Mersana Therapeutics Provides Business Update and Announces Fourth Quarter and Full Year 2024 Financial Results

On March 3, 2025 Mersana Therapeutics, Inc. (NASDAQ: MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, reported a business update and reported financial results for the fourth quarter and full year ended December 31, 2024 (Press release, Mersana Therapeutics, MAR 3, 2025, View Source [SID1234650836]).

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"We made significant progress advancing the clinical development of Emi-Le in 2024," said Martin Huber, M.D., President and Chief Executive Officer of Mersana Therapeutics. "These efforts enabled us to begin 2025 by announcing positive initial Phase 1 clinical data, the initiation of expansion and a Fast Track designation for HER2-negative breast cancer patients who have previously been treated with at least one topo-1 ADC. With promising monotherapy activity reported in patients across multiple tumors, including those with heavily pretreated triple-negative breast cancer, as well as a differentiated tolerability profile that may enable combination approaches, we believe Emi-Le offers us unique development opportunities that are unavailable to other B7-H4 ADCs."

Emiltatug Ledadotin (Emi-Le; XMT-1660)
In January 2025, Mersana announced positive initial Phase 1 clinical data for Emi-Le, the company’s lead Dolasynthen ADC candidate targeting B7-H4, from 130 patients who were enrolled in dose escalation and backfill cohorts as of a December 13, 2024 data cutoff. The company also announced that Emi-Le had received a second Fast Track designation from the U.S. Food and Drug Administration (FDA).

The expansion portion of the company’s Phase 1 clinical trial continues at a dose of 67.4 mg/m² administered every four weeks in patients with TNBC who had received one to four prior lines of therapy, including at least one topo-1 ADC. In parallel, the company continues to explore higher doses in dose escalation and backfill cohorts to identify a second dose for expansion.

In 2025, Mersana plans to initiate expansion enrollment at a second dose in patients with TNBC who have received one to four prior lines of treatment, including at least one prior topo-1 ADC. The company also plans to present additional Phase 1 clinical data from dose escalation and backfill cohorts in 2025.

XMT-2056
Mersana has continued to advance the dose escalation portion of its Phase 1 clinical trial of XMT-2056, the company’s lead Immunosynthen ADC candidate targeting a novel HER2 epitope. GSK plc has an exclusive global license option to co-develop and commercialize XMT-2056. Mersana plans to continue enrolling patients in dose escalation and expects to present initial clinical pharmacodynamic STING activation data for XMT-2056 in 2025.

Collaborations
Mersana continues to advance its collaborations with both Johnson & Johnson (Dolasynthen research collaboration) and Merck KGaA, Darmstadt, Germany (Immunosynthen research collaboration).

Fourth Quarter 2024 Financial Results

Cash, cash equivalents and marketable securities as of December 31, 2024 were $134.6 million. Mersana continues to expect that its capital resources will be sufficient to support its current operating plan commitments into 2026.
Net cash used in operating activities for the fourth quarter of 2024 was $19.3 million.
Collaboration revenue for the fourth quarter of 2024 was $16.4 million, compared to $10.7 million for the same period in 2023. The year-over-year change was primarily related to increased collaboration revenue recognized under Mersana’s collaboration and license agreements with Johnson & Johnson, Merck KGaA, Darmstadt, Germany and GSK.
Research and development (R&D) expenses for the fourth quarter of 2024 were $22.3 million, compared to $21.5 million for the same period in 2023. Included in the fourth quarter of 2024 R&D expenses were $1.7 million in non-cash stock-based compensation expenses. The year-over-year increase in R&D expenses was primarily related to increased costs associated with manufacturing and clinical development activities for Emi-Le and XMT-2056, primarily offset by reduced costs related to clinical development activities for UpRi, a discontinued ADC candidate.
General and administrative (G&A) expenses for the fourth quarter of 2024 were $8.9 million, compared to $10.1 million during the same period in 2023. Included in the fourth quarter of 2024 G&A expenses were $1.7 million in non-cash stock-based compensation expenses. The year-over-year decline in G&A expenses was primarily related to reduced employee compensation expense following the company’s 2023 restructuring and reduced consulting and professional services fees.
Net loss for the fourth quarter of 2024 was $14.1 million, or $0.11 per share, compared to a net loss of $19.5 million, or $0.16 per share, for the same period in 2023.
Full Year 2024 Financial Results

Net cash used in operating activities for full year 2024 was $82.3 million.
Collaboration revenue for full year 2024 was $40.5 million, compared to $36.9 million for 2023. The year-over-year increase was primarily related to incremental milestone payments associated with the company’s Johnson and Johnson collaboration and license agreement.

