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Nuvectis Pharma, Inc. (NVCT)·Q4 2024 Earnings Summary

Executive Summary

  • Q4 2024 was primarily an annual wrap-up with no product revenue, a quarterly net loss of approximately $6.25M derived from FY and nine-month results, and EPS of approximately -$0.36; the quarter missed third-party EPS estimates of -$0.28, reflecting higher Q4 operating spend to advance clinical programs .
  • Cash and cash equivalents ended FY at $18.53M; management extended cash runway into 2027 following a February 2025 follow-on offering, enhancing funding visibility for NXP800 and NXP900 milestones .
  • Clinical execution advanced: NXP800 Phase 1b transitioned to a higher 75 mg/day intermittent dosing schedule (Q2 2025 update expected), and NXP900 set to begin Phase 1b mid-2025 with monotherapy and EGFR/ALK combination cohorts in NSCLC .
  • Near-term stock catalysts: NXP800 Phase 1b data in Q2 2025 and NXP900 Phase 1b initiation mid-2025; management emphasized broad applicability potential for NXP900 and continued momentum across programs .

What Went Well and What Went Wrong

What Went Well

  • Cash runway extended into 2027 after a $15.5M follow-on offering, improving capital adequacy for upcoming trials: “Our successful follow-on offering...extend our cash runway into 2027” .
  • NXP800 program progressing with dosing strategy refinement and orphan designations; higher-dose intermittent regimen (75 mg/day) to drive efficacy with manageable safety, update expected Q2 2025 .
  • NXP900 progressed through Phase 1a with favorable clinical profile and clear path to Phase 1b mid-2025; plan includes combination therapy with EGFR/ALK inhibitors to address resistance in NSCLC .

What Went Wrong

  • Q4 EPS and net loss widened versus prior quarters as spend increased to advance trials, driving a miss versus third-party consensus for EPS (-$0.36 actual vs -$0.28 est.) .
  • NXP800 required dosing adjustments after earlier thrombocytopenia at higher intensity; efficacy signal remains preliminary (SD and unconfirmed PR), necessitating higher dose intensity to seek stronger activity .
  • No revenue and continued operating losses underscore dependence on external financing and timely clinical milestones; FY net loss was -$19.0M despite lower R&D and G&A versus FY 2023 .

Financial Results

MetricQ1 2024Q2 2024Q3 2024Q4 2024
Net Loss ($USD Millions)-$4.171 -$4.428 -$4.153 -$6.248 (derived from FY -$19.000 and 9M -$12.752)
EPS ($USD)-$0.25 -$0.26 -$0.24 -$0.36 (derived from FY -$1.11 and 9M -$0.75)
Cash And Equivalents ($USD Millions)$19.464 $18.116 $17.169 $18.533
Operating Expenses Detail ($USD Millions)Q1 2024Q2 2024Q3 2024Q4 2024
Research & Development$2.660 $2.943 $2.819 $4.496 (derived from FY $12.918 and 9M $8.422)
General & Administrative$1.736 $1.700 $1.540 $1.953 (derived from FY $6.929 and 9M $4.976)
EPS vs Estimates (Q4 2024)EstimateActualSurprise
EPS ($USD)-$0.28 -$0.36 -$0.08; bold miss

Notes: The company reports no product revenue; financial statements consist of operating expense lines and finance income (no revenue line disclosed in Q1–Q4 press materials) .

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Cash RunwayCorporate“Well into 2026” (Q3 2024) “Into 2027” (post follow-on offering) Raised/Extended
NXP800 Phase 1b Clinical UpdateOvarian CA“Update expected this month” (Nov 2024) Next update anticipated Q2 2025; 75 mg/day intermittent dosing cohort enrolling Schedule clarified; dose intensity increased
NXP900 DevelopmentSolid Tumors/NSCLCPlanning next development stage; dose escalation continues (Q3 2024) Phase 1b expected to begin mid-2025 (monotherapy; combos with EGFR/ALK inhibitors) Timeline specified/advanced
NXP800 RegulatoryOvarian/CholangioFast Track and ODD (prior) Additional ODDs reaffirmed/expanded emphasis for ARID1a-deficient ovarian spectrum Regulatory profile reinforced

Earnings Call Themes & Trends

Note: No Q4 2024 earnings call transcript was available in our document corpus; we searched external sources and did not find a Q4 call transcript. A later FY 2025 call transcript exists but is not relevant to Q4 2024 .

