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Nuvectis Pharma, Inc. (NVCT)·Q2 2025 Earnings Summary

Executive Summary

  • Q2 2025 was a strategic transition quarter: NXP900 became the lead program after successful completion of Phase 1a and a clinical DDI study; Phase 1b initiation is imminent .
  • Reported net loss was $6.33M and diluted EPS was -$0.30; both worsened year over year due to NXP900 DDI-related spend, and quarter over quarter on higher G&A; cash ended at $26.79M with pro forma ~$39M after July ATM, extending runway into 2H 2027 .
  • EPS missed Wall Street consensus (-$0.30 actual vs -$0.252 consensus); revenue remains 0 given no commercial product; EBITDA consensus was -$6.0M for the quarter; analysts continue to model operating losses as trials advance .
  • Near-term catalysts: commencement of NXP900 Phase 1b single-agent cohorts (YES1 amplified, Hippo pathway alterations) and combination cohorts with EGFR/ALK in NSCLC; management hosted a dedicated program call on Aug 12 .

What Went Well and What Went Wrong

What Went Well

  • NXP900 achieved two critical clinical milestones: successful completion of Phase 1a with robust pharmacodynamic inhibition (~90% SRC phosphorylation at ≥150 mg/day), and DDI classification as a weak CYP3A inhibitor, enabling planned combinations with EGFR/ALK inhibitors .
  • Clear clinical execution path: Phase 1b initiated (single-agent underway; combinations expected later in 2025), targeting genetically defined solid tumors where biology supports NXP900 sensitivity; management emphasized “pipeline in a pill” potential .
  • Strengthened liquidity: pro forma cash of ~$39M post-July ATM with runway into 2H 2027; CEO cited positioning “to deliver on our ambitious plan for NXP900” .

What Went Wrong

  • Earnings miss versus consensus: diluted EPS -$0.30 vs consensus -$0.252, reflecting higher operating expenses; net loss increased YoY by $1.9M .
  • Elevated OpEx: R&D rose to $3.61M (DDI completion), G&A rose to $2.98M; operating loss widened to $6.60M QoQ/YoY .
  • Portfolio narrowing: Company will not pursue further development of NXP800 in ovarian cancer; while biologically active, management cited feasibility and impact considerations, shifting near-term focus toward NXP900 .

Financial Results

Reported P&L and Cash

MetricQ2 2024Q1 2025Q2 2025
Net Loss ($USD Millions)$4.43 $5.33 $6.33
Diluted EPS - Continuing Operations ($USD)-$0.26 -$0.27 -$0.30
R&D Expenses ($USD Millions)$2.94 $3.68 $3.61
General and Administrative Expenses ($USD Millions)$1.70 $1.89 $2.98
Operating Loss ($USD Millions)$4.64 $5.57 $6.60
Cash And Equivalents ($USD Millions)N/A$29.86 $26.79

Notes: Pro forma cash position was ~$39M after July ATM activity, extending runway into 2H 2027 .

Actual vs Consensus (Q2 2025)

MetricActualConsensusSurprise
Diluted EPS ($USD)-$0.30 -$0.252*Miss: -$0.048
Revenue ($USD Millions)N/A0.0*N/A
EBITDA ($USD Millions)N/A-$6.0*N/A

Values with asterisks are retrieved from S&P Global.

Segment breakdown

  • Single operating segment; no commercial revenue reported (clinical-stage oncology) .

KPIs

KPIQ2 2025Context
NXP900 Phase 1a PD Inhibition~90% SRC phosphorylation inhibition at ≥150 mg/day Supports once-daily oral dosing and wide therapeutic window
NXP900 DDI ClassificationWeak CYP3A inhibitor per ICH M12 Supports combinations with EGFR/ALK inhibitors
NXP800 Phase 1b (Ovarian) Outcomes at 75 mg/day2 partial responses (unconfirmed), 3 stable diseases (n=13 evaluable of 17 treated) Thrombocytopenia managed via intermittent dosing; program pivot to other cancers

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Cash RunwayCompany-levelInto 1Q 2027 Into 2H 2027 Raised

No revenue/margin/OpEx quantitative guidance provided. Pro forma cash ~$39M after July ATM .

