Galapagos reports half-year 2024 financial results and provides
second quarter business update
- Executing on our Forward,
Faster strategy with strong progress in a pivotal year,
focused on delivering regulatory and clinical milestones, expanding
our cell therapy manufacturing capabilities, and advancing our
early-stage programs.
- Submitted IND application to FDA
for our Phase 1/2 ATALANTA-1 study of CD19 CAR-T candidate,
GLPG5101 in R/R NHL.
- Submitted CTA to EMA for our Phase
2 study of GLPG5201 in R/R CLL with or without RT.
- IND filing for our Phase 1/2
EUPLAGIA-1 study of CD19 CAR-T candidate GLPG5201 in R/R CLL with
or without RT on track for Q4 2024.
- Encouraging new Phase 1/2 safety,
efficacy, and translational data for GLPG5101 and GLPG5201,
evaluating seven-day vein-to-vein, fresh CD19 CAR-T therapies for
patients with R/R NHL and R/R CLL with or without RT.
- Significantly extending our reach
across the U.S. territory through a strategic collaboration with
Blood Centers of America for our cell therapy manufacturing
network, which complements our existing collaborations with
Landmark Bio and Thermo Fisher Scientific.
- Continued to deliver on our
innovation strategy to accelerate pipeline in solid tumors through
a collaboration with Adaptimmune and an expansion of the
collaboration with BridGene Biosciences.
- Advanced our proprietary discovery
pipeline with over 15 preclinical programs in oncology and
immunology, targeting the initiation of at least one first-in-human
study in 2025 and aiming to introduce at least two new clinical
candidates annually starting from 2026.
- Strong balance sheet with cash and
current financial investments as of 30 June 2024 of €3.4
billion.
- 2024 outlook reaffirmed: key
milestones remain on schedule; cash burni forecast
reiterated at €280 million to €320 million, excluding business
development; cash burn guidance for full year 2024, including
business development year-to-date, between €370 million and €410
million.
Webcast
presentation with
management
on 2 August
2024, at
14:00
CET / 8:00
AM
ET, www.glpg.com
Mechelen, Belgium; August 1, 2024, 22:01
CET; regulated information – Galapagos NV (Euronext & NASDAQ:
GLPG) today announced its half-year 2024 financial
results and provided a second quarter and post-period update and
the outlook for the remainder of 2024. The results are further
detailed in the H1 2024 financial report available on the financial
reports section of the corporate
website.
“We are very pleased with the progress we have
made in delivering on our Forward, Faster strategy,” said
Dr. Paul Stoffels1, Galapagos’ CEO and Chairman of the
Board of Directors. “We are on track with key regulatory
milestones, having submitted the IND for our Phase 1/2 study of
GLPG5101 in the U.S., and the CTA for the Phase 2 study of GLPG5201
in Europe, with plans for an upcoming IND filing in the U.S. for
GLPG5201. With these submissions, Galapagos is pioneering
innovative approaches in cell therapy with the potential to
administer fresh, fit CAR-T cells within a vein-to-vein time of
just seven days - critical for patients with rapidly advancing
cancers. Our innovation strategy, powered by our unique technology
platforms and value-enriching collaborations has significantly
expanded our pipeline. With over 15 ongoing preclinical programs in
oncology and immunology, our ambition to initiate at least one
first-in-human study in 2025 and introduce at least two new
clinical candidates annually starting in 2026, positions us
strongly for sustained value creation.”
Thad Huston, Galapagos’ CFO and COO, added:
“Strengthened by our newest collaboration with Blood Centers of
America to expand our cell therapy manufacturing network across the
U.S, we are gearing up for our pivotal CAR-T studies and commercial
readiness. We continue to evaluate business development
opportunities and were happy to announce a clinical collaboration
with an option to exclusively license Adaptimmune’s next-generation
TCR T-cell therapy, uza-cel. This aligns well with our strategy to
advance novel cell therapies and enables us to expand our portfolio
to include treatments for solid tumors. We reaffirm our 2024
outlook, with key pipeline catalysts on track and cash burn
guidance, excluding business development, in the range of €280-320
million.”
