OSE Immunotherapeutics, a French biotech company focused on developing first-in-class therapies in immuno-oncology and immuno-inflammation, has announced robust financial results for 2024 alongside significant progress across its clinical pipeline.
Financial Highlights
The company reported a total income of €83.4 million for the year ended December 31, 2024, a substantial increase from €2.2 million in 2023. This dramatic improvement resulted in an operating profit of €43.7 million, compared to a loss of €23 million in the previous year.
OSE's cash position strengthened considerably, reaching €64.2 million at year-end (including €16.7 million in cash and cash equivalents plus €47.4 million in financial assets), up from €18.7 million at the end of 2023. This enhanced financial position provides the company with operational runway until the first quarter of 2027.
The financial turnaround was primarily driven by three strategic pharmaceutical agreements signed in the first half of 2024:
- A licensing and collaboration agreement with AbbVie for ABBV-230 (formerly OSE-230), a monoclonal antibody targeting chronic inflammation, which brought in a $48 million upfront payment with potential for up to $665 million in additional milestones
- An expanded partnership with Boehringer Ingelheim that included a €25.3 million one-time payment for anti-SIRP𝛼 programs in immuno-oncology and metabolic associated steatohepatitis (MASH)
- A €13.5 million upfront payment from Boehringer Ingelheim for a novel cis-targeting anti-PD1/cytokine asset
Additionally, the company secured €8.4 million in non-dilutive public funding under the "France 2030" innovation program to support its pivotal Phase 3 clinical trial of Tedopi® in non-small cell lung cancer (NSCLC).
Clinical Pipeline Advances
OSE reported significant progress across its clinical portfolio, with two late-stage assets showing particularly promising results:
Lusvertikimab for Ulcerative Colitis
The anti-IL-7R antibody Lusvertikimab demonstrated positive Phase 2 induction results in patients with ulcerative colitis, showing high rates of clinical and endoscopic remission with a favorable safety profile. The data, presented at ECCO 2025 (European Crohn's and Colitis Organisation), indicated rapid onset of effect in both biologic-naïve and experienced populations.
Additional efficacy and safety data from the 24-week open-label extension period will be presented at the Digestive Disease Week conference in San Diego in May 2025. The company is exploring strategic options for further development, including a maintenance study in ulcerative colitis and potential expansion to other Th1 and Th17-related diseases.
Tedopi® Cancer Vaccine Program
OSE launched ARTEMIA, an international pivotal Phase 3 trial comparing Tedopi® monotherapy to standard-of-care docetaxel for second-line treatment of HLA-A2 positive patients with metastatic NSCLC who have developed secondary resistance to immune checkpoint inhibitors.
The company also reported that its TEDOPaM Phase 2 trial in HLA-A2 positive patients with advanced pancreatic cancer achieved its primary endpoint of one-year overall survival rate in March 2025, with results to be presented at an upcoming oncology congress this year.
Additional Tedopi® trials include:
- TEDOVA: A Phase 2 trial in HLA-A2 positive patients with ovarian cancer, with readout expected in Q2 2026
- CombiTED: A Phase 2 trial in second-line HLA-A2 positive NSCLC patients in combination with nivolumab or docetaxel, with readouts expected in H2 2026
- Tedopi® + OSE-279: Ongoing evaluation in first-line HLA-A2 positive NSCLC patients with PD-L1≥50%
Progress on Partnered Assets
The company reported positive developments across its partnered programs:
- Pegrizeprument (FR104/VEL-101): Positive Phase 1/2 data in kidney transplantation presented at the American Transplant Congress, demonstrating safety and initial efficacy in combination therapy
- BI 770371: Advancement of this first-in-class SIRP𝛼 inhibitor antibody by Boehringer Ingelheim into Phase 1b for solid tumors and Phase 2 for MASH-related compensated cirrhosis
- ABBV-230: Progression of the strategic partnership with AbbVie, with preparations underway to advance the asset from preclinical to Phase 1 clinical trials
Corporate Governance
OSE strengthened its leadership team in 2024 and early 2025 with several key appointments, including new independent directors with extensive international biopharmaceutical and health financial industry experience. The company also appointed Fiona Olivier as Chief Corporate Affairs & Investor Relations Officer and Dr. Sonya Montgomery as Chief Development Officer.
Future Outlook
Nicolas Poirier, CEO of OSE Immunotherapeutics, commented on the company's achievements and future direction: "With over €90 million non-dilutive cash accumulated in 2024, and a cash runway until 2027, we are well-positioned to develop novel therapeutic options for patients, supported by our strong and diversified clinical and pre-clinical portfolio, and our dedicated expert teams. Going forward, we will prioritize and strategically advance our two late-stage proprietary programs, aiming to fully realize their potential and create significant value for patients and our shareholders."
The company plans to focus on advancing its late-stage assets while continuing to build value across its diverse pipeline of innovative immunotherapies for cancer and inflammatory diseases.
