BerGenBio ASA is advancing its AXL inhibitor for STK11-mutated cancers, having secured Fast Track designation from the FDA, as highlighted in the company's Q3 2024 earnings call. This regulatory milestone underscores the potential of the drug in addressing a critical unmet need in patients with STK11 mutations, a subset of cancers known for their resistance to conventional therapies.
Financial Stability and Pipeline Focus
During the earnings call, BerGenBio reported approximately $40 million in quarterly revenue, a slight decrease attributed to reduced sourcing of standard of care. However, the company maintains a strong cash position of $175 million Norwegian Kroner, projected to sustain operations until the third quarter of 2025. This financial stability allows BerGenBio to focus on its core clinical programs, particularly the AXL inhibitor.
Clinical Trial Updates and Data Expectations
The BTBC 16 study, evaluating the AXL inhibitor, is progressing, with interim data expected in early 2025. "The interim data is expected to be presented in the early part of 2025. However, an exact date cannot be provided as the data readout is not under our control," the company stated. The final data readout from the Phase 2 portion of the study is anticipated as late as 2026, reflecting a commitment to follow patients for two years as per the study protocol. These timelines are subject to data availability and analysis.
Leadership Transition
BerGenBio is currently navigating a leadership transition as CEO Martin Olin departs for an external opportunity. The company has emphasized that Olin's departure will not disrupt ongoing activities, as he will remain in his role until a new CEO is appointed, ensuring a seamless handover. "Martin Olin is leaving for a personal opportunity unrelated to Bergenbio. His departure will not impact BGB activities, as he will remain until a new CEO is appointed, ensuring a smooth transition."
Strategic Decisions and Program Discontinuation
BerGenBio has made strategic decisions to streamline its pipeline, including the discontinuation of the Sylvest program due to a lack of attractive partnership opportunities. Additionally, the ADC 601 program, partnered with ADC Therapeutics, faced setbacks due to a narrow therapeutic window, leading to its discontinuation. These decisions reflect a focus on programs with the highest potential for clinical and commercial success.
Addressing Unmet Needs in STK11-Mutated Cancers
The company is focusing on STK 11 mutated patients with its AXL inhibitor, positioning itself as a pioneer in this niche. BerGenBio has a strong safety database, having studied its molecule in over 600 patients, which supports its ongoing clinical trials. Administrative delays in some study sites could impact patient recruitment timelines.