R&D expenses for full year 2024 were $73.0 million, compared to $148.3 million for the full year 2023. Included in 2024 R&D expenses were $8.9 million in non-cash stock-based compensation expenses. The decline in R&D expenses was primarily related to reduced costs associated with manufacturing and clinical development activities for UpRi, reduced employee compensation expenses following the company’s restructuring in 2023, and reduced consulting and professional services fees, partially offset by increased costs for clinical development activities for Emi-Le.
G&A expenses for full year 2024 were $40.8 million, compared to $59.5 million for the full year 2023. Included in 2024 G&A expenses were $7.6 million in non-cash stock-based compensation expenses. The year-over-year decline in G&A expenses was primarily related to reduced consulting and professional services fees and reduced employee compensation expense following the aforementioned restructuring.
Net loss for full year 2024 was $69.2 million, or $0.56 per share, compared to a net loss of $171.7 million, or $1.48 per share, for the full year 2023.

Conference Call Reminder

Mersana will host a conference call today at 8:00 a.m. ET to discuss business updates and its financial results for the fourth quarter and full year of 2024. To access the call, please dial 833-255-2826 (domestic) or 412-317-0689 (international). A live webcast of the presentation will be available on the Investors & Media section of the Mersana website at www.mersana.com, and a replay of the webcast will be available in the same location following the conference call for approximately 90 days.

Entry into material definitive agreement

On March 3, 2025 Intra-Cellular Therapies, Inc. ( the "Company") reported that as previously announced, on January 10, 2025, it has entered into an Agreement and Plan of Merger (the "Merger Agreement") with Johnson & Johnson, a New Jersey corporation ("Parent"), and Fleming Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of Parent ("Merger Sub"), pursuant to which, subject to the terms and conditions thereof, Merger Sub will merge with and into the Company (the "Merger"), with the Company surviving the Merger as a wholly owned subsidiary of Parent (Filing, 8-K, Intra-Cellular Therapies, MAR 3, 2025, View Source [SID1234650831]). Capitalized terms used herein and not otherwise defined herein have the meanings set forth in the Merger Agreement.

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The closing of the Merger is conditioned upon, among other things, the expiration or termination of the waiting period applicable to the Merger under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the "HSR Act"). The required waiting period under the HSR Act with respect to the Merger expired at 11:59 p.m., Eastern Time on February 26, 2025.

The expiration of the waiting period under the HSR Act satisfies one of the conditions to the closing of the Merger. The closing of the Merger remains subject to the satisfaction or waiver of other customary closing conditions, including, without limitation, the adoption of the Merger Agreement and approval of the Merger by the affirmative vote of the holders of a majority of the outstanding Company Shares. As previously disclosed, the Company has scheduled the special meeting of stockholders for March 27, 2025 to vote on the adoption of the Merger Agreement and approval of the Merger.

For more information about the proposed transaction, including the Merger Agreement, the Merger and the special meeting of the Company’s stockholders, please see the definitive proxy statement filed with the Securities and Exchange Commission (the "SEC") by the Company on February 18, 2025 (the "Definitive Proxy Statement").

TG Therapeutics Provides Business Update and Reports Fourth Quarter and Full Year 2024 Financial Results

On March 3, 2025 TG Therapeutics, Inc. (NASDAQ: TGTX) (the Company or TG Therapeutics) reported its financial results for the fourth quarter and full year ended December 31, 2024, along with recent company developments (Press release, TG Therapeutics, MAR 3, 2025, View Source [SID1234650832]).

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Michael S. Weiss, the Company’s Chairman and Chief Executive Officer, stated, "2024 was a year of significant outperformance and growth for TG, highlighted by the strong adoption of BRIUMVI for adult patients with relapsing forms of multiple sclerosis, which surpassed our initial expectations. Additionally, we made meaningful progress in strengthening our BRIUMVI patent portfolio through 2042, launching new clinical trials, including for subcutaneous BRIUMVI, and advancing our pipeline. These accomplishments provide a solid foundation as we look toward continued success in 2025."

