Refocusing for the next phase

OSE Immunotherapeutics’ H125 results, the first since the board restructuring, reflected normalised operations typical of a clinical-stage biotech, following H124’s exceptional licensing income. The decline in operating revenues (to €1.3m vs €82.6m in H124) was attributed to the absence of upfront payments from AbbVie and Boehringer Ingelheim (BI) recognised in H124. Operating expenses rose modestly by 6% y-o-y to €19.6m, driven by higher R&D spending (€14.8m vs €13.9m), in particular related to lead asset Tedopi’s Phase III ARTEMIA trial and increased legal costs linked to governance changes (G&A +4.7% to €4.5m). In terms of liquidity, as communicated in September 2025, the company estimates it has a cash runway to Q426 (excluding poten...