Celyad Oncology Reports Full Year 2024 Financial Results and Recent Business Highlights
Celyad Oncology has reported its full year 2024 financial results, showing a net loss of €5.8 million (€0.14 per share), improved from €8.5 million loss in 2023. The company's treasury position stands at €4.2 million as of December 31, 2024.
Key operational highlights include advancement of their multiplex miRNA-based shRNA non-gene editing technology to a 5-plex system and development of multispecific NKG2D-based CAR T-cell platform. The company has also re-initiated manufacturing of C-Cath®, an intra-myocardial injection catheter.
Financial metrics show reduced R&D expenses at €3.2 million (down from €4.6 million in 2023) and G&A expenses at €3.2 million (down from €6.0 million). Net cash used in operations decreased significantly to €2.8 million from €15.2 million in 2023. The company projects its current cash position will fund operations into Q3 2025.
Celyad Oncology ha riportato i risultati finanziari per l'intero anno 2024, mostrando una perdita netta di €5,8 milioni (€0,14 per azione), migliorata rispetto alla perdita di €8,5 milioni nel 2023. La posizione di tesoreria dell'azienda è di €4,2 milioni al 31 dicembre 2024.
I principali risultati operativi includono il progresso della loro tecnologia shRNA basata su miRNA multiplex non di editing genico verso un sistema 5-plex e lo sviluppo di una piattaforma CAR T-cell basata su NKG2D multispecifici. L'azienda ha anche riavviato la produzione di C-Cath®, un catetere per iniezione intra-miocardica.
I parametri finanziari mostrano una riduzione delle spese per R&S a €3,2 milioni (in calo rispetto ai €4,6 milioni nel 2023) e spese generali e amministrative a €3,2 milioni (in calo rispetto ai €6,0 milioni). Il flusso di cassa netto utilizzato nelle operazioni è diminuito significativamente a €2,8 milioni rispetto ai €15,2 milioni nel 2023. L'azienda prevede che la sua attuale posizione di cassa finanzierà le operazioni fino al terzo trimestre del 2025.
Celyad Oncology ha informado sus resultados financieros para todo el año 2024, mostrando una pérdida neta de €5,8 millones (€0,14 por acción), mejorando desde una pérdida de €8,5 millones en 2023. La posición de tesorería de la compañía se sitúa en €4,2 millones al 31 de diciembre de 2024.
Los aspectos operativos clave incluyen el avance de su tecnología shRNA basada en miRNA multiplex no de edición genética hacia un sistema de 5-plex y el desarrollo de una plataforma CAR T-cell basada en NKG2D multispecífica. La compañía también ha reanudado la fabricación de C-Cath®, un catéter de inyección intra-miocárdica.
Las métricas financieras muestran una reducción de los gastos de I+D a €3,2 millones (bajando de €4,6 millones en 2023) y gastos generales y administrativos a €3,2 millones (bajando de €6,0 millones). El efectivo neto utilizado en operaciones disminuyó significativamente a €2,8 millones desde €15,2 millones en 2023. La compañía proyecta que su posición de efectivo actual financiará las operaciones hasta el tercer trimestre de 2025.
Celyad Oncology는 2024년 전체 재무 결과를 보고하였으며, 순손실이 €5.8백만(주당 €0.14)으로 2023년의 €8.5백만 손실보다 개선되었습니다. 회사의 재무 위치는 2024년 12월 31일 기준으로 €4.2백만입니다.
주요 운영 하이라이트에는 유전자 편집이 아닌 miRNA 기반의 multiplex shRNA 기술를 5-plex 시스템으로 발전시키고 NKG2D 기반의 다중 특이적 CAR T 세포 플랫폼 개발이 포함됩니다. 회사는 또한 C-Cath®의 제조를 재개하였습니다. 이는 심근 내 주사 카테터입니다.
재무 지표는 R&D 비용이 €3.2백만(2023년의 €4.6백만에서 감소)으로 줄어들고, 일반 관리 비용이 €3.2백만(€6.0백만에서 감소)으로 나타났습니다. 운영에 사용된 순 현금은 2023년의 €15.2백만에서 €2.8백만으로 크게 감소했습니다. 회사는 현재의 현금 위치가 2025년 3분기까지 운영을 지원할 것이라고 예상하고 있습니다.
