Market's view on Oncimmune
Published on April 2024
- CEO Martin Gouldstone of Oncimmune discussed the company’s operations, recent contract wins, and commercialisation strategy in two interviews, highlighting the firm’s positioning in autoantibody profiling and immunodiagnostics to advance precision medicine.
- Positive developments and M&A news were reported from Oncimmune, emphasising its rich intellectual property and expansion in immunodiagnostics.
- Concerns were raised about management changes at Oncimmune, with speculations that the CEO might have been forced out as a cost-saving measure.
- Criticisms were directed at Oncimmune for poor communication to the market, especially surrounding the Freenome deal closure which is expected to lead the company into a net cash position.
- Financial details disclosed include a contracted order book worth €3.5 million as of 1st March, with known contracts post-1st March amounting to at least €2.3 million. Expected additional contracts and collaboration with Roche were viewed positively.
- It was noted that significant costs would be cut following the sale of CDT Lung, which includes administration and R&D costs previously amounting to £1.23 million in the first half of the year. The company’s breakeven point was estimated to be between £4.00M and £4.25M in revenue.
- Negative comments about the company’s performance included negligible revenue, a decline in revenue growth, substantial P&L losses, and concerns over the CEO’s high remuneration amidst financial strain, predicting a need for future fundraising.
- Positive half-year results (H1’23) and an operational update were shared, noting a substantial increase in revenue from the immunoinsights business and expectations of cash flow positivity in FY2023.