Molecular Partners AG

In 2024, revenue was CHF 5 million versus CHF 7 million in 2023, and it was entirely from the Novartis collaboration; there is no more revenue expected from that collaboration. Operating expenses were CHF 66 million, within prior guidance of CHF 65 million to CHF 70 million, with about 74% of costs R&D-related. The company reported a year-end cash balance of CHF 149 million, down from CHF 187 million at the end of 2023; cash burn was around CHF 54 million after the October financing, which added CHF 20 million. For 2025, Molecular Partners guided to total operating expenses of CHF 55 million to CHF 65 million, with about CHF 7 million expected to be noncash, and it did not provide revenue guidance.

Patrick Amstutz framed 2024 as a year of sharpening focus and positioning the company for multiple clinical readouts rather than a straight-line story. He emphasized the strategic importance of the expanded Orano Med partnership, calling access to Lead-212 and 10 product slots a major achievement, and said the company is prioritizing the radio franchise and 533 while pausing or de-emphasizing other programs. His tone was confident and appreciative, with repeated thanks to partners, investigators, and patients, and he stressed that the company is well capitalized into 2027.

Robert Hendriks said the core financial story was stable costs, a now-ended Novartis revenue stream, and a strong cash position. He highlighted CHF 66 million of operating expenses, noted that around 74% was R&D, and said net financial results benefited from U.S. dollar deposits, FX, interest rates, and the October financing. He closed by saying cash of CHF 149 million gives the company runway well into 2027, while 2025 operating expense guidance is CHF 55 million to CHF 65 million, including about CHF 7 million of noncash expense.

Analysts focused on MP0712 timing, the mesothelin rationale, and how to interpret tumor-to-kidney ratios. Management said GMP manufacturing is advancing, FDA submissions are expected in Q2, imaging could start in Q3, and the therapeutic part may begin later in 2025 or early 2026; they also said they will propose starting the Phase 0 and Phase I components in parallel, though FDA will decide. On mesothelin, management argued it is a clinically validated but difficult target, and said the DARPin/Lead-212 approach is designed to address shed target issues that have limited prior attempts.