Celyad Oncology a publié ses résultats financiers pour l'année entière 2024, affichant une perte nette de 5,8 millions € (0,14 € par action), améliorée par rapport à une perte de 8,5 millions € en 2023. La position de trésorerie de l'entreprise s'élève à 4,2 millions € au 31 décembre 2024.
Les points saillants opérationnels incluent l'avancement de leur technologie shRNA basée sur miRNA multiplex sans édition génique vers un système 5-plex et le développement d'une plateforme CAR T-cell basée sur NKG2D multispecifique. L'entreprise a également réinitié la fabrication de C-Cath®, un cathéter d'injection intra-myocardique.
Les indicateurs financiers montrent une réduction des dépenses de R&D à 3,2 millions € (en baisse par rapport à 4,6 millions € en 2023) et des dépenses générales et administratives à 3,2 millions € (en baisse par rapport à 6,0 millions €). Le flux de trésorerie net utilisé dans les opérations a diminué de manière significative à 2,8 millions € contre 15,2 millions € en 2023. L'entreprise prévoit que sa position de trésorerie actuelle financera les opérations jusqu'au troisième trimestre 2025.
Celyad Oncology hat die Finanzzahlen für das gesamte Jahr 2024 veröffentlicht und einen Nettoverlust von 5,8 Millionen € (0,14 € pro Aktie) gemeldet, was eine Verbesserung gegenüber dem Verlust von 8,5 Millionen € im Jahr 2023 darstellt. Die Liquiditätsposition des Unternehmens beträgt zum 31. Dezember 2024 4,2 Millionen €.
Wichtige betriebliche Höhepunkte sind der Fortschritt ihrer multiplex miRNA-basierten shRNA-Technologie ohne Genbearbeitung zu einem 5-Plex-System und die Entwicklung einer multispezifischen NKG2D-basierten CAR-T-Zell-Plattform. Das Unternehmen hat auch die Herstellung von C-Cath®, einem Katheter für intramyokardiale Injektionen, wieder aufgenommen.
Die finanziellen Kennzahlen zeigen, dass die F&E-Ausgaben auf 3,2 Millionen € gesenkt wurden (von 4,6 Millionen € im Jahr 2023) und die allgemeinen und Verwaltungskosten auf 3,2 Millionen € (von 6,0 Millionen € gesenkt). Der Nettobetrag an Bargeld, der für die Betriebstätigkeit verwendet wurde, sank erheblich auf 2,8 Millionen € von 15,2 Millionen € im Jahr 2023. Das Unternehmen prognostiziert, dass die aktuelle Liquiditätsposition die Betriebstätigkeit bis zum dritten Quartal 2025 finanzieren wird.
- Significant reduction in net loss to €5.8M from €8.5M year-over-year
- Substantial decrease in cash burn rate with net cash used in operations down to €2.8M from €15.2M
- Successful advancement of 5-plex miRNA technology platform
- Demonstrated enhanced anti-tumor efficacy in lymphoma models with new CAR T-cell candidate
- Treasury position declined to €4.2M from €7.0M year-over-year
- Cash runway only extends into Q3 2025, requiring additional financing
- Net assets fallen below 25% of company's capital, triggering alarm bell status
- Revenue remains minimal at €0.2M
Insights
Celyad Oncology's 2024 financial results reveal a precarious financial position despite technological progress. The company's
The company did reduce its net loss to
Most concerning is the company's statement that "refinancing discussions are ongoing," indicating an urgent need for capital infusion. Without securing additional funding soon, Celyad faces significant operational constraints. The pivot toward monetizing technologies through licensing deals represents a necessary survival strategy rather than a growth initiative. While the reintroduction of C-Cath could provide some revenue, it's unlikely to materially change the company's financial trajectory in the near term.
Celyad's technological advances in 2024, despite financial constraints, demonstrate meaningful progress in addressing critical challenges in CAR-T therapy. The expansion of their multiplex miRNA-based shRNA platform to a 5-plex system represents a significant technical achievement, enabling simultaneous knockdown of five target genes without gene editing—a clear differentiation from CRISPR-based approaches.
Their non-gene editing technology shows promising capabilities in three critical areas: reducing immunological barriers (GvHD and HvG reactions), enhancing CAR-T persistence, and modulating cytokine secretion to potentially reduce toxicity issues like cytokine release syndrome. These developments address key limitations in current allogeneic CAR-T approaches.
