|Nicox Announces 2020 Financial Results and 2021 Key Milestones|
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, 2020, as approved by the Board of Directors on February 26, 2021, and provided upcoming 2021 key milestones.
2020 Financial Summary
Net revenue1 for the full year 2020 was €12.9 million (€2.4 million in net royalties, €10.5 million in license payments), compared to €6.9 million (€2.1 million in net royalties, €4.8 million in upfront and milestone payments) for the full year 2019. Net revenue has been revised upwards from that reported in the Q4 2020 business update due to an accounting adjustment reflecting a non-cash item of deferred income received from Ocumension in March 2020.
Operating expenses for the year 2020 decreased to €19.5 million from €25.5 million for the 12 months to December 31, 2019. Research and development expenses decreased by €5.0 million while administrative and other expenses decreased by €1.0 million. Nicox’s research and development efforts remained strong in 2020, mainly concentrated in the second part of the year with 3 clinical trials initiated since June.
Net loss of the Nicox Group for the full year 2020 was €18.1 million against €18.9 million for the full year 2019.
As of December 31, 2020, the Nicox Group had cash and cash equivalents of €47.2 million as compared with €28.1 million at December 31, 2019.
As of December 31, 2020, the Nicox Group had financial debt of €17.9 million consisting of €15.9 million in the form of a bond financing agreement with Kreos Capital signed in January 2019 and a €2.0 million credit agreement with Société Générale and LCL, guaranteed by the French State, and granted in August 2020 in the context of the COVID-19 pandemic. The position includes the prepayment to Kreos of the January 2021 period.
Events after the Reporting Period
|Nicox S.A. is an international ophthalmology company developing innovative solutions to help maintain vision and improve ocular health. Nicox’s lead program in clinical development is NCX 470, a novel nitric oxide-donating prostaglandin analog, for lowering intraocular pressure in patients with glaucoma. The company is also developing NCX 4251, a proprietary formulation of fluticasone, for acute exacerbations of blepharitis. Nicox generates revenue from VYZULTA® in glaucoma, licensed exclusively worldwide to Bausch + Lomb, and ZERVIATE® in allergic conjunctivitis, licensed in multiple geographies, including to Eyevance Pharmaceuticals, LLC, in the U.S. and Ocumension Therapeutics in the Chinese and in the majority of South East Asian markets. |
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: www.nicox.com.
Bryan, Garnier & Co Victor Floc’h Paris, France
Cantor Fitzgerald Louise Chen New York, U.S.
Edison Investment Research Pooya Hemami London, UK
H.C. Wainwright & Co Yi Chen New York, U.S.
Kepler Cheuvreux Damien Choplain Paris, France
|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.|
Executive Vice President, Chief Business Officer
& Head of Corporate Development
T +33 (0)4 97 24 53 00
|Investors & Media |
United States & Europe
LifeSci Advisors, LLC
T +44 7483 284 853
LifeSci Advisors, LLC
M +33 (0)6 27 74 74 49
|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 3rd chapter of the ‘Document d’enregistrement universel, rapport financier annuel et rapport de gestion 2019’ filed with the French Autorité des Marchés Financiers (AMF) on March 6, 2020 which are available on Nicox’s website (www.nicox.com) and as restated in the 4th chapter of the half yearly financial report as of June 30, 2020, which is also available on Nicox’s website.
|Nicox S.A. |
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:|
|Revenue from collaborations||14,423||8,260|
|Research and development expenditures||(12,728)||(17,747)|
|Operating loss before amortization of intangible assets||(5,508)||(17,673)|
|Amortization of intangible assets||(1,252)||(659)|
|Operating loss||(6 760)||(18,332)|
|Finance expense (1)||(12,478)||(7,013)|
|Net financial income, (expense)||(11,310)||(4,446)|
|Loss before tax||(18,070)||(22,778)|
|Income tax (expense) / benefit (2)||(28)||3,856|
|Loss after tax||(18,098)||(18,922)|
|Loss for the period||(18,098)||(18,922)|
(1) Finance expense in 2020 included a net loss of € (6.9) million following the divestment of the VISUfarma shareholding, € (2.2) million of loan interests paid to Kreos and € (3.4) million of foreign exchange loss. In 2019 Finance expenses included an impairment of € (6.1) million related to VISUfarma shareholding and (0.8) million of loan interests paid to Kreos.
(2) 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:|
|Property, plant and equipment||1,166||1,670|
|Non-Current financial assets (1)||68||11,023|
|Total non-current assets||89,745||110,660|
|Government grants receivables||736||864|
|Other current assets||237||1,297|
|Cash and cash equivalents||47,195||28,102|
|Total current assets||52,521||32,146|
|EQUITY AND LIABILITIES|
|Cumulative translation adjustement||2,959||7,811|
|Non-current financial liabilities||13,429||10,168|
|Deferred taxes liabilities||11,868||12,964|
|Total non-current liabilities||26,051||23,681|
|Current financial liabilities||5,646||2,481|
|Other current liabilities||2,163||2,351|
|Total current liabilities||15,405||9,828|
|TOTAL LIABILITIES AND EQUITY||142,266||142,806|
(1) Divestment of VISUfarma shareholding and loan notes in 2020
1 Net revenue consists of revenue from collaborations less royalty payments which corresponds to Net profit in the consolidated statements of profit or loss
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