2024 Highlights & Recent Developments

BRIUMVI (ublituximab-xiiy) Commercialization

BRIUMVI United States (U.S.) net product revenue of $103.6 million and $310 million for the fourth quarter and full year of 2024, respectively, representing approximately 250% growth year over year

Obtained three additional patents from the United States Patent and Trademark Office (USPTO) for BRIUMVI, extending patent protection through 2042

BRIUMVI launched in Europe with our partner, Neuraxpharm, which is now commercially available in several additional countries in the European Union and United Kingdom

BRIUMVI Data Presentations

Presented five-year data from the open-label extension study of the ULTIMATE I & II Phase 3 trials evaluating BRIUMVI in adult patients with relapsing forms of multiple sclerosis (RMS) which demonstrated that 92% of patients were free from disability progression after five years of treatment, an annualized relapse rate of 0.02 during year 5 of treatment (equivalent to one relapse occurring every fifty years of patient treatment), and an overall safety profile that remained consistent over 5 years of continuous treatment, with no new safety signals emerging with prolonged treatment.

Presented data from the ENHANCE Phase 3b trial evaluating BRIUMVI in patients with RMS which demonstrated that:


o

Rapid 30-minute BRIUMVI infusions are well tolerated in over 80 patients with RMS, and


o

RMS patients who were already B-cell depleted from a prior anti-CD20 therapy were able to switch directly to a full 450 mg dose of BRIUMVI administered in 1 hour, without a 150 mg initial dose, with 97% of infusions being completed without interruption or slowing.

Pipeline

Launched a Phase 1 trial evaluating subcutaneous ublituximab in patients with relapsing forms of multiple sclerosis (MS)

Enrolled patients with Myasthenia Gravis (MG) into a Phase 1 trial with subcutaneous ublituximab

Entered into a global license agreement with Precision BioSciences, Inc. (Precision) for the development and commercialization of Precision’s allogeneic CD19 CAR T therapy program, azercabtagene zapreleucel (azer-cel), for the treatment of autoimmune disorders and launched a Phase 1 trial in primary progressive multiple sclerosis

2025 Financial Guidance

Full Year 2025 target total global revenue of approximately $540 million, including BRIUMVI U.S. net product revenue of approximately $525 million

Full year 2025 target operating expense of approximately $300 million (excluding non-cash compensation)

2025 Development Pipeline Anticipated Milestones

Commence pivotal program of subcutaneous ublituximab

Commence a pivotal program based on data from the ENHANCE trial with the goal of enhancing the patient experience on intravenous BRIUMVI

Enroll participants into the ongoing trial evaluating BRIUMVI in autoimmune diseases outside of MS

Enroll participants into the Phase 1 azer-cel trial in autoimmune disease, beginning with progressive forms of MS

Present updated data at major medical conferences throughout the year

Financial Results for Fourth Quarter and Full Year 2024

Product Revenue, net: Product revenue, net was approximately $107.3 million and $313.7 million for the three and twelve months ended December 31, 2024, respectively, compared to $43.1 million and $92.0 million for the three and twelve months ended December 31, 2023, respectively. Product revenue, net consists primarily of net product sales of BRIUMVI in the United States, which totaled $103.6 million and $310.0 million during the three and twelve months ended December 31, 2024, respectively. Also included in product revenue, net during the three months ended December 31, 2023 and 2024 is approximately $3.2 million and $3.7 million, respectively, for product sold to our partner Neuraxpharm to support the Ex-US commercialization of BRIUMVI.

License, milestone, royalty and other revenue: License, milestone, royalty and other revenue was approximately $0.8 million and $15.3 million for the three and twelve months ended December 31, 2024, respectively, compared to $0.8 million and $141.7 million for the three and twelve months ended December 31, 2023, respectively. License, milestone, royalty and other revenue for the twelve months ended December 31, 2024, is predominantly comprised of a $12.5 million milestone payment under the Neuraxpharm Commercialization Agreement for the first key market commercial launch of BRIUMVI in the European Union (EU) which occurred in the first quarter of 2024. License, milestone, royalty and other revenue for the twelve months ended December 31, 2023 is predominantly comprised of recognition of the one-time $140.0 million non-refundable upfront payment under the Commercialization Agreement with Neuraxpharm.