The multispecific NKG2D-based platform data is particularly noteworthy. The PSMA/NKG2DL tandem CAR T-cells demonstrated superior performance against heterogeneous prostate cancer models compared to single-target approaches. Similarly, their CD19/NKG2DL tandem CAR showed enhanced efficacy in B-ALL relapse models where antigen loss occurs—directly addressing a major mechanism of treatment failure in current commercial CAR-T products.
While these technological advances are promising, their value will ultimately depend on Celyad's ability to monetize through partnerships, as advancing to clinical trials independently appears financially unfeasible given the company's runway.
MONT-SAINT-GUIBERT,
Celyad Oncology (Euronext: CYAD) (the “Company”), today announces its financial results for the fiscal year ended December 31, 2024, and provides a business update.
Matt Kane, Chief Executive Officer of Celyad Oncology, commented: “2024 was an important and highly productive year for the Company as it emerged with a lean and efficient new structure. I am incredibly proud of the resilience and ingenuity demonstrated by the team throughout the year.”
2024 business highlights
- Monetization of its innovative approaches and technologies is a key objective. Celyad Oncology is progressing in this regard and is currently in discussion with potential partners for selected out-licensing of its technologies;
- The Company continues to address current deficiencies in CAR-T approaches. It has published a review highlighting non-gene editing technologies for allogeneic CAR T-cell therapies in Cells1 and a review providing an overview of engineering strategies to safely drive CAR T-cells into the future in Frontiers in Immunology 2;
- In response to the request expressed by several companies and academic institutions engaged in gene and cell therapies for cardiac applications, the Company has re-initiated the manufacturing and commercialization of C-Cath®, an intra-myocardial injection catheter developed and owned by the Company.
2024 operational highlights
-
Multiplex micro ribonucleic acid (miRNA)-based short hairpin RNA (shRNA) non-gene edited technology platform
- Last year, the company introduced a chimeric micro-RNA (miRNA) cluster to enable multiplexing of shRNAs, and downregulation of up to four target genes simultaneously in CAR T-cells. In 2024, we further advanced this technology by expanding the platform to a 5-plex system. The novel chimeric cluster demonstrated high efficiency in knocking down five highly relevant genes in CAR T-cells simultaneously. Notably, our non-gene editing technology enabled independent modulation of each target gene to achieve the desired expression levels, thus fine-tuning the functional outcomes based on the specific biology of each target.
- The feasibility and effectiveness of our multiplex approach to improve allogeneic CAR T-cell viability by avoiding graft-versus-host disease (GvHD) and host-versus-graft (HvG) reaction and promoting cell persistence was demonstrated. Additionally, the feasibility of this platform to withstand the immunosuppressive tumor microenvironment was further demonstrated. Lastly, the secretion of specific cytokines was modulated as a way to reduce the risk of CAR T-cell-related toxicity, and cytokine release syndrome, thus enhancing CAR T-cell safety.
-
Multispecific NKG2D-based CAR T-cell platform
- PSMA/NKG2DL tandem CAR T-cells, that encompass the extracellular domain of the natural NKG2D receptor fused to an anti-PSMA CAR to overcome antigen heterogeneity were developed and demonstrated these CAR constructs are fully functional in vitro against prostate cancer cell lines that are positive or negative for the tumor-associated antigen PSMA. In vivo data confirmed the superiority of both PSMA/NKG2DL tandem CAR T-cells and NKG2DL single CAR T-cells over PSMA single CAR T-cells in a heterogeneous model of prostate cancer. These data provide a proof-of-concept that NKG2DL are valuable targets in a multispecific CAR approach to treat solid cancer indications;
- In addition, the in vivo proof-of-concept of the previously developed CD19/NKG2DL tandem CAR T-cell candidate was provided in a B-ALL relapse model, showing that the Company’s multispecific CAR T-cell candidate has an enhanced anti-tumor efficacy in a lymphoma model of antigen-loss as compared to currently existing treatment options.
Full year 2024 financial review
As of December 31, 2024, the Company’s Treasury position amounts to
The Company projects that its existing cash and cash equivalents should be sufficient to fund operating expenses and capital expenditure requirements into the third quarter of 2025. Hence, its existing cash and cash equivalents will not be sufficient to fund its estimated operating and capital expenditures over at least the next 12 months from the date that the financial statements are issued.
