Schlieren (Zurich), Switzerland, August 11, 2021 – Kuros Biosciences, a leader in next generation bone graft technologies, today reported its results for the first half of 2021. Kuros accelerated its product sales by 279% compared to the same period last year. In addition, it received CHF 5.5 million in milestone payments from Checkmate Pharmaceuticals.
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Key developments in H1 2021
Commercial highlights:
- Direct sales in the U.S. have grown 149% year-on-year.
- Stocking distributor agreements have been signed in Spain, Italy, France, Switzerland, Austria, Norway, Sweden, and Denmark – which are in addition to existing sales and distribution agreements in the UK and the Netherlands.
- This progress is ahead of plan and has catalyzed early surgical adoption in Spain, Italy, France, Switzerland, and Austria.
- Full commercial launch in Australia has been hugely successful and sales growth has been fueled by Kuros attaining augmented pricing on the Australian prosthesis list.
Clinical highlights:
- The number of clinical sites actively recruiting into the STRUCTURE trial has grown to thirteen.
- The first patient has been treated in the PROOF clinical trial of MagnetOs Putty for posterolateral spine fusion.
- Data has been published for MagnetOs in eCM Journal linking its unique mechanism of action to predictable bone regeneration in patients.
- Renowned U.S. spine surgeons, including Dr. R. Todd Allen (San Diego), Dr. Alpesh A. Patel (Chicago), Dr. Faheem Sandhu (Washington DC), Dr. Andrew Sama, and Dr. Kornelis Poelstra presented successful radiological clinical outcomes for MagnetOs at several congresses throughout H1.
Financial position
Cash and cash equivalents (including trade and other receivables) amounted to CHF 29.4 million as per June 30, 2021, compared with CHF 29.8 million as per December 31, 2020.
- Net operating costs amounted to CHF 8.6 million (first half 2020: CHF 6.5 million).
- Costs for research and development which includes costs of the Phase II study (spine indication) of Fibrin-PTH increased to CHF 2.5 million (first half 2020: CHF 2.1 million).
- General and administrative costs increased to CHF 2.8 million (first half 2020: CHF 2.4 million).
- Sales and marketing expenses increased to CHF 3.5 million (first half 2020: CHF 2.1 million).
- Revenues amounted to CHF 9.1 million (first half 2019: CHF 1.3 million) and split into CHF 5.5 million (2020: CH 0) from milestone payments related to the collaboration with Checkmate Pharmaceuticals and Product sales of CHF 3.6 million (2020: CHF 1.3 million).
- The net loss for the six months ended June 30, 2021, amounted to CHF 0.1 million (first half 2020: CHF 5.8 million).
| Key figures |
|
H1 2021 |
H1 2020 |
| In 000’CHF, IFRS |
|
|
|
| Product sales |
|
3,612 |
1,295 |
| Collaboration revenue |
|
5,474 |
0 |
| Cost of goods sold |
|
(1,901) |
(1,194) |
| Research and development costs |
|
(2,505) |
(2,084) |
| General and administrative costs |
|
(2,755) |
(2,438) |
| Sales and marketing costs |
|
(3,492) |
(2,069) |
| Other income |
|
118 |
120 |
| Net operating costs |
|
(8,634) |
(6,473) |
| Operating loss |
|
(1,449) |
(6,372) |
| Net financial result |
|
311 |
-130 |
| Net loss |
|
-100 |
(5,840) |
| Net loss per share (in CHF) |
|
-0.01 |
-0.26 |
| Cash and cash equivalents, trade and other receivables |
|
29,400 |
29,790 |
Outlook
Kuros believes it is well placed to grow its revenues and expects product sales for the full year 2021 to be well above CHF 8.0 million. Cash inflow from collaborations for the full year are expected to be up to CHF 12.0 million.
The first arm of the Phase II study of Fibrin-PTH is expected to be enrolled in the second half of 2021. The full 50 patients are expected to be enrolled in Q1 2022.
The half year report is available via the following link:
https://kurosbio.com/resources/kuros-interim-results-2021
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