HALF-YEAR 2024 AND POST-PERIOD BUSINESS
UPDATE
Regulatory, clinical, and manufacturing progress with CD19
CAR-T candidates, GLPG5101 in relapsed/refractory non-Hodgkin
lymphoma (R/R NHL) and GLPG5201 in chronic lymphocytic leukemia
(R/R CLL) & Richter transformation (RT), and submitted protocol
amendment for BCMA CAR-T candidate, GLPG5301, in
relapsed/refractory multiple myeloma (R/R MM).
- Submitted Investigational New Drug
(IND) application for ATALANTA-1 Phase 1/2 study of GLPG5101 to the
U.S. Food and Drug Administration (FDA). Clinical Trial Application
(CTA) for Phase 2 dose expansion study of GLPG5201 submitted to the
European Medicines Agency (EMA) and IND for EUPLAGIA-1 Phase 1/2
study on track for filing in Q4 2024.
- Presented additional encouraging
safety, efficacy and translational Phase 1/2 data for GLPG5101 and
GLPG5201 at scientific
conferences2,3,4
demonstrating feasibility of Galapagos’ innovative cell therapy
manufacturing platform to address unmet needs of high-risk patients
with median seven-day vein-to-vein delivery of fresh, fit CAR-T
cells.
- Temporarily paused patient
enrolment in the Phase 1/2 PAPILIO-1 study of GLPG5301 in R/R MM
and submitted a protocol amendment to the EMA following one
observed case of Parkinsonism. We anticipate resuming recruitment
in the coming months.
- Established strategic collaboration
with Blood Centers of America, significantly advancing Galapagos'
U.S. expansion strategy. This collaboration complements our
existing collaborations with Landmark Bio and Thermo Fisher
Scientific, and supports upcoming pivotal studies and potential
future commercial manufacturing of cell therapies near cancer
treatment centers, aiming to deliver more and faster access to
potentially life-saving treatments across the U.S.
Continued to execute on innovation
strategy with license agreements and research collaborations in
small molecules and cell therapies in solid tumor
indications.
- Signed clinical collaboration
agreement with an option to exclusively license Adaptimmune’s
next-generation TCR T-cell therapy (uza-cel) targeting MAGE-A4 for
head & neck cancer and potential future solid tumor
indications, using Galapagos’ cell therapy manufacturing platform.
Adaptimmune to receive initial payments totaling $100 million,
option exercise fees of up to $100 million, additional development
and sales milestone payments of up to a maximum of $465 million,
plus tiered royalties on net sales.
- Expanded the strategic
collaboration and licensing agreement with BridGene Biosciences,
which was announced early 2024, to include the discovery of a
highly selective oral SMARCA2 small molecule proteolysis targeting
chimera (PROTAC5) in precision oncology. This combines
Galapagos’ expertise in selective ATPase small molecules with
BridGene’s PROTAC discovery engine. The collaboration intends to
advance the molecule into a preclinical candidate, with Galapagos
holding exclusive global rights for further development and
commercialization of the product candidates developed under the
agreement. Under the terms of the agreement, BridGene is eligible
to potentially receive up to $159 million in total payments plus
tiered royalties on net sales.
Progressed proprietary R&D pipeline
of >20 clinical and preclinical small molecule and cell therapy
programs in oncology and immunology.
- Focused on biologically validated
targets to develop potential best-in-class therapeutics in areas of
high unmet medical needs.
- Accelerating early-stage
preclinical pipeline in oncology and immunology with the goal to
initiate at least four IND/CTA enabling studies and at least one
first-in-human study in 2025.
- From 2026 onwards, aiming to fuel
the clinical pipeline with at least two new clinical candidates
annually across cell therapies and small molecules and various
indications.
