Hansa Biopharma Reports Fourth Quarter and Full Year 2024 Financial Results

Rhea-AI Summary

Hansa Biopharma reported strong financial results for Q4 and full year 2024, with IDEFIRIX product sales showing an 83% increase to 189.7 MSEK compared to the previous year (103.7 MSEK), excluding a 49.6 MSEK provision for retroactive price adjustments. Including the provision, 2024 IDEFIRIX sales reached 140.1 MSEK, a 35% increase year-over-year.

The company achieved significant pipeline milestones, including positive Phase 2 results in Guillain-Barré Syndrome, favorable 12-month analysis from the NICE-01 study of HNSA-5487, and completion of enrollment in the GOOD-IDES-02 Phase 3 study. Total revenue for 2024 was 220.9 MSEK (171.3 MSEK after provision), representing a 28% increase from 2023.

Q4 2024 showed IDEFIRIX product sales of 25.6 MSEK, with quarterly fluctuations due to European kidney allocation systems. The company's operating loss improved to -637.4 MSEK for 2024 compared to -788.5 MSEK in 2023.

Positive

• IDEFIRIX product sales grew 83% year-over-year to 189.7 MSEK (pre-provision)
• Total revenue increased 28% to 171.3 MSEK (post-provision)
• Operating loss improved from -788.5 MSEK in 2023 to -637.4 MSEK in 2024
• Positive Phase 2 results in Guillain-Barré Syndrome treatment

Negative

• 49.6 MSEK provision required for retroactive price adjustments
• Cash position decreased from 732.1 MSEK to 405.3 MSEK
• Quarterly product sales continue to show significant fluctuations
• Net loss of 806.7 MSEK for 2024

Insights

Financial Analyst

Hansa Biopharma's FY2024 results demonstrate robust commercial execution with IDEFIRIX product sales reaching 189.7 MSEK, representing an impressive 83% YoY growth before provisions. The 49.6 MSEK provision for retroactive price adjustments, while impacting reported figures, actually validates the successful market access strategy through early access programs.

The revenue performance is particularly noteworthy given the inherent challenges in European kidney allocation systems. Q4 product sales of 25.6 MSEK reflect typical quarterly fluctuations, but the overall trajectory remains strong. Operating expenses showed improved cost control, with SG&A and R&D expenses decreasing by 24% and 9% respectively year-over-year.

Critical near-term catalysts include:

• ConfideS Phase 3 US pivotal trial readout (H2 2025)
• Planned BLA submission to FDA (H2 2025)
• GOOD-IDES-02 Phase 3 anti-GBM study results (H2 2025)

The cash position of 405.3 MSEK requires attention, representing a 45% decrease from previous year. With an annual cash burn of approximately 734 MSEK, careful financial management will be important through these upcoming milestone periods.

The positive Phase 2 GBS results and HNSA-5487's promising 12-month data strengthen the company's pipeline value proposition, potentially opening new revenue streams beyond transplantation. The planned regulatory discussions for neuro-autoimmune applications in H1 2025 could significantly expand the addressable market.

IDEFIRIX Product Sales Increased 83% Compared to the Prior Year

LUND, Sweden, Feb. 6, 2025 /PRNewswire/ -- Hansa Biopharma AB, Hansa or the Company (Nasdaq Stockholm: HNSA) today announced its full year and Q4 2024 financial results.

Søren Tulstrup, President and CEO, Hansa Biopharma said, "2024 proved to be a transformative year for Hansa, marked by ongoing commercial success of IDEFIRIX^® across Europe and the achievement of key pipeline milestones in our priority therapy areas – Autoimmune, Gene Therapy, and Transplantation. Importantly, 2024 IDEFIRIX product sales, excluding the impact of a 49.6 MSEK provision to account for retroactive price adjustments linked to successful special early access programs following IDEFIRIX's launch in 2020, totaled 189.7 MSEK which represents an 83% increase over the prior year (103.7 MSEK). Including the impact of the provision, 2024 IDEFIRIX product sales totaled 140.1 MSEK which represents a 35% increase over prior year (103.7 MSEK) while total 2024 sales (171.3 MSEK) increased by 28% compared to the prior year (134.1 MSEK). The year-on-year IDEFIRIX growth reflects the continued successful launch execution in Europe and the ongoing momentum we are creating in the clinical community to help drive greater utilization of IDEFIRIX. Q4 2024 IDEFIRIX product sales were 25.6 MSEK and despite strong full year sales, quarterly product sales continue to fluctuate given the unpredictable nature of the European kidney allocation systems and availability of organs."