Refinancing discussions are ongoing.
Key financial figures for full-year 2024, compared with full-year 2023, are summarized below:
Selected key financial figures (€ millions) |
Full year 2024 |
Full year 2023 |
Revenue |
0.2 |
0.1 |
Research and development expenses |
(3.2) |
(4.6) |
General and administrative expenses |
(3.2) |
(6.0) |
Other income/(expenses) |
0.4 |
2.1 |
Operating loss |
(5.9) |
(8.5) |
Loss for the period/year |
(5.8) |
(8.5) |
Net cash used in operations |
(2.8) |
(15.2) |
Treasury position (1) |
4.2 |
7.0 |
(1) “Treasury position” is an alternative performance measure determined by adding Short-term investments and Cash and cash equivalents from the statement of financial position prepared in accordance with IFRS. Management's purpose of this measure is to identify the level of cash available internally (excluding external sources of financing) within 12 months. |
||
Research and Development (R&D) expenses were
General and Administrative (G&A) expenses were
Until December 31, 2024, Management has determined that there has been no event (such as a firm sublicense or collaboration contract) that led to a change in fair value of the contingent consideration and other financial liabilities towards Dartmouth and Celdara.
The Company’s other income decrease of
Net loss for the year ended December 31, 2024, was
Net cash used in operations for the year ended December 31, 2024, which excludes non-cash effects, amounted to
Alarm bell status
The net assets of the Company per 31 December 2024, on a BE-GAAP non-consolidated basis, having fallen below twenty-five percent of the Company’s capital, the board of directors will submit to the ordinary shareholders meeting on the 20th of May 2025 the proposal to continue the Company’s activities in accordance with article 7:228 of the Belgian Code for Companies and Associations. The board of directors will publish a special report in this respect, by the 18th of April 2024 together with the convening notice with proposed resolutions for the shareholders’ meeting.
Annual Report 2024
The Annual Report for the year ended December 31, 2024 will be published on April 04, 2025, and will be available on the Company’s website, www.celyad.com. The Company’s statutory auditor, BDO Réviseurs d’Entreprises SRL, has confirmed that the completed audit has not revealed any material misstatement in the consolidated financial statements. BDO also confirmed that the accounting data reported in the press release are consistent, in all material respects, with the consolidated financial statements from which it has been derived.
Financial Calendar 2025
- May 20th, 2025: Annual shareholders meeting
- September 25th, 2025: First Half 2025 Interim Results
The financial calendar is communicated on an indicative basis and may be subject to change.
About Celyad Oncology
Celyad Oncology is a cutting-edge biotechnology company dedicated to pioneering the discovery and advancement of revolutionary technologies for chimeric antigen receptor (CAR) T-cells. Its primary objective is to unlock the potential of its proprietary technology platforms and intellectual property, enabling to be at the forefront of developing next-generation CAR T-cell therapies. By fully leveraging its innovative technology platforms, Celyad Oncology aims to maximize the transformative impact of its candidate CAR T-cell therapies and redefine the future of CAR T-cell treatments. Celyad Oncology is based in Mont-Saint-Guibert,
Celyad Oncology Forward-Looking Statement
This release may contain forward-looking statements, including, without limitation, statements regarding beliefs about and expectations for the Company’s updated strategic business model, including associated potential benefits, transactions and partnerships, statements regarding the potential value of the Company’s IP, statements regarding the Company’s financial statements and cash runway, statements regarding the Company’s future fundraising plans, statements regarding the Company’s hiring plans, and statements regarding the continuation of the Company’s existence. The words “will,” “potential,” “continue,” “target,” “project,” “should” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Any forward-looking statements in this release are based on management’s current expectations and beliefs and are subject to a number of known and unknown risks, uncertainties and important factors which might cause actual events, results, financial condition, performance or achievements of Celyad Oncology to differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks related to the material uncertainty about the Company’s ability to continue as a going concern; the Company’s ability to realize the expected benefits of its updated strategic business model; the Company’s ability to develop its IP assets and enter into partnerships with outside parties; the Company’s ability to enforce its patents and other IP rights; the possibility that the Company may infringe on the patents or IP rights of others and be required to defend against patent or other IP rights suits; the possibility that the Company may not successfully defend itself against claims of patent infringement or other IP rights suits, which could result in substantial claims for damages against the Company; the possibility that the Company may become involved in lawsuits to protect or enforce its patents, which could be expensive, time-consuming, and unsuccessful; the Company’s ability to protect its IP rights throughout the world; the potential for patents held by the Company to be found invalid or unenforceable; and other risks identified in the latest Annual Report of Celyad Oncology. These forward-looking statements speak only as of the date of publication of this document and Celyad Oncology’s actual results may differ materially from those expressed or implied by these forward-looking statements. Celyad Oncology expressly disclaims any obligation to update any such forward-looking statements in this document to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based, unless required by law or regulation.
