecasts remain under review.BerGenBio is a clinical stage biopharmaceutical company focused on developing innovative drugs for aggressive, drug resistant cancers. Co.'s lead product, BGB324, is a selective, potent and orally available small molecule AXL inhibitor. It is in Phase II clinical development, as a single agent and in combination with marketed immuno-oncology drugs, in three cancer indications with potential: Acute myeloid leukaemia; Advanced non-small-cell lung cancer and Triple negative breast cancer. Co. is also developing a diversified pre-clinical pipeline of selective AXL inhibitors, including biologics and small molecules.
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