R&D Expenses: Total research and development (R&D) expense was approximately $23.9 million and $94.3 million for the three and twelve months ended December 31, 2024, respectively, compared to $17.4 million and $76.2 million for the three and twelve months ended December 31, 2023, respectively. The increase in R&D expense during the three and twelve months ended December 31, 2024 was primarily attributable to manufacturing and development costs incurred in connection with our ublituximab subcutaneous development work, as well as license and milestone expense related to the license agreement with Precision BioSciences, Inc., during the period.

SG&A Expenses: Total selling, general and administrative (SG&A) expense was approximately $39.0 million and $154.3 million for the three and twelve months ended December 31, 2024, respectively, compared to $31.2 million and $122.7 million for the three and twelve months ended December 31, 2023, respectively. The increase in both periods was primarily due to other selling, general and administrative costs, including personnel and consultants, associated with the commercialization of BRIUMVI during the period ended December 31, 2024.

Net Income (Loss): Net income was $23.3 million and $23.4 million for the three and twelve months ended December 31, 2024, respectively, compared to a net loss of ($14.4) million for the three months ended December 31, 2023 and net income of $12.7 million for the twelve months ended December 31, 2023, respectively.

Cash Position and Financial Guidance: Cash, cash equivalents and investment securities were $311.0 million as of December 31, 2024. We anticipate that our cash, cash equivalents and investment securities as of December 31, 2024, combined with the projected revenues from BRIUMVI, will be sufficient to fund our business based on our current operating plan.

CONFERENCE CALL INFORMATION
The Company will host a conference call today, March 3, 2025, at 8:30 AM ET, to discuss the Company’s financial results from the fourth quarter and full year ended December 31, 2024.

To participate in the conference call, please call 1-877-407-8029 (U.S.), 1-201-689-8029 (outside the U.S.), Conference Title: TG Therapeutics. A live audio webcast will be available on the Events page, located within the Investors & Media section, of the Company’s website at View Source An audio recording of the conference call will also be available for a period of 30 days after the call.

ABOUT BRIUMVI (ublituximab-xiiy) 150 mg/6 mL Injection for IV
BRIUMVI is a novel monoclonal antibody that targets a unique epitope on CD20-expressing B-cells. Targeting CD20 using monoclonal antibodies has proven to be an important therapeutic approach for the management of autoimmune disorders, such as RMS. BRIUMVI is uniquely designed to lack certain sugar molecules normally expressed on the antibody. Removal of these sugar molecules, a process called glycoengineering, allows for efficient B-cell depletion at low doses.

BRIUMVI is indicated in the U.S. for the treatment of adults with RMS, including clinically isolated syndrome, relapsing-remitting disease, and active secondary progressive disease and in the EU and UK for the treatment of adult patients with RMS with active disease defined by clinical or imaging features.

A list of authorized specialty distributors can be found at www.briumvi.com.

IMPORTANT SAFETY INFORMATION

Contraindications: BRIUMVI is contraindicated in patients with:

Active Hepatitis B Virus infection

A history of life-threatening infusion reaction to BRIUMVI

WARNINGS AND PRECAUTIONS

Infusion Reactions: BRIUMVI can cause infusion reactions, which can include pyrexia, chills, headache, influenza-like illness, tachycardia, nausea, throat irritation, erythema, and an anaphylactic reaction. In MS clinical trials, the incidence of infusion reactions in BRIUMVI-treated patients who received infusion reaction-limiting premedication prior to each infusion was 48%, with the highest incidence within 24 hours of the first infusion. 0.6% of BRIUMVI-treated patients experienced infusion reactions that were serious, some requiring hospitalization.

Observe treated patients for infusion reactions during the infusion and for at least one hour after the completion of the first two infusions unless infusion reaction and/or hypersensitivity has been observed in association with the current or any prior infusion. Inform patients that infusion reactions can occur up to 24 hours after the infusion. Administer the recommended pre-medication to reduce the frequency and severity of infusion reactions. If life-threatening, stop the infusion immediately, permanently discontinue BRIUMVI, and administer appropriate supportive treatment. Less severe infusion reactions may involve temporarily stopping the infusion, reducing the infusion rate, and/or administering symptomatic treatment.