At the Annual and Extraordinary
Shareholders’ Meetings held on 30 April 2024, all proposed
resolutions were approved.
- Approved resolutions include the
revised 2024 Remuneration Policy and 2023 Remuneration Report.
FINANCIAL PERFORMANCE
First half-year 2024 key figures
(consolidated)
(€ millions, except basic & diluted earnings per
share)
|
Six months ended 30 June |
% Change
|
|
2024 |
2023 |
Supply revenues |
19.1 |
- |
|
Collaboration revenues |
121.2 |
118.6 |
+2% |
Total net revenues |
140.3 |
118.6 |
+18% |
Cost of sales |
(19.1) |
- |
|
R&D expenses |
(145.2) |
(108.7) |
+34% |
G&Aii and
S&Miii expenses |
(63.9) |
(57.9) |
+10% |
Other operating income |
16.6 |
20.3 |
-18% |
Operating loss |
(71.3) |
(27.7) |
|
Fair value adjustments and net exchange differences |
49.5 |
0.2 |
|
Net other financial result |
48.9 |
32.9 |
|
Income taxes |
1.1 |
(12.7) |
|
Net profit/loss (-) from continuing
operations |
28.2 |
(7.3) |
|
Net profit from discontinued operations, net of tax |
71.0 |
35.6 |
|
Net profit of the period |
99.2 |
28.3 |
|
Basic and diluted earnings per share (€) |
1.51 |
0.43 |
|
Current financial investments, cash & cash
equivalents |
3,430.4 |
3,901.5 (*) |
|
(*) Including €26.6 million of net
accrued interest income
DETAILS OF THE FINANCIAL RESULTS OF THE
FIRST HALF YEAR OF 2024
As a consequence of the transfer of our Jyseleca® business to
Alfasigma, the results related to Jyseleca® for the first half-year
of 2024 are presented separately from the results of our continuing
operations in the line ‘Net profit from discontinued operations,
net of tax’ in our consolidated income statement. The comparative
first half-year of 2023 has been restated accordingly for the
presentation of the results related to the Jyseleca®
business.
Results from our continuing
operations
Total operating loss from continuing operations
for the six months ended 30 June 2024 was €71.3 million, compared
to an operating loss of €27.7 million for the six months ended 30
June 2023.
- Total net revenues
for the six months ended 30 June 2024 amounted to €140.3 million,
compared to €118.6 million for the six months ended 30 June 2023.
The revenue recognition related to the exclusive access rights
granted to Gilead for our drug discovery platform amounted to
€115.1 million for the first six months of both 2024 and 2023. Our
deferred income balance at 30 June 2024 includes €1.2 billion
allocated to our drug discovery platform that is recognized
linearly over the remaining period of our 10-year
collaboration.
- Cost of sales for
the six months ended 30 June 2024 amounted to €19.1 million and
related to the supply of Jyseleca® to Alfasigma under the
transition agreement. The related revenues are reported in total
net revenues.
- R&D expenses
in the first six months of 2024 amounted to €145.2 million,
compared to €108.7 million for the first six months of 2023. This
increase was primarily explained by higher costs for cell therapy
and small molecule programs in oncology.
- G&A and
S&M expenses amounted to €63.9 million in
the first six months of 2024, compared
to €57.9 million in the first six months of
2023. This was predominantly due to an increase in S&M
expenses due to investments in strategic marketing for
oncology.
- Other operating
income amounted to €16.6 million in the first six months
of 2024, compared to €20.3 million for the same period last
year. This decrease is mainly driven by lower grants and R&D
incentives.
Net financial income in the
first six months of 2024 amounted to €98.4 million, compared
to net financial income of €33.1 million for the first six
months of 2023.
- Fair value adjustments and
net currency exchange gains in the first six months of
2024 amounted to €49.5 million, compared to fair value
adjustments and net currency exchange differences of
€0.2 million for the first six months of 2023, and were
primarily attributable to €18.2 million of unrealized currency
exchange gains on our cash and cash equivalents and current
financial investments at amortized cost in U.S. dollars, and to
€31.2 million of positive changes in fair value of current
financial investments.
