Molecular Partners AG

Revenue was CHF5 million in 2024, down from CHF7 million the prior year, and management said this revenue came entirely from the Novartis collaboration, with no more revenue expected from it. Operating expenses were CHF66 million, within guidance of CHF65 million to CHF70 million, and about 74% of costs were R&D-related. Strategic cash at year-end was CHF149 million versus CHF187 million a year earlier; management described year-on-year cash investment as about CHF38 million and cash burn as around CHF54 million, with runway into 2027. For 2025, the company did not guide revenue, but it guided total operating expenses to CHF55 million to CHF65 million, including about CHF7 million of noncash expense.

Patrick Amstutz framed 2024 as a year of execution rather than breakthrough data, with the main goal being to move the highest-potential programs closer to clinical readouts. He emphasized the strategic importance of securing Lead-212 access through Orano Med and said the company is now focused on MP0712, mesothelin, and the improved 533 program, while deemphasizing some earlier efforts that no longer fit the strategy. His tone was confident and upbeat but measured, repeatedly stressing that the company is positioned for more readouts in the future rather than claiming victory too early.

Robert Hendriks highlighted a stable cost base and said operating expenses of CHF66 million were within the CHF65 million to CHF70 million range previously provided. He noted that 74% of costs were R&D-related, that the company benefited from higher interest rates on U.S. dollar deposits, and that the year-end cash balance of CHF149 million supported operations well into 2027. He also said the company remains without debt and guided 2025 operating expenses to CHF55 million to CHF65 million, with about CHF7 million expected to be noncash and no revenue guidance provided.

Analysts focused heavily on MP0712, asking about IND timing, whether imaging and Phase I would run in parallel, and what would constitute good tumor-to-kidney performance. Management said GMP manufacturing is progressing, regulatory submissions are expected in Q2, imaging could start in Q3, and the therapeutic portion would follow later in the year if the FDA agrees; they also said they are proposing parallel Phase 0 and Phase I start, though that will depend on the FDA. On mesothelin, management argued it is a differentiated radio target because high shed antigen has made it difficult for other modalities, but they said the alpha-emitter/DARPin combination may overcome that limitation and still needs to be proven clinically.