Ryvu Therapeutics has reported a PLN 24.24m net loss from continuing operations

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According to a company report, Ryvu Therapeutics recorded a PLN 24.24m standalone net loss from continuing operations in the second quarter of 2021. This is higher than last year when the loss amounted to PLN 4.3m. The company also suffered a higher operating loss and EBITDA loss from continuing operations than in 2020. Ryvu Therapeutics reports that the financial results are in line with the company’s strategy, which in the future, plans to commercialise ongoing projects to generate more revenue.

Ryvu Therapeutics is a Polish biotechnology company that develops innovative cancer therapies. In the first half of 2021, the company focused on clinical projects with promising results, and in July 2021, the US Food and Drug Administration authorised the continuation of a clinical trial for a drug applicable to haematological cancers. Unfortunately, the company’s financial results did not turn out to be equally positive, with the company reporting a PLN 24.24m standalone net loss from continuing operations in the second quarter of 2021. EBITDA loss from continuing operations amounted to PLN 19.43m compared to a loss of PLN 4.44m in 2020, and operating loss was PLN 22.47m compared to a loss of PLN 6.87m in 2020. The company also reported lower revenue than a year ago, coming in at PLN 5.58m in the second quarter of 2021 compared to PLN 10.86m in 2020. Revenue from grants amounted to PLN 5.52m this year, while sales revenue increased from PLN 0.15m in 2020 to PLN 0.31m in 2021.

In total, Ryvu Therapeutics’ standalone net loss from continuing operations amounted to PLN 37.81m in the first half of this year, and PLN 8.61m a year earlier. Income from operations reached PLN 12.22m, a sharp decline from PLN 24.47m in 2020. Net loss excluding incentive programme costs in the first half of 2021 amounted to PLN 30.9m.

Revenues in the first half of this year mainly came from grants, which amounted to PLN 11.3m and accounted for 90% of the total. The remainder was revenue from partnering, amounting to PLN 0.4m, other revenue of PLN 0.3m, and other operating income of PLN 0.2m. Operating expenses incurred for the development of the research and development projects amounted to PLN 43.5m, not including the non-cash incentive programme of PLN 6.7m. EBIT loss, excluding the incentive programme, amounted to PLN 31.3m, compared to PLN 11.8m in the same period last year. The company’s liquid assets as reported on 31 August 2021 amounted to PLN 96.4m. Ryvu Therapeutics says that the presented financial results are in line with the company’s strategy, which in the future, plans to commercialise its ongoing projects in order to generate more revenue.

In the first half of 2021, Ryvu Therapeutics focused on the realisation of clinical projects, which yielded satisfactory results. The company confirmed efficacy in the form of monotherapy for both RVU120 and SEL24/MEN1703. Already in January this year, Ryvu Therapeutics expanded its phase I clinical trial of SEL120 (RVU120) in patients with acute myeloid leukaemia or high-risk myelodysplastic syndrome to clinical sites in Poland. Although the US Food and Drug Administration halted clinical trials for RVU120 in April, Ryvu Therapeutics received approval to continue the study in July. By the end of 2022, the company aims to have at least three projects in the clinical phase.

Ryvu Therapeutics (former Selvita) is a biotechnology company founded in 2007 that employs 150 scientists, including 80 with PhDs. The company develops innovative cancer therapies and presented its latest achievements at the EHA Congress 2021, during which the company’s management reported the first positive phase I data for RVU120, and Menarini Group, which is the company’s partner, presented positive phase II data for the SEL24/MEN1703 molecule.