Molecular Partners AG

Reported 2024 revenue was CHF5.7 million, versus CHF7 million in the prior year, and it came entirely from the Novartis collaboration. Operating expenses were CHF66 million, within guidance of CHF65 million to CHF70 million, with roughly 74% of costs R&D-related. Cash and cash equivalents were CHF149 million at year-end 2024, down from CHF187 million a year earlier; management said year-on-year cash investment was around CHF38 million and cash burn was around CHF54 million. For 2025, the company did not guide revenue or other top-line metrics, but it guided total operating expenses of CHF55 million to CHF65 million, including around CHF7 million of noncash costs.

Patrick Amstutz framed 2024 as a year of execution that narrowed the company’s focus to the most promising programs: the radio-DARPin franchise and 533 in AML. He emphasized that Molecular Partners is now better positioned for multiple readouts, citing a strengthened collaboration with Orano Med, a 20-year track record of innovation, and a cash runway that supports work into 2027. His tone was upbeat but measured, repeatedly stressing that program quality, clinical validation, and disciplined capital use matter more than breadth.

Robert Hendriks highlighted a stable cost base and a strong balance sheet. He said 2024 revenue was CHF5.7 million from the last Novartis upfront recognition, operating expenses were CHF66 million, and year-end cash was CHF149 million versus CHF187 million a year earlier. He also noted that the company benefited from interest on U.S. dollar deposits and the October financing, which added CHF20 million, and reiterated that Molecular Partners has no debt. For 2025, he guided to CHF55 million to CHF65 million in operating expenses, with about CHF7 million expected to be noncash, and no revenue guidance.

Analysts focused on the timing and structure of the radio-DARPin program, especially MP0712, asking about IND submission, first-in-human timing, and whether imaging must succeed before therapeutic dosing begins. Management said GMP work is progressing, submissions are expected in Q2, imaging could start in Q3, and therapeutic dosing may begin later in 2025, with the company proposing to the FDA that imaging and treatment run in parallel. Questions also covered why mesothelin is a good radio target, the kidney-to-tumor ratio for DLL3, the Novartis program discontinuation, and partnering strategy for the switch platform; management emphasized target biology, clinical validation, the need for tumor-to-kidney uptake above one and ideally around 2:1 preclinically, and a willingness to partner either at the target or candidate level depending on fit.