TopicPrevious Mentions (Q2 & Q3 2024)Current Period (Q4 2024)Trend
NXP800 efficacy/safetyEarly Phase 1b signal; planning updates (Q2: enrollment; Q3: update expected) Interim data: single-agent activity; thrombocytopenia mitigated with intermittent dosing; move to 75 mg/day Improving tolerability; pursuing higher exposure for efficacy
NXP900 developmentDose escalation progressing; 3→4 cohorts cleared with no DLTs Phase 1b to start mid-2025; monotherapy and EGFR/ALK combinations in NSCLC Program maturation; combination strategy emphasized
Regulatory designationsFast Track (NXP800) and ODD (cholangio) ODD reinforced for ARID1a-deficient ovarian spectrum Strengthened regulatory footing
Cash runway/capitalEfficient capital use; runway into 2026 (Q3) Follow-on offering extends runway into 2027 Capital position improved
NSCLC resistance strategyInterest in EGFR/ALK combos Explicit plan for EGFR/ALK combinations in Phase 1b Strategy clarified; nearer-term execution

Management Commentary

  • “In 2024, Nuvectis made important progress… Enrollment is ongoing… [NXP800] update from this study in the second quarter… first data… cholangiocarcinoma later this year” — Ron Bentsur, CEO .
  • “For NXP900… preparations are underway to begin the Phase 1b program in mid-year… monotherapy… and in combination with EGFR and ALK inhibitors… Positive results could showcase NXP900’s potential broad applicability” — Ron Bentsur .
  • “Our successful follow-on offering… extend our cash runway into 2027… well-positioned to generate meaningful results in our clinical portfolio in 2025 and beyond” — Ron Bentsur .
  • “Antitumor activity… while controlling for thrombocytopenia… we need to increase dose intensity… enrolling patients… 75 mg/day… expected to be the last cohort… expect additional clinical data… Q2 2025” — Ron Bentsur on NXP800 .

Q&A Highlights

  • No Q4 2024 earnings call transcript or Q&A was available in filings/press materials; external searches did not return a Q4-specific call transcript .

Estimates Context

  • S&P Global consensus estimates for Q4 2024 could not be retrieved at this time due to an access limit; therefore, Wall Street consensus from S&P Global is unavailable.
  • Third-party data indicates Q4 2024 EPS estimate of -$0.28 vs actual -$0.36 (miss), consistent with FY-to-9M derivation of quarterly EPS from company-reported figures .
  • No revenue consensus applicable; company reports no product revenue in period press materials .

Key Takeaways for Investors

  • Cash runway extended into 2027 post offering, reducing near-term financing risk and supporting Phase 1b execution across programs .
  • NXP800: dosing optimization successfully mitigated thrombocytopenia; higher-intensity intermittent regimen seeks stronger efficacy signal; Q2 2025 update is a key catalyst .
  • NXP900: Phase 1b initiation mid-2025 with both monotherapy and EGFR/ALK combinations in NSCLC positions the asset for mechanism-based proof-of-concept; clinical pharmacodynamics to date are favorable per management .
  • Q4 operating loss widened as trials advanced; absent revenue, the near-term valuation hinges on clinical readouts and designations rather than near-term P&L metrics .
  • EPS missed third-party consensus, reflecting increased Q4 investment in development; trading setup likely revolves around upcoming clinical data flow rather than quarterly EPS optics .
  • Regulatory tailwinds (Fast Track, multiple ODDs) de-risk timelines and potential pathways in targeted ovarian cancer and cholangiocarcinoma .
  • Monitor Q2 2025 NXP800 data and Phase 1b NXP900 start; positive signals could reset expectations on efficacy and broadened combinations, acting as primary stock drivers in 2025 .