- Net other financial
income in the first six months of 2024 amounted to
€48.9 million, compared to net other financial income of
€32.9 million for the first six months of 2023, and was
primarily attributable to €49.4 million of interest income, which
increased significantly due to the increase in interest rates.
Net profit from
continuing operations for the first six months of 2024 was
€28.2 million, compared to a net loss from continuing operations of
€7.3 million for the first six months of 2023.
Results from discontinued operations
(€
millions)
|
Six months ended 30 June |
% Change
|
|
2024 |
2023 |
Product net sales |
11.3 |
54.3 |
-79% |
Collaboration revenues |
26.0 |
155.9 |
-83% |
Total net revenues |
37.3 |
210.2 |
-82% |
Cost of sales |
(2.0) |
(7.8) |
-74% |
R&D expenses |
(11.3) |
(103.1) |
-89% |
G&A and S&M expenses |
(10.3) |
(63.7) |
-84% |
Other operating income |
54.6 |
3.4 |
|
Operating profit |
68.3 |
39.0 |
+75% |
Net financial result |
2.8 |
(2.5) |
|
Income taxes |
(0.1) |
(0.9) |
|
Net profit from discontinued operations |
71.0 |
35.6 |
|
Total operating profit from discontinued
operations amounted to €68.3 million in the first six
months of 2024, compared to an operating profit of €39.0 million in
the same period last year.
- Product net sales
of Jyseleca® in Europe were €11.3 million for the first six months
of 2024 consisting of sales to customers in January 2024. Product
net sales to customers for the first six months of 2023 amounted to
€54.3 million. As from 1 February 2024, all economics linked to the
sales of Jyseleca® in Europe are for the account of Alfasigma.
- Collaboration
revenues for the development of filgotinib with Gilead
amounted to €26.0 million for the first six months of 2024,
compared to €155.9 million for the same period last year. The sale
of the Jyseleca® business to Alfasigma on 31 January 2024 led to
the full recognition by us in revenue of the remaining deferred
income related to filgotinib.
- Cost of sales
related to Jyseleca® net sales were €2.0 million for the first six
months of 2024. Cost of sales related to Jyseleca® net sales for
the first six months of 2023 amounted to €7.8 million.
- R&D expenses
for the development of filgotinib for the first six months of 2024
amounted to €11.3 million, compared to €103.1 million in
the first six months of 2023. As from 1 February 2024, all
filgotinib development expenses still incurred during the
transition period are recharged to Alfasigma.
- G&A and
S&M expenses related to the Jyseleca® business
amounted to €10.3 million in the first six months of
2024, compared to €63.7 million in the first six
months of 2023. As from 1 February 2024, all remaining G&A
and S&M expenses relating to Jyseleca® are recharged to
Alfasigma.
- Other operating
income for the first six months of 2024 amounted to €54.6
million (€3.4 million for the same period last year) and comprised
€52.3 million related to the gain on the sale of the Jyseleca®
business to Alfasigma. This result as of 30 June 2024 of the
transaction is considering the following elements:
- €50.0 million of upfront payment
received at closing of the transaction of which €40.0 million was
paid into an escrow account. This amount will be kept in escrow for
a period of one year after the closing date of 31 January 2024. We
gave customary representations and warranties which are capped and
limited in time (at 30 June 2024, this €40.0 million is presented
as “Escrow account” in our statement of financial position).
- €9.8 million of cash received from
Alfasigma related to the closing of the transaction as well as €0.9
million of accrued negative adjustment for the settlement of net
cash and working capital.
- €47.0 million of fair value on 31
January 2024 of the future earn-outs payable by Alfasigma to us
(the fair value of these future earn-outs at 30 June 2024 is
presented on the lines “Non-current contingent consideration
receivable” and “Trade and other receivables”). As from 1 February
2024, we are entitled to receive royalties on net sales of
Jyseleca® in Europe from Alfasigma.