Infections: Serious, life-threatening or fatal, bacterial and viral infections have been reported in BRIUMVI-treated patients. In MS clinical trials, the overall rate of infections in BRIUMVI-treated patients was 56% compared to 54% in teriflunomide-treated patients. The rate of serious infections was 5% compared to 3% respectively. There were 3 infection-related deaths in BRIUMVI-treated patients. The most common infections in BRIUMVI-treated patients included upper respiratory tract infection (45%) and urinary tract infection (10%). Delay BRIUMVI administration in patients with an active infection until the infection is resolved.

Consider the potential for increased immunosuppressive effects when initiating BRIUMVI after immunosuppressive therapy or initiating an immunosuppressive therapy after BRIUMVI.

Hepatitis B Virus (HBV) Reactivation: HBV reactivation occurred in an MS patient treated with BRIUMVI in clinical trials. Fulminant hepatitis, hepatic failure, and death caused by HBV reactivation have occurred in patients treated with anti-CD20 antibodies. Perform HBV screening in all patients before initiation of treatment with BRIUMVI. Do not start treatment with BRIUMVI in patients with active HBV confirmed by positive results for HB surface antigen (HBsAg) and anti-HB tests. For patients who are negative for HBsAg and positive for HB core antibody [HBcAb+] or are carriers of HBV [HBsAg+], consult a liver disease expert before starting and during treatment.

Progressive Multifocal Leukoencephalopathy (PML): Although no cases of PML have occurred in BRIUMVI-treated MS patients, JC virus infection resulting in PML has been observed in patients treated with other anti-CD20 antibodies and other MS therapies.

If PML is suspected, withhold BRIUMVI and perform an appropriate diagnostic evaluation. Typical symptoms associated with PML are diverse, progress over days to weeks, and include progressive weakness on one side of the body or clumsiness of limbs, disturbance of vision, and changes in thinking, memory, and orientation leading to confusion and personality changes.

MRI findings may be apparent before clinical signs or symptoms; monitoring for signs consistent with PML may be useful. Further investigate suspicious findings to allow for an early diagnosis of PML, if present. Following discontinuation of another MS medication associated with PML, lower PML-related mortality and morbidity have been reported in patients who were initially asymptomatic at diagnosis compared to patients who had characteristic clinical signs and symptoms at diagnosis.

If PML is confirmed, treatment with BRIUMVI should be discontinued.

Vaccinations: Administer all immunizations according to immunization guidelines: for live or live-attenuated vaccines, at least 4 weeks and, whenever possible, at least 2 weeks prior to initiation of BRIUMVI for non-live vaccines. BRIUMVI may interfere with the effectiveness of non-live vaccines. The safety of immunization with live or live-attenuated vaccines during or following administration of BRIUMVI has not been studied. Vaccination with live virus vaccines is not recommended during treatment and until B-cell repletion.

Vaccination of Infants Born to Mothers Treated with BRIUMVI During Pregnancy: In infants of mothers exposed to BRIUMVI during pregnancy, assess B-cell counts prior to administration of live or live-attenuated vaccines as measured by CD19+ B-cells. Depletion of B-cells in these infants may increase the risks from live or live-attenuated vaccines. Inactivated or non-live vaccines may be administered prior to B-cell recovery. Assessment of vaccine immune responses, including consultation with a qualified specialist, should be considered to determine whether a protective immune response was mounted.

Fetal Risk: Based on data from animal studies, BRIUMVI may cause fetal harm when administered to a pregnant woman. Transient peripheral B-cell depletion and lymphocytopenia have been reported in infants born to mothers exposed to other anti-CD20 B-cell depleting antibodies during pregnancy. A pregnancy test is recommended in females of reproductive potential prior to each infusion. Advise females of reproductive potential to use effective contraception during BRIUMVI treatment and for 6 months after the last dose.

Reduction in Immunoglobulins: As expected with any B-cell depleting therapy, decreased immunoglobulin levels were observed. Decrease in immunoglobulin M (IgM) was reported in 0.6% of BRIUMVI-treated patients compared to none of the patients treated with teriflunomide in RMS clinical trials. Monitor the levels of quantitative serum immunoglobulins during treatment, especially in patients with opportunistic or recurrent infections, and after discontinuation of therapy, until B-cell repletion. Consider discontinuing BRIUMVI therapy if a patient with low immunoglobulins develops a serious opportunistic infection or recurrent infections, or if prolonged hypogammaglobulinemia requires treatment with intravenous immunoglobulins.