Tulstrup continued, "Our efforts to advance our exciting pipeline of drug candidates resulted in the achievement of several key milestones, including positive results from a Phase 2 study and indirect treatment comparison of imlifidase in Guillain-Barré Syndrome (GBS), a favorable 12-month analysis from the NICE-01 study of HNSA-5487, completion of enrolment in our GOOD-IDES-02 Phase 3 study of imlifidase in anti-GBM, and the initiation of a Phase 2 trial of imlifidase in Crigler-Najjar for patients with anti-AAV antibodies in collaboration with our gene therapy partner, Genethon."

Financial Performance

Revenue for the full year 2024 totaled 220.9 MSEK excluding the impact of a 49.6 MSEK provision. The provision reflects price adjustments linked to successful early access programs following IDEFIRIX's launch in 2020. Excluding the provision, full year 2024 revenue totaled 171.3 MSEK representing a 28% increase over the prior year (134.1 MSEK). In 2024 IDEFIRIX product sales, excluding the provision, totaled 189.7 MSEK which represents an 83% increase over the prior year (103.7 MSEK). Including the provision, 2024 IDEFIRIX product sales totaled 140.1 MSEK which represents a 35% increase over prior year (103.7 MSEK).

In Q4 2024, Hansa reported total revenue of 32.3 MSEK and IDEFIRIX product sales of 25.6 MSEK. Despite the strong performance of IDEFIRIX in 2024, Hansa product sales continue to fluctuate due to variations in European kidney allocation systems impacting availability of organs to specific patients.

Pipeline Progress

Progress across the company's pipeline continues with a positive read out from the Phase 2 15-HMedIdeS study in Guillain-Barré Syndrome (GBS) and an indirect treatment comparison of imlifidase to the International Guillain-Barré Syndrome Outcome Study (IGOS). In the Phase 2 study, patients treated with imlifidase plus IVIg had rapid overall improvement in functional status - specifically 37% of patients in the study returned to walking independently at one week. In the indirect treatment comparison to the IGOS-IVIg group, patients experienced significantly faster improvement across clinically relevant measures including median time to return to walking independently six weeks sooner than the IVIg-comparator group.

The Company also shared positive results from a 12-month follow-up analysis from the NICE-01 trial of HNSA-5487, assessing IgG recovery, immunogenicity and redosing potential. In the analysis, HNSA-5487 reduced IgG levels by more than 95% in a few hours and achieved lower peak anti-drug antibody (ADA) responses confirming its redosing potential. In the first half of 2025, the Company plans to meet with regulatory agencies to establish a clinical pathway focused on neuro-autoimmune disease.

The Company's Phase 3 GOOD-IDES-02 study in anti-GBM completed enrolment and data read out is expected in the second half of 2025. The Post Authorization Efficacy and Safety (PAES) study in kidney transplantation continued to enroll patients (96%) and is expected to be completed in mid-2025. A Phase 2 trial, GNT-018-IDES, in patients with Crigler Najjar syndrome with pre-existing antibodies against adeno-associated (AAV) vectors was initiated in collaboration with Genethon. Finally, the ConfideS Phase 3 US pivotal trial in kidney transplantation completed enrolment in 2024 and a data read out is expected in the second half of 2025. This will provide the basis for the Company's Biologics License Application (BLA) with the U.S. Food and Drug Administration (FDA) in the second half of 2025.

Financial Summary

	MSEK, unless otherwise stated – unaudited	Q4 2024	Q4 2023	12M 2024	12M 2023
	Total Revenue	32.3	50.4	220.9	134.1
	Provision1	-	-	-49.6	-
Net revenue after provision		32.3	50.4	171.3	134.1
	SG&A expenses	-88.5	-106	-343.8	-450.5
	R&D expenses	-101.4	-108.3	-375.7	-411.3
	Loss from operations	-173.7	-175.5	-637.4	-788.5
	Loss for the period	-276.4	-124.5	-806.7	-831.7
	Net cash used in operations	-206.8	-172.9	-733.9	-755.7
	Cash and short-term investments	405.3	732.1	405.3	732.1
	EPS before and after dilution (SEK)	-4.08	-2.36	-12.84	-15.83
	Number of outstanding shares	6,78,14,241	5,26,71,796	6,78,14,241	5,26,71,796
	Weighted average number of shares before and after dilution	6,78,14,241	5,26,71,796	62.834.848	52,540.09
	No of employees at the end of the period	135	168	135	168
1 Actual product sales for the full year 2024 totaled 189.7 MSEK. Sales were offset by a provision totaling 49.6 MSEK associated with volume discounts and rebates. Including the provision, year to date product sales totaled 140.1 MSEK.