- €40.0 million of liability towards
Alfasigma on 31 January 2024 for R&D cost contributions of
which €10.0 million was paid in the first half-year of 2024 (at 30
June 2024, €30.0 million of liabilities for R&D cost
contribution is presented in our statement of financial position on
the line “Trade and other liabilities”).
Net profit from discontinued
operations related to Jyseleca® amounted to €71.0 million for the
first six months of 2024, compared to a net profit amounting to
€35.6 million for the first six months of 2023.
Cash, cash equivalents and current
financial investments totaled €3,430.4 million as of 30
June 2024, as compared to €3,684.5 million as of 31 December 2023.
Total net decrease in cash and cash equivalents and current
financial investments amounted to €254.1 million during the first
six months of 2024, compared to a net decrease of €192.5 million
during the first six months of 2023. This net decrease was composed
of (i) €250.0 million of operational cash burn including €78.6
million cash impact of business development activities, (ii) €36.9
million for the acquisition of financial assets held at fair value
through other comprehensive income, (iii) €31.2 million of net cash
in related to the sale of the Jyseleca® business to Alfasigma of
which €40.0 million has been transferred to an escrow account,
offset by (iv) €41.6 million of positive exchange rate differences,
positive changes in fair value of current financial investments and
variation in accrued interest income.
OUTLOOK 2024
Financial outlook
The cash burn guidance for full year 2024, not including business
development, is confirmed in the range of €280 million to €320
million. Our cash burn guidance for 2024 including business
development to date is €370 million to €410 million.
Advancing current pipeline and
strengthening capabilities
We continue to strengthen our capabilities in cell therapy and
small molecules internally and through strategic business
development and are advancing multiple clinical and preclinical
candidates across various indications and modalities. Before
year-end, we anticipate:
- Progress in patient recruitment in
ongoing Phase 1/2 studies with CD19 CAR-T candidates, GLPG5101 and
GLPG5201.
- Presentation of additional safety,
efficacy, translational and durability data from ongoing Phase 1/2
studies with CD19 CAR-T candidates, GLPG5101 in R/R NHL and
GLPG5201 in R/R CLL with or without RT.
- Submission of IND to the FDA for
Phase 1/2 EUPLAGIA-1 study of GLPG5201.
- Resume study enrollment of Phase
1/2 PAPILIO-1 study of GLPG5301 in R/R MM in the coming
months.
- Further upscaling of cell therapy
manufacturing network in the U.S. and Europe for the manufacturing
of fresh cell therapies with a median vein-to-vein time of seven
days.
- Progress in patient recruitment in
ongoing dermatomyositis (DM) and systemic lupus erythematosus (SLE)
Phase 2 studies with TYK2 inhibitor, GLPG3667.
- Acceleration of the pipeline
through strategic partnerships, early-stage research
collaborations, licensing or acquisitions in areas of high unmet
medical needs.
CONFERENCE CALL AND WEBCAST
PRESENTATION
We will host a conference call and webcast presentation on 2 August
2024, at 14:00 CET / 8:00 am ET. To participate in the conference
call, please register in advance using this link. Dial-in numbers
will be provided upon registration. The conference call can be
accessed 10 minutes prior to the start of the call by using the
conference access information provided in the email received after
registration, or by selecting the “call me” feature.
The live webcast is available on glpg.com or via
the following link. The archived webcast will be available for
replay shortly after the close of the call on the investor section
of the website.
FINANCIAL CALENDAR 2024
30 October 2024 |
Third quarter 2024 results |
(webcast: 31 October 2024) |
12 February 2025 |
Full year 2024 results |
(webcast: 13 February 2025) |
About Galapagos
We are a biotechnology company with operations in Europe and the
U.S. dedicated to developing transformational medicines for more
years of life and quality of life. Focusing on high unmet medical
needs, we synergize compelling science, technology, and
collaborative approaches to create a deep pipeline of best-in-class
small molecules and cell therapies in oncology and immunology. With
capabilities from lab to patient, including a decentralized cell
therapy manufacturing network, we are committed to challenging the
status quo and delivering results for our patients, employees, and
shareholders. For additional information, please
visit www.glpg.com or follow us
on LinkedIn or X.