Most Common Adverse Reactions: The most common adverse reactions in RMS trials (incidence of at least 10%) were infusion reactions and upper respiratory tract infections.

Physicians, pharmacists, or other healthcare professionals with questions about BRIUMVI should visit www.briumvi.com.

The full Summary of Product Characteristics approved in the European Union (EU) for BRIUMVI can be found here Briumvi | European Medicines Agency (europa.eu).

ABOUT BRIUMVI PATIENT SUPPORT in the U.S.
BRIUMVI Patient Support is a flexible program designed by TG Therapeutics to support U.S. patients through their treatment journey in a way that works best for them. More information about the BRIUMVI Patient Support program can be accessed at www.briumvipatientsupport.com.

ABOUT MULTIPLE SCLEROSIS
Relapsing multiple sclerosis (RMS) is a chronic demyelinating disease of the central nervous system (CNS) and includes people with relapsing-remitting multiple sclerosis (RRMS) and people with secondary progressive multiple sclerosis (SPMS) who continue to experience relapses. RRMS is the most common form of multiple sclerosis (MS) and is characterized by episodes of new or worsening signs or symptoms (relapses) followed by periods of recovery. It is estimated that nearly 1 million people are living with MS in the United States and approximately 85% are initially diagnosed with RRMS.1,2 The majority of people who are diagnosed with RRMS will eventually transition to SPMS, in which they experience steadily worsening disability over time. Worldwide, more than 2.3 million people have a diagnosis of MS.

EMERGENT BIOSOLUTIONS REPORTS FOURTH QUARTER AND FULL YEAR 2024 FINANCIAL RESULTS

On March 3, 2025 Emergent BioSolutions Inc. (NYSE: EBS) reported financial results for the quarter and year ended December 31, 2024 (Press release, Emergent BioSolutions, MAR 3, 2025, View Source [SID1234650833]).

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"As we close out 2024, I’m proud to share we delivered favorable full-year financial results driven by our core products, all the while, completing a series of strategic stabilization actions to strengthen our financial position ahead of plan," said Joe Papa, president and chief executive officer of Emergent. "This strong foundation enables Emergent to focus on profitable revenue growth and cash generation as we move forward with turnaround activities, a critical phase in our multi-year transformation plan. Our results and progress are a testament to the hard work and dedication of our entire team, and we believe Emergent’s future will be defined by the durability of our business, opportunities for new markets and innovation, and a steadfast commitment to protecting and saving lives."

FINANCIAL HIGHLIGHTS(1)
Q4 2024 vs. Q4 2023
($ in millions, except per share amounts) Q4 2024 Q4 2023 % Change
Total Revenues $ 194.7 $ 276.6 (30) %
Net Loss $ (31.3) $ (49.5) 37 %
Net Loss per Diluted Share $ (0.58) $ (0.95) 39 %
Adjusted Net Income (Loss)(2)
$ 2.6 $ (40.0) 107 %
Adjusted Net Income (Loss) per Diluted Share(2)
$ 0.05 $ (0.77) 106 %
Adjusted EBITDA(2)
$ 21.0 $ 3.4 518 %
Total Segment Gross Margin %(2)
29 % 25 %
Total Segment Adjusted Gross Margin %(2)
40 % 32 %

Year to Date ("YTD") 2024 vs. YTD 2023
($ in millions, except per share amounts) YTD 2024 YTD 2023 % Change
Total Revenues $ 1,043.6 $ 1,049.3 (1) %
Net Loss $ (190.6) $ (760.5) 75 %
Net Loss per Diluted Share $ (3.60) $ (14.85) 76 %
Adjusted Net Loss(2)
$ (12.1) $ (319.0) 96 %
Adjusted Net Loss per Diluted Share(2)
$ (0.23) $ (6.23) 96 %
Adjusted EBITDA(2)
$ 183.1 $ (22.3) 921 %
Total Segment Gross Margin %(2)
26 % 25 %
Total Segment Adjusted Gross Margin %(2)
45 % 33 %