Source: Celyad Oncology SA
1 Cells 2024;13(2):146
2 Front Immunol. 2024:15:1411393
Celyad Oncology SA
Consolidated Statement of Comprehensive Loss
(€'000) |
For the year ended December 31 |
|
|
2024 |
2023 |
Revenue |
186 |
102 |
Cost of sales |
(12) |
(69) |
Gross profit |
173 |
33 |
Research and Development expenses |
(3 235) |
(4 602) |
General & Administrative expenses |
(3 198) |
(6 028) |
Other income |
440 |
2 334 |
Other expenses |
(39) |
(194) |
Operating Loss |
(5 858) |
(8 457) |
Financial income |
153 |
30 |
Financial expenses |
(119) |
(84) |
Loss before taxes |
(5 824) |
(8 511) |
Income taxes |
0 |
63 |
Loss for the period |
(5 824) |
(8 448) |
Basic and diluted loss per share (in €) |
(0.14) |
(0.34) |
Celyad Oncology SA
Consolidated Statement of Financial Position
(€’000) |
For the year ended December 31 |
|
|
2024 |
2023 |
NON-CURRENT ASSETS |
3 413 |
5 161 |
Goodwill and Intangible assets |
405 |
390 |
Property, Plant and Equipment |
1 493 |
1 830 |
Non-current Grant receivables |
1 420 |
2 804 |
Other non-current assets |
95 |
137 |
CURRENT ASSETS |
6 515 |
11 121 |
Inventories |
417 |
|
Trade and Other Receivables |
170 |
457 |
Current Grant receivables |
628 |
2 258 |
Other current assets |
1 099 |
1 402 |
Cash and cash equivalents |
4 200 |
7 004 |
TOTAL ASSETS |
9 928 |
16 282 |
EQUITY |
511 |
6 304 |
Share Capital |
8 216 |
32 949 |
Other reserves |
35 766 |
35 734 |
Capital reduction reserve |
320 726 |
295 993 |
Accumulated deficit |
(364 196) |
(358 372) |
NON-CURRENT LIABILITIES |
6 571 |
7 046 |
Lease liabilities |
763 |
902 |
Recoverable Cash advances (RCAs) |
4 195 |
4 505 |
Post-employment benefits |
1 |
1 |
Other non-current liabilities |
1 612 |
1 638 |
CURRENT LIABILITIES |
2 846 |
2 932 |
Lease liabilities |
142 |
156 |
Recoverable Cash advances (RCAs) |
639 |
366 |
Trade payables |
1 233 |
1 243 |
Contract liabilities |
46 |
|
Other current liabilities |
786 |
1 167 |
TOTAL EQUITY AND LIABILITIES |
9 928 |
16 282 |
Celyad Oncology SA
Consolidated Net Cash Burn Rate 1
(€’000) |
For the year ended 31 December |
|
2024 |
2023 |
|
Net cash used in operations |
(5 680) |
(15 202) |
Net cash (used in)/from investing activities |
(103) |
407 |
Net cash (used in)/from financing activities |
2 983 |
9 355 |
Effects of exchange rate changes |
(4) |
(1) |
Net cash burned over the period |
(2 800) |
(5 441) |
1 Net cash burn rate’ is an alternative performance measure determined by the year-on-year net variance in the Group’s treasury position as above defined. The purpose of this measure for the Management is to determine the change of the treasury position.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250402717539/en/
Investor & Media Contact:
David Georges, VP Finance and Administration
investors@celyad.com
Source: Celyad Oncology
FAQ
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