Nicox Announces 2020 Financial Results and 2021 Key Milestones
Press Release | ||
Nicox Announces 2020 Financial Results and 2021 Key Milestones | ||
March 1st, 2021 – release at 7:30 am CET
Key Expected Upcoming Milestones
We continue to closely watch the spread and impact of the COVID-19 pandemic and we will provide an update of any delays. | ||
About Nicox | ||
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. | ||
Analyst coverage | ||
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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 | ||
Investors & Media | Media | |
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. | ||
Nicox S.A. |
Consolidated statements of profit or loss
As of December 31: | ||
2020 | 2019 | |
Revenue from collaborations | 14,423 | 8,260 |
Royalty payments | (1,516) | (1,405) |
Net profit | 12,907 | 6,855 |
Research and development expenditures | (12,728) | (17,747) |
Administrative expenses | (6,677) | (7,666) |
Other income | 1,083 | 970 |
Other expenses | (93) | (85) |
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 income | 1,168 | 2,565 |
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: | ||
2020 | 2019 | |
ASSETS | ||
Non-current assets | ||
Goodwill | 23,663 | 25,847 |
Intangible assets | 64,848 | 72,120 |
Property, plant and equipment | 1,166 | 1,670 |
Non-Current financial assets (1) | 68 | 11,023 |
Total non-current assets | 89,745 | 110,660 |
Current assets | ||
Trade receivables | 1,723 | 1,069 |
Government grants receivables | 736 | 864 |
Other current assets | 237 | 1,297 |
Prepayments | 2,630 | 814 |
Cash and cash equivalents | 47,195 | 28,102 |
Total current assets | 52,521 | 32,146 |
TOTAL ASSETS | 142,266 | 142,806 |
EQUITY AND LIABILITIES | ||
Shareholders’ equity | ||
Issued capital | 37,030 | 33,231 |
Share premium | 528,595 | 518,441 |
Cumulative translation adjustement | 2,959 | 7,811 |
Treasury Shares | (605) | - |
Accumulated deficit | (467,169) | (450,186) |
Total equity | 100,810 | 109,297 |
Non-current liabilities | ||
Non-current financial liabilities | 13,429 | 10,168 |
Deferred taxes liabilities | 11,868 | 12,964 |
Provisions | 754 | 549 |
Total non-current liabilities | 26,051 | 23,681 |
Current liabilities | ||
Current financial liabilities | 5,646 | 2,481 |
Trade payables | 2,422 | 4,996 |
Deferred income | 5,174 | - |
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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