1

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SELECT 2024 FULL YEAR BUSINESS UPDATES
•Appointed industry leader Joseph C. Papa as President, CEO and Director
•Appointed Dr. Simon Lowry as Chief Medical Officer and Head of Research and Development
•Received approximately $550 million of Medical Countermeasure Contract Modification Awards
•Awarded procurement contract valued up to $235.8 million to supply BioThrax (Anthrax Vaccine Adsorbed) to the U.S. Department of Defense
•FDA approved sBLA for expansion of the indication for ACAM2000 to include prevention of mpox disease in individuals determined to be at high risk

•Repaid $168 million of debt and extended maturities to 2029 with new $250 million secured term loan and $100 million asset-backed revolving credit facility
•Completed $117 million of targeted asset divestitures and streamlined manufacturing footprint
•Resolved legacy legal disputes including receipt of $50 million settlement payment from Janssen
•Received $30 million in development milestone payments from Bavarian Nordic as part of the sale of the Travel Health Business
•Returned to strong, positive operating cash flow
FOURTH QUARTER 2024 FINANCIAL PERFORMANCE(1)
Revenues
The Company uses the following categories in discussing product/service level revenues:
•NARCAN — comprises contributions from NARCAN Nasal Spray
•Anthrax MCM — comprises contributions from CYFENDUS, previously known as AV7909, BioThrax, Anthrasil and Raxibacumab
•Smallpox MCM — comprises contributions from ACAM2000, VIGIV CNJ-016 and TEMBEXA
•Other Products — comprises contributions from BAT and RSDL
•Bioservices — comprises service and lease revenues from the Bioservices business
($ in millions) Q4 2024 Q4 2023 % Change
Product sales, net:(3)
NARCAN
$ 65.1 $ 111.0 (41) %
Anthrax MCM 32.5 111.6 (71) %
Smallpox MCM 76.5 11.5 565 %
Other Products 7.8 15.0 (48) %
Total Product sales, net $ 181.9 $ 249.1 (27) %
Bioservices:
Services $ 6.8 $ 20.6 (67) %
Leases 0.6 0.2 200 %
Total Bioservices revenues $ 7.4 $ 20.8 (64) %
Contracts and grants $ 5.4 $ 6.7 (19) %
Total revenues $ 194.7 $ 276.6 (30) %

2

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Product Sales, net
NARCAN
For Q4 2024, revenues from NARCAN (naloxone HCl) Nasal Spray decreased $45.9 million, or 41%, as compared with Q4 2023. The decrease was primarily driven by lower sales of over-the-counter ("OTC") NARCAN, coupled with lower revenues for Canadian retail sales.
Anthrax MCM
For Q4 2024, revenues from Anthrax MCM products decreased $79.1 million, or 71%, as compared with Q4 2023. The decrease reflects the impact of timing of sales related to CYFENDUS, Anthrasil, and BioThrax. Anthrax vaccine product sales are primarily made under annual purchase options exercised by the U.S. government (the "USG"). Fluctuations in revenues result from the timing of USG purchases and the exercise of annual purchase options, the availability of governmental funding and the Company’s delivery of orders that follow.
Smallpox MCM
For Q4 2024, revenues from Smallpox MCM products increased $65.0 million, or 565%, as compared with Q4 2023. The increase was primarily due higher ACAM2000 sales to non-U.S. customers and timing of USG purchases of VIGIV CNJ-016. Fluctuations in revenues result from the timing of USG purchases and the exercise of annual purchase options in existing procurement contracts, the availability of governmental funding and Company delivery of orders that follow.
Other Products
For Q4 2024, revenues from Other Product sales decreased $7.2 million, or 48%, as compared with Q4 2023. The decrease was due to lower sales of RSDL, which was sold to SERB during the third quarter of 2024, and lower product sales of BAT, due to timing of deliveries.
Bioservices Revenues
Services
For Q4 2024, revenues from Bioservices services decreased $13.8 million, or 67%, as compared with Q4 2023. The decrease was primarily attributable to the sale of the Camden facility to Bora Pharmaceuticals Injectables Inc., a subsidiary of Bora Pharmaceuticals Co., Ltd ("Bora"), during the third quarter of 2024, coupled with lower revenue from the Company’s Bayview facility as a result of the prior year resolution of a customer’s outstanding obligation, partially offset by higher production from the Company’s Winnipeg facility.
Leases
For Q4 2024, revenues from Bioservices leases increased $0.4 million, or 200%, as compared with Q4 2023. The increase was attributable to an increase in lease revenue associated with SERB at our Winnipeg facility.
Contracts and Grants
For Q4 2024, revenues from contracts and grants decreased $1.3 million, or 19%, as compared with Q4 2023. The decrease was primarily attributable to the wind-down of various development initiatives.