For further information, please
contact:
Media
inquiries:
Marieke Vermeersch
+32 479 490 603
media@glpg.com
Jennifer Wilson
+ 44 7444 896759
media@glpg.com |
Investor
inquiries:
Sofie Van Gijsel
+1 781 296 1143
ir@glpg.com
Sandra Cauwenberghs
+32 495 58 46 63
ir@glpg.com |
Forward-looking statements
This press release contains forward-looking
statements, all of which involve certain risks and
uncertainties. These statements are often, but are not always,
made through the use of words or phrases such as
“believe,” “anticipate,” “plan,” “upcoming,” “future,” “estimate,”
“may,” “will,” “could,” “would,” “potential,” “forward,” “goal,”
“next,” “continue,” “should,” “encouraging,” “aim,” “progress,”
“remain,” “advance,” “ambition,” “outlook,” “further,” as well as
similar expressions. These statements include, but are not
limited to, the guidance from management regarding our
financial results (including guidance regarding the expected
operational use of cash for the fiscal year 2024), statements
regarding our regulatory outlook, statements regarding the amount
and timing of potential future milestones, including potential
milestone payments, statements regarding our R&D plans,
strategy and outlook, including progress on our oncology or
immunology portfolio, our CAR-T-portfolio and our
SIKi-portfolio, and potential changes of
such plans, statements regarding our pipeline and
complementary technology platforms facilitating future growth,
statements regarding our regulatory and R&D
outlook, statements regarding the expected timing, design and
readouts of ongoing and planned clinical trials, including but
not limited to (i) GLPG3667 in SLE and DM, (ii) GLPG5101 in R/R
NHL, (iii) GLPG5201 in R/R CLL, and (iv) GLPG5301 in R/R
MM, statements regarding our commercialization efforts
for our product candidates and any of our future approved
products, if any, statements about potential future
commercial manufacturing of T-cell therapies, statements regarding
our expectations on commercial sales of any of our product
candidates (if approved), statements related to the
anticipated timing for submissions to regulatory agencies,
including any INDs or CTAs, statements relating to the development
of our distributed manufacturing capabilities on a global basis,
and statements related to our portfolio goals and business
plans. Galapagos cautions the reader that forward-looking
statements are based on our management’s current expectations and
beliefs and are not guarantees of future
performance. Forward-looking statements may involve known and
unknown risks, uncertainties and other factors which might
cause our actual results, financial conditions and
liquidity, performance or achievements, or the industry
in which we operate, to be materially different from any
historic or future results, financial conditions and liquidity,
performance or achievements expressed or implied by such
forward-looking statements. In addition, even if Galapagos’
results, performance, financial condition and liquidity, and the
development of the industry in which it operates are consistent
with such forward-looking statements, they may not be predictive of
results or developments in future periods. Such risks include, but
are not limited to, the risk that our expectations and
management’s guidance regarding our 2024 operating expenses, cash
burn and other financial estimates may be incorrect
(including because one or more of our assumptions
underlying our revenue and expense expectations may not
be realized), the risk that ongoing and future clinical trials
may not be completed in the currently envisaged timelines or at
all, the inherent risks and uncertainties associated with
competitive developments, clinical trials, recruitment of patients,
product development activities and regulatory approval requirements
(including the risk that data from our ongoing and
planned clinical research programs in DM, SLE,
relapsed/refractory NHL, R/R CLL, R/R MM and other immunologic
and oncologic indications or any other indications or
diseases, may not support registration or further development
of our product candidates due to safety or efficacy
concerns or other reasons), risks related to the
acquisitions of CellPoint and AboundBio, including the risk that we
may not achieve the anticipated benefits of the acquisitions of
CellPoint and AboundBio, the risk that the preliminary and topline
data from our studies, including the ATALANTA-1, EUPLAGIA-1 and
