Nicox Announces 2019 Financial Results and 2020 Key Milestones
| Press Release | ||
| Nicox Announces 2019 Financial Results and 2020 Key Milestones | ||
March 6, 2020 – release at 7:30 am CET Sophia Antipolis, France Nicox SA (Euronext Paris: FR0013018124, COX), an international ophthalmology company, today announced the financial and operating results for Nicox and its subsidiaries (the “Nicox Group”) for the year ended December 31, 2019, as approved by the Board of Directors on March 5, 2020, and provided upcoming 2020 key milestones. 2019 Financial Summary Net revenueP1P for the full year 2019 was €6.9 million (€2.1 million in net royalties, €4.8 million in upfront and milestone payments), compared to €4.0 million (€1 million in net royalties and €3 million in an upfront payment) for the full year 2018. Operating expenses for the period 2019 decreased to €25.5 million from €26.5 million for the 12 months to December 31, 2018. Research and development expenses increased by €1.4 million reflecting the investments in the successful clinical trials for NCX 470 and NCX 4251 while administrative and other expenses decreased by €2.4 million. Net loss of the Nicox Group for the full year 2019 was €18.9 million against €18.4 million in the full year 2018. As of December 31, 2019, the Nicox Group had cash and cash equivalents of €28.1 million as compared with €22.1 million at December 31, 2018. The December 31, 2019 cash position does not include the last tranche of loan under the bond financing agreement with Kreos Capital which was drawn down in December 2019 but received on January 2, 2020, adding approximately €7.7 million to the year-end cash position of the Group. As of December 31, 2019, the Nicox Group had a financial debt of €11.1 million in the form of a bond financing agreement with Kreos Capital signed in January 2019 adjusted to approximately €18.8 million by including the last tranche of loan drawn down in December 2019. Events after the Reporting Period
1. Net revenue consists of revenue from collaborations less royalty payments which corresponds to Net profit in the consolidated statements of profit or loss | ||
| About Nicox | ||
| Nicox S.A. is an international ophthalmology company developing innovative solutions to help maintain vision and improve ocular health. By leveraging our proprietary expertise in nitric oxide (NO) donation and other technologies, we are developing an extensive portfolio of novel product candidates that target multiple ophthalmic conditions, including glaucoma. Our portfolio has three programs in development including NCX 470, a novel, second-generation NO-donating bimatoprost analog, for intraocular pressure lowering, based on our proprietary NO-donating research platform and NCX 4251, a proprietary formulation of the well-established molecule fluticasone, for acute exacerbations of blepharitis. Our research activities are focused on novel future generation NO-donors including NO-donating phosphodiesterase-5 (PDE5) inhibitors and NO-donating soluble guanylate cyclase (sGC) stimulators (in partnership with Cyclerion). In addition, we have two ophthalmology assets that have been approved by the U.S. Food and Drug Administration (FDA); VYZULTA® (latanoprostene bunod ophthalmic solution), 0.024%, exclusively licensed worldwide to Bausch + Lomb, a Bausch Health Companies Inc. company, and commercialized in the U.S. by Bausch + Lomb since December 2017, as well as ZERVIATE™ (cetirizine ophthalmic solution), 0.24%, exclusively licensed in the U.S. to Eyevance Pharmaceuticals, LLC. Nicox is headquartered in Sophia Antipolis, France, is listed on Euronext Paris (Compartment B: Mid Caps; Ticker symbol: COX) and is part of the CAC Healthcare, CAC Pharma & Bio and Next 150 indexes. For more information on Nicox, its products or pipeline, please visit: 32T. | ||
| Analyst coverage | ||
| Bryan, Garnier & Co Victor Floc’h Paris, France Cantor Fitzgerald Louise Chen New York, U.S. H.C. Wainwright & Co Yi Chen New York, U.S. Oppenheimer & Co Hartaj Singh New York, U.S. | ||
| The views expressed by analysts in their coverage of Nicox are those of the author and do not reflect the views of Nicox. Additionally, the information contained in their reports may not be correct or current. Nicox disavows any obligation to correct or to update the information contained in analyst reports. | ||
| Contacts | ||
| Nicox Gavin Spencer Executive Vice President, Chief Business Officer & Head of Corporate Development T +33 (0)4 97 24 53 00 32T | ||
