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Nicox Announces 2020 Financial Results and 2021 Key Milestones

NICOX
·9-min read

Press Release

Nicox Announces 2020 Financial Results and 2021 Key Milestones

March 1st, 2021 – 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, 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

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.

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.

Analyst coverage



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.

Contacts

Nicox
Gavin Spencer
Executive Vice President, Chief Business Officer
& Head of Corporate Development
T +33 (0)4 97 24 53 00
communications@nicox.com

Investors & Media
United States & Europe
LifeSci Advisors, LLC
Mary-Ann Chang
T +44 7483 284 853
mchang@lifesciadvisors.com

Media
France
LifeSci Advisors, LLC
Sophie Baumont
M +33 (0)6 27 74 74 49
sophie@lifesciadvisors.com

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 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.
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:

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

Attachment