PAPILIO-1-studies, may not be reflective of the final data, risks
related to our reliance on collaborations with third
parties (including, but not limited to, our collaboration
partners Gilead, Lonza, Adaptimmune, BridGene Biosciences and Blood
Centers of America), the risk that the transfer of the
Jyseleca® business will not have the currently expected results for
our business and results of operations, the risk that our
plans with respect to our CAR-T program may not be achieved on the
currently anticipated timeline or at all, the risk that our
estimates of the commercial potential of our product
candidates (if approved) or expectations regarding the costs and
revenues associated with any commercialization rights may be
inaccurate, the risk that we will not be able to continue
to execute on our currently contemplated business plan
and/or will revise our business plan, the risks
related to our strategic transformation, including the risk that we
may not achieve the anticipated benefits of such exercise on the
currently envisaged timeline or at all. A further list and
description of these risks, uncertainties and other risks can
be found in our filings and reports with
the Securities and Exchange Commission (SEC), including
in our most recent annual report on Form 20-F filed with
the SEC and our subsequent filings and reports filed with the SEC.
Given these risks and uncertainties, the reader is
advised not to place any undue reliance on such forward-looking
statements. In addition, even if the result of our
operations, financial condition and liquidity, or the industry in
which we operate are consistent with such forward-looking
statements, they may not be predictive of results, performance or
achievements in future periods. These forward-looking statements
speak only as of the date of publication of
this release. We expressly disclaim any obligation
to update any such forward-looking statements in
this release to reflect any change in our expectations or
any change in events, conditions or circumstances, unless
specifically required by law or regulation.
1 Throughout this press release, ‘Dr.
Paul Stoffels’ should be read as ‘Dr. Paul Stoffels, acting via
Stoffels IMC BV’.
2 EHA 2024, 13-16 June, Madrid, Spain. Kersten MJ, et
al.
3 EBMT-EHA 2024, 15-17 February, Valencia, Spain. Blum
S, et al.; Tovar N, et al.; Kersten MJ, et al.
4 EBMT 2024, 14–17 April, Glasgow, UK. Hoefsmit E, et
al.; Ortiz-Maldonado V, et al.; Kersten MJ, et al.
5 A proteolysis-targeting chimera (PROTAC) is a
hetero-bifunctional molecule containing two small molecule-binding
ligands joined together by a linker.
i The operational cash burn (or
operational cash flow if this liquidity measure is positive) is
equal to the increase or decrease in our cash and cash equivalents
(excluding the effect of exchange rate differences on cash and cash
equivalents), minus:
• the net proceeds, if any, from share capital and share premium
increases included in the net cash flows generated from/used in (-)
financing activities
• the net proceeds or cash used, if any, related to the
acquisitions or disposals of businesses; the acquisition of
financial assets held at fair value through other comprehensive
income; the movement in restricted cash and movement in current
financial investments, if any, the cash advances and loans given to
third parties, if any, included in the net cash flows generated
from/used in (-) investing activities
• the cash used for other liabilities related to the acquisition or
disposal of businesses, if any, included in the net cash flows
generated from/used in (-) operating activities.
This alternative liquidity measure is in our view an important
metric for a biotech company in the development stage. The
operational cash burn for the first six months of 2024 amounted to
€250.0 million and can be reconciled to our cash flow statement by
considering the decrease in cash and cash equivalents of €95.4
million, adjusted by (i) the net sale of current financial
investments amounting to €200.3 million, (ii) the cash-out related
to the sale of subsidiaries of €8.8 million, and (iii) the
acquisition of financial assets held at fair value through other
comprehensive income of €36.9 million.
ii General and administrative
iii Sales and marketing
- Galapagos reports half-year 2024 financial results and provides
second quarter business update
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