Conference Call Details

Hansa Biopharma will host a telephone conference today Thursday, February 6, 2025, at 14:00 CET / 8:00 am ET.

The event will be hosted by Søren Tulstrup, President and CEO, Evan Ballantyne, CFO, and Hitto Kaufmann, CR&DO. The call will include a review of the interim results and a business and pipeline update. It will be held in English.

Slides used in the presentation will be live on the company website during the call under Events & Presentations and will also be made available online after the call.

To participate in the telephone conference, please use the dial-in details provided below:
Participant Dial In (Toll Free): 1-833-821-3542
Participant International Dial In: 1-412-652-1248
*Please ask to be joined into the Hansa Biopharma call

Join the webcast here: https://event.choruscall.com/mediaframe/webcast.html?webcastid=8Ylnk0T5

For the full financial calendar and list of events in 2025 please visit https://www.hansabiopharma.com/investors/calendar/

This is information that Hansa Biopharma AB is obliged to make public pursuant to the Securities Markets Act. The information was submitted for publication at 7:00 CET on 2025-02-06.

For more information, please contact:
Evan Ballantyne, Chief Financial Officer
IR@hansabiopharma.com 

Stephanie Kenney, VP Global Corporate Affairs
media@hansabiopharma.com 

Notes to editors

About Hansa Biopharma

Hansa Biopharma is a pioneering commercial-stage biopharmaceutical company on a mission to develop and commercialize innovative, lifesaving and life-altering treatments for patients with rare immunological conditions. The company has a rich and expanding research and development program based on its proprietary IgG-cleaving enzyme technology platform, to address serious unmet medical needs in autoimmune diseases, gene therapy and transplantation. The company's portfolio includes imlifidase, a first-in-class immunoglobulin G (IgG) antibody-cleaving enzyme therapy, which has been shown to enable kidney transplantation in highly sensitized patients and HNSA-5487, a second-generation IgG cleaving molecule with redosing potential. Hansa Biopharma is based in Lund, Sweden, and has operations in Europe and the U.S. The company is listed on Nasdaq Stockholm under the ticker HNSA. Find out more at www.hansabiopharma.com and follow us on LinkedIn.

©2025 Hansa Biopharma AB. Hansa Biopharma, the beacon logo, IDEFIRIX, and IDEFIRIX flower logo are trademarks of Hansa Biopharma AB, Lund, Sweden. All rights reserved.

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20250206 Hansa Biopharma Q4 and FY 2024 Report

 

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SOURCE Hansa Biopharma AB

FAQ

What was HNSA's IDEFIRIX sales growth in 2024?

IDEFIRIX sales grew 83% to 189.7 MSEK in 2024 (excluding provision) or 35% to 140.1 MSEK (including 49.6 MSEK provision) compared to 103.7 MSEK in 2023.

How much revenue did Hansa Biopharma (HNSA) generate in Q4 2024?

Hansa Biopharma reported total revenue of 32.3 MSEK in Q4 2024, with IDEFIRIX product sales of 25.6 MSEK.

What is the status of HNSA's Phase 3 GOOD-IDES-02 study?

The Phase 3 GOOD-IDES-02 study in anti-GBM has completed enrollment and data readout is expected in the second half of 2025.

What was Hansa Biopharma's cash position at the end of 2024?

Hansa Biopharma's cash and short-term investments stood at 405.3 MSEK at the end of 2024, compared to 732.1 MSEK at the end of 2023.

When will HNSA submit its Biologics License Application (BLA) to the FDA?

Hansa Biopharma plans to submit its BLA to the FDA in the second half of 2025, following the expected data readout from the ConfideS Phase 3 US pivotal trial.