| Investors & Media United States & Europe LifeSci Advisors, LLC Hans Herklots T 9 32T | Media France LifeSci Advisors, LLC Sophie Baumont M +33 (0)6 27 74 74 49 32T | |
| Forward-Looking Statements | ||
| The information contained in this document may be modified without prior notice. This information includes forward-looking statements. Such forward-looking statements are not guarantees of future performance. These statements are based on current expectations or beliefs of the management of Nicox S.A. and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Nicox S.A. and its affiliates, directors, officers, employees, advisers or agents, do not undertake, nor do they have any obligation, to provide updates or to revise any forward-looking statements. Risks factors which are likely to have a material effect on Nicox’s business are presented in the 4PthP chapter of the ‘Document de référence, rapport financier annuel et rapport de gestion 2018’ filed with the French Autorité des Marchés Financiers (AMF) on March 6, 2019 which are available on Nicox’s website (32T). | ||
| Nicox S.A. Drakkar 2 Bât D, 2405 route des Dolines CS 10313, Sophia Antipolis 06560 Valbonne, France T +33 (0)4 97 24 53 00 F +33 (0)4 97 24 53 99 | ||
Consolidated statements of profit or loss
| As of December 31: | ||
| 2019 | 2018 P(1)P | |
| Revenue from collaborations | 8,260 | 4,717 |
| Royalty payments | (1,405) | (690) |
| Net profit | 6,855 | 4,027 |
| Research and development expenditures | (17,747) | (16,331) |
| Administrative expenses | (7,666) | (9,506) |
| Other income | 970 | 1,786 |
| Other expenses | (85) | (644) |
| Operating loss before amortization of intangible assets | (17,673) | (20,668) |
| Amortization of intangible assets | (659) | - |
| Operating loss | (18,332) | (20,668) |
| Finance income | 2,565 | 2,461 |
| Finance expense (2) | (7,013) | (71) |
| Net financial income, (expense) | (4,446) | 2,390 |
| Loss before tax | (22,778) | (18,278) |
| Income tax (expense) / benefit | 3,856 | (113) |
| Loss after tax | (18,922) | (18,391) |
| Loss for the period | (18,922) | (18,391) |
(1) PFinancial statements as at December 31, 2018 were not restated with adjustments led by the effects of IFRS16 first-time adoption
(2) Finance expenses in 2019 included a non-cash item of €(6.1) million reflecting the credit risk asjustement of the loan notes with VISUfarma B.V.
(3) Income tax (expense) / benefit in 2019 included a non-cash item of €3.7 million for the first recognition of deferred tax assets related to ZERVIATE
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
| | As of December 31: | |
| 2019 | 2018 P(1)P | |
| ASSETS | ||
| Non-current assets | ||
| Goodwill | 25,847 | 25,359 |
| Intangible assets | 72,120 | 71,397 |
| Property, plant and equipment | 1,670 | 269 |
| Non-Current financial assets (2) | 11,023 | 15,473 |
| Total non-current assets | 110,660 | 112,498 |
| Current assets | ||
| Trade receivables | 1,069 | 616 |
| Government grants receivables | 864 | 1,247 |
| Other current assets | 1,297 | 691 |
| Prepayments | 814 | 1,479 |
| Cash and cash equivalents | 28,102 | 22,059 |
| Total current assets | 32,146 | 26,092 |
| TOTAL ASSETS | 142,806 | 138,590 |
| EQUITY AND LIABILITIES | ||
| Shareholders’ equity | ||
| Issued capital | 33,231 | 29,719 |
| Share premium | 518,441 | 510,683 |
| Cumulative translation adjustement | 7,811 | 6,697 |
| Accumulated deficit | (450,186) | (433,445) |
| Total equity | 109,297 | 113,653 |
| Non-current liabilities | ||
| Non-current financial liabilities | 10,168 | 54 |
| Deferred taxes liabilities | 12,964 | 16,373 |
| Provisions | 549 | 441 |
| Total non-current liabilities | 23,681 | 16,868 |
| Current liabilities | ||
| Current financial liabilities (3) | 2,481 | 31 |
| Trade payables | 4,996 | 4,281 |
| Deferred income | - | 1,256 |
| Provisions | - | 76 |
| Other current liabilities | 2,351 | 2,425 |
| Total current liabilities | 9,828 | 8,069 |
| TOTAL LIABILITIES AND EQUITY | 142,806 | 138,590 |
(1) PFinancial statements as at December 31, 2018 were not restated with adjustments led by the effects of IFRS16
Pfirst-time adoption
(2) Non current financial assets in 2019 included a non-cash item of €(6.1) million reflecting the credit risk asjustement of the loan notes with VISUfarma B.V.
(3) Deferred taxes liabilities were decreased in 2019 by €3.7 million due to the first recognition of deferred tax assets related to ZERVIATE
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