IN8bio Announces Advanced Gamma-Delta (??) T cell Engager (TCE) Platform for Oncology and Autoimmune Diseases

On March 3, 2025 IN8bio, Inc. (Nasdaq: INAB), a clinical-stage biopharmaceutical company developing innovative gamma-delta (γδ) T cell therapies, reported INB-600, its potentially breakthrough next generation γδ T cell-based TCE platform. It is designed to address one of the biggest shortcomings of current existing γδ TCEs – insufficient numbers of γδ T cell effector cells to drive real clinical impact (Press release, In8bio, MAR 3, 2025, View Source [SID1234650830]). This groundbreaking platform leverages γδ T cells’ unique properties targeting applications in both oncology and autoimmune indications with potentially greater safety and tolerability than current CAR-T and TCE approaches.

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The platform’s first candidate, INB-619, targets CD19, a key marker broadly found on B cells, which play a central role in leukemias, lymphomas, and autoimmune diseases. In preclinical models, INB-619 demonstrated:

Rapid and sustained B-cell depletion – target cells were eradicated as γδ T cells continued expanding up to 450-fold with continued proliferation until the target cells were undetectable.
Simultaneous expansion and activation of both major γδ T cell subsets (Vδ1+ and Vδ2+) leverages both the rapid antigen presenting properties of Vδ2+ T cells and the longer-term resistance against exhaustion and tissue residence properties of Vδ1+ T cells, potentially resulting in deeper B cell depletion.
Lower cytokine (IL-6) secretion, potentially reducing the risk of dangerous side effects such as CRS and ICANs, two of the most severe side effects limiting CAR-T and traditional CD3-TCE adoption in autoimmune indications.
William Ho, Chief Executive Officer and co-founder of IN8bio, commented, "As the industry rapidly chased immunology and inflammation (I&I) indications, we saw a major unmet need for a therapy that provides deep B cell depletion, ease of delivery with no required lymphodepletion, and improved overall safety and tolerability. Most γδ TCEs have failed because they can’t engage the limited number of effector cells to eliminate their targets. Our INB-600 platform is working to change the equation by not only targeting B cells, but also by actively expanding the γδ T cell immune army needed for deep, lasting B cell depletion. By leveraging our expertise in γδ T cell biology, we have worked to develop a breakthrough technology that combines exceptional preclinical potency, while broadly expanding immune surveillance and potentially avoiding the dangerous side effects of existing approaches. We believe this platform could have significant applications across oncology as well as autoimmune diseases."

TCEs are a class of bispecific antibody therapies that work by binding both a target cell and a T cell, bringing them into close proximity so the T cell can efficiently attack and destroy its target. Traditional TCEs, such as those targeting CD3 – have demonstrated strong target killing abilities but often have severe limitations, including the potential to drive T cells to exhaustion and induce severe toxicities such as CRS and ICANs. γδ T cells naturally secrete lower levels of inflammatory cytokines such as IL-6, which suggests substantially less risk of CRS, which may translate to improved safety and tolerability in future clinical applications. Notably, to date, IN8bio has not observed any CRS or neurotoxicities in any of its on-going γδ T cell clinical programs.

IN8bio plans to evaluate INB-619 in preclinical studies and seek potential partners to support future IND-enabling trials. We remain focused on to pushing the boundaries of next generation γδ cell-based immunotherapies as it pursues its mission of Cancer Zero – a future where cancer is fully eliminated.

Webcast details
TD Cowen 45th Annual Health Care Conference
Date/Time: Monday, March 3, 2025, at 10:30 a.m. ET.
Webcast link: https://wsw.com/webcast/cowen177/inab/1991262

A live webcast and replay will also be available under "Events and Presentations" in the News & Presentations section of the IN8bio website at View Source