Nicox Provides Full Year 2024 Financial Results

• Nicox SA revenue of €7.9 million for full year 2024 

• Exceptional income of €13.7 million following the transfer of VYZULTA’s future revenue stream to Soleus Capital

• Nicox SA cash of €10.5 million on 31 December 2024 and the Company estimates it is currently financed into the fourth quarter of 2025 

• Topline results from NCX 470 second Phase 3 clinical trial, Denali, expected in the third quarter of 2025

• Ongoing discussions and business development outreach underway for NCX 470 U.S. partnership

April 30, 2025 – release at 7:30 am CET
Sophia Antipolis, France

Nicox SA (Euronext Growth Paris: FR0013018124, ALCOX), an international ophthalmology company, today provided its financial results for the full year of 2024, as approved by the Board of Directors on 28 April 2025, and provided an update on key future milestones. Following the sale of the VYZULTA royalty in October 2024, the Company will no longer be providing quarterly revenue reports.

“The achievements of 2024 by the Nicox team and our partners have allowed us to keep our product development on track and prepared to deliver two clinical readouts on NCX 470 in 2025. Our focus is now on ensuring that the Company is in the optimal position to exploit those results through ongoing partnership, business and corporate development discussions.” said Gavin Spencer, Chief Executive Officer of Nicox.

Key Future Milestones

• Whistler Phase 3b clinical trial investigating NCX 470’s dual mechanism of action (nitric oxide and prostaglandin analog) in intraocular pressure lowering: Results are expected in May 2025.

• Denali Phase 3 clinical trial evaluating NCX 470 in patients with open-angle glaucoma or ocular hypertension: Topline results are expected in the third quarter of 2025.

Full Year 2024 Financial Results for Nicox SA

Revenue for the full year of 2024 was €7.9 million versus €6.9 million for the full year of 2023, including €3.0 million of VYZULTA royalties, recognized up to 30 June 2024 prior to the sale of the royalties to Soleus Capital, versus €6.6 million, consisting principally of royalty payments, for the full year of 2023. The revenue for 2024 also includes the upfront payment of €3.0 million from Kowa for the Japanese rights to NCX 470 and a non-cash amount of €1.5 million previously recognized as prepaid income. The revenue for 2024 also includes €0.2 million of internal rebilling compared to €0.3 million for 2023.

Operating expenses for the full year of 2024 were €18.7 million compared to €24.2 million for the full year of 2023.

Exceptional income in 2024 was €13.7 million compared to €0.1 million in 2023. In 2024 this revenue corresponds to the sale of the future milestones and royalty of VYZULTA to Soleus Capital.

Nicox SA recorded a net loss of €22.4 million for year ended 31 December 2024, compared to a net loss of €20.9 million for the same period in 2023. The 2024 loss includes a non-cash amount of €27.1 million due to the impairment of an intercompany receivable held by Nicox SA on its U.S. affiliate Nicox Ophthalmics, Inc.  The recoverability of this receivable depends on the future royalties the subsidiary is expected to receive from the commercialization of ZERVIATE. In accordance with French GAAP, the Company has adopted a prudent approach based on the most conservative sales forecast amongst other, more favorable scenarios. This led to a downward revaluation of the value of ZERVIATE following a new analysis for the Chinese market. This analysis highlighted developments that reduce the probability of achieving the initially anticipated annual peak sales target of US$100M. Since ZERVIATE is the sole revenue-generating asset in Nicox Ophthalmics, Inc., the intercompany receivable has consequently been impaired. The details concerning this impairment are given in Note 2.4.1 of the statutory accounts of the Company which are available on the Company’s website on the page “Financial and Regulatory Information”.

As of 31 December 2024, Nicox SA had cash and cash equivalents of €10.5 million compared to €11.3 million as of 31 December 2023. The Company is currently funded until at least into the fourth quarter of 2025, based on focusing exclusively on the development of NCX 470.   

As of 31 December 2024, Nicox SA had financial debt of €15.1 million, consisting of €14.2 million in the form of a bond financing agreement with Kreos Capital (an affiliate of BlackRock), and a €0.9 million credit agreement guaranteed by the French State, and granted in the context of the COVID-19 pandemic.  

The Company is pursuing business development discussions, including the sale or license of certain assets, and exploring multiple other strategic options which could further extend the cash runway. The Company is evaluating all options for financing and will use the most appropriate at the time.