Earnings Call Themes & Trends

TopicPrevious Mentions (Q-2: Q4 2024)Previous Mentions (Q-1: Q1 2025)Current Period (Q2 2025)Trend
NXP900 clinical executionPhase 1a ongoing; Phase 1b prep mid-2025 AACR Phase 1a data showed robust PD and acceptable safety; Phase 1b prep Phase 1a completed; DDI study completed; Phase 1b initiation imminent Acceleration
NXP900 combinations (EGFR/ALK)Planning combinations in NSCLC Preclinical posters support combo strategy DDI classification supports combos; combo portion expected later in 2025 Validated path
NXP800 programOngoing; ODD granted by FDA Enrollment continues; update expected in “couple of months” Final Phase 1b ovarian data shared; pivot to explore endometrial/prostate Strategic refocus
Funding/liquidityFollow-on offering completed Feb 2025 extending runway into 2027 $15.5M financing completed; runway into 1Q 2027 Pro forma cash ~$39M; runway into 2H 2027 Strengthening
Regulatory/biomarker strategyBiomarker-defined patients anticipated Biomarker-based Phase 1b enrollment plan Single-agent cohorts target YES1/Hippo; NF2 mesothelioma/renal Sharpening focus

Management Commentary

  • “We announced the successful completions of the NXP900 Phase 1a dose escalation study… and of the NXP900 drug-drug interaction study… supporting the initiation of the NXP900 Phase 1b program” — Ron Bentsur, CEO .
  • “We believe that NXP900 represents a unique ‘pipeline in a pill’… with the potential to address several substantial areas of unmet medical need in oncology” — Ron Bentsur .
  • “We strengthened our cash position… bringing our second quarter end proforma cash to approximately $39 million, which we expect can fund our operations into 2H 2027” — Ron Bentsur .
  • “We have decided to focus our near-term efforts on advancing NXP900… [NXP800] is an active agent and… we will evaluate… other opportunities” — Ron Bentsur .

Q&A Highlights

  • A Q2 earnings call transcript is not available in our document set. The company hosted a focused conference call Aug 12, 2025 to discuss NXP900 Phase 1b program design and market opportunity .
  • DDI results and biomarker selection strategy for Phase 1b were key areas of discussion per the program call announcement .

Estimates Context

  • Q2 2025 EPS: actual -$0.30 vs consensus -$0.252* → Miss; driven by completion of NXP900 DDI and higher G&A .
  • Revenue consensus remains $0.0* given the company’s clinical-stage status; actual revenue not reported.
  • EBITDA consensus for Q2 2025 was -$6.0M*, consistent with operating loss profile.
  • Forward consensus: Q3 2025 EPS -$0.25*, Q4 2025 EPS -$0.30*; Target price consensus mean ~$18.17 with 6 estimates*, indicating continued long-duration development expectations.

Values with asterisks are retrieved from S&P Global.

Estimates vs Actual Table

MetricQ2 2024Q1 2025Q2 2025
EPS Actual ($USD)-$0.26 -$0.27 -$0.30
EPS Consensus ($USD)-$0.307*-$0.254*-$0.252*
Revenue Consensus ($USD Millions)0.0*0.0*0.0*

Values with asterisks are retrieved from S&P Global.

Key Takeaways for Investors

  • Evidence-backed NXP900 acceleration: Phase 1a/PD/PK and DDI outcomes de-risk Phase 1b entry and combination strategy, setting up clinically driven catalysts over the next 6–12 months .
  • Portfolio prioritization should streamline spend: Near-term focus on NXP900; NXP800 redirected to indications with better feasibility/impact potential .
  • Liquidity improved: ~$39M pro forma cash and runway into 2H 2027 reduces financing overhang in the near term, supporting trial execution .
  • Near-term readouts matter: Single-agent biomarker-defined cohorts could produce signal detection; combination cohorts in NSCLC resistant to EGFR/ALK could broaden commercial relevance .
  • Expect operating losses near consensus: Continued R&D/G&A investment likely sustains negative EPS; model revisions should reflect higher G&A and NXP900 Phase 1b ramp.
  • Stock reaction catalysts: Enrollment progress, initial response rates/tumor shrinkage in YES1/Hippo populations, DDI-supported combo feasibility, and any early NSCLC efficacy signals could re-rate the risk profile .
  • Risk factors: Clinical efficacy uncertainty in early-stage oncology, patient selection complexity, and timing of combination cohort starts remain core execution risks .

Citations:

  • Q2 2025 press release and financials:
  • Q1 2025 press release and financials:
  • FY 2024 context:
  • NXP900 DDI:
  • NXP800 Phase 1b data update:
  • NXP900 Phase 1b initiation & call details: