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Press Release Nicox Provides Third Quarter 2024 update and First Half 2024 Financial Results Topline results from the NCX 470 (bimatoprost grenod) Phase 3 Denali clinical trial expected in Q3 2025Cash of €19.7 million on September 30, 2024, including the estimated net proceeds of the VYZULTA royalty sale and equity investment announced on October 14, 2024The Company estimates that it is financed into Q3 2025 October 17, 2024 – release at 7:30 am CETSophia Antipolis, FranceNicox SA (Euronext Growth Paris: FR0013018124, ALCOX), an international ophthalmology company, today provided the revenue and cash position for Nicox SA and its subsidiaries (the “Nicox Group”) for the third quarter of 2024 and financial results for Nicox SA (the “Company”) for the first half of 2024, as approved by the Board of Directors on October 16, 2024 and provided an update on key future milestones. As previously announced, the Company is no longer reporting consolidated accounts under IFRS standards and figures communicated for the Nicox Group are for information only. “The first 9 months of 2024 have been a period of significant strategic progress for Nicox, in which we have stabilized our financial situation with a royalty sale, optimised our cost structure to focus on our lead asset and partnerships, renewed the Board of Directors and increased our institutional shareholder base through targeted financing activities. Our development team has also continued driving the NCX 470 Denali clinical trial with the completion of recruitment in the United States in July, and the target date for topline results now advanced to Q3 2025.” said Gavin Spencer, Chief Executive Officer of Nicox. “We have also seen major progress in our partnership activity, with our Chinese licensee Ocumension Therapeutics obtaining approval for ZERVIATE in China, where we are now awaiting the commercial launch, and the signature of a new research agreement, including a pre-agreed license option, for NCX 1728 with leading ophthalmic pharmaceutical and medical technology company Glaukos. Going forward we will be focussing on the completion of the Denali trial and partnerships for the commercialisation of NCX 470 in the United States and elsewhere.” Key Future Milestones Launch of ZERVIATE in China by Nicox’s partner, Ocumension Therapeutics: Approval obtained in September 2024. Whistler Phase 3b clinical trial, initiated in December 2023, investigating NCX 470’s dual mechanism of action (nitric oxide and prostaglandin analog) in intraocular pressure lowering: results are currently expected in the first quarter of 2025. Denali Phase 3 clinical trial evaluating NCX 470 in patients with open-angle glaucoma or ocular hypertension: recruitment of the last patient in the U.S. in the Denali trial was in July when overall recruitment was approaching the 95% level, with recruitment continuing in China and topline results are expected in Q3 2025. Management ChangeEmmet Purtill, Vice President of Business Development at Nicox, has joined the Executive Committee. Emmet has been with the company since 2006 and has played a significant role in establishing our partnerships, notably the relationships with Ocumension and Kowa, and had led many of our recent deals. Emmet joins Sandrine Gestin, VP Finance and HR, Doug Hubatsch, Chief Scientific Officer and Gavin Spencer, Chief Executive Officer, who are the other Executive Committee members.Revenue, Cash Position for the Nicox Group for the Third Quarter 2024 and post-period events Due to the sale of the VYZULTA royalty, the Nicox Group received no material revenue in the third quarter of 2024 compared to €1.8 million (net revenue1 €1.1 million, entirely composed of net royalties) for the first quarter 2023.$16.5 million Royalty and Equity Financing with Soleus announced on October 14, 2024.Cash of €19.7 million at 30 September 2024 including the estimated net proceeds from the VYZULTA royalty sale and accompanying investment mentioned above, after deduction of legal, banking and other fees, compared to €7.7 million at 30 June 2024. Based on this cash position, expected milestone income from existing agreements, and accounting for the €5.2 million debt repayments by June 2025, the Company estimates that it is financed into Q3 2025. If any of the assumptions around estimated income or costs change, this may impact the cash runway of the Company. The Company cannot guarantee that it is financed to the topline results of the Denali trial, and completion of the Denali clinical trial may require additional financing.As of September 30, 2024, the Nicox Group had financial debt of €20.4 million (entirely held by Nicox SA), consisting of €19.4 million in the form of a bond financing agreement with Kreos Capital (an affiliate of BlackRock), and a €1.0 million credit agreement guaranteed by the French State, and granted in the context of the COVID-19 pandemic. Nicox will be repaying €5.2 million of the Kreos Capital debt by June 2025.The Company continues to evaluate all options for non-dilutive and dilutive financing to extend its cash runway. In particular the Company is actively exploring multiple strategic options which could facilitate the development and commercialization of its product candidate NCX 470 and the future growth of the Company. First Half 2024 Financial Results for Nicox SA Net revenue1 for the first half of 2024 was €4.9 million (including €1.7 million of net royalty payments and a license payment of €3.0 million) versus €1.7 million (consisting entirely of net royalty payments) for the first half of 2023. Operating expenses for the first half of 2024 were €10.1 million compared to €14.8 million for the first half of 2023. The decrease in operating expenses for the first half of 2024 compared with the first half of 2023 is explained by the costs related to the finalization of the Mont-Blanc study which had an impact on the first half of 2023. In addition, operating expenses for the first half of 2023 included a €3.5 million adjustment relating to the rebilling of services performed in 2022 by the U.S. subsidiary.Net loss for the six months ended June 30, 2024, was €4.4 million, compared to a net loss of €12.5 million for the same period in 2023. The reduction in the net loss for the first half of 2024 is mainly due to the increase in revenues following the signature of the agreement with Kowa for Japan for which the Company has received an initial payment of €3 million, and to the reduction in operating expenses as explained above.As of June 30, 2024, Nicox SA had cash and cash equivalents of €7.7 million as compared with €11.3 million as of December 31, 2023. Including the estimated net proceeds of the VYZULTA royalty sale and equity investment announced on October 14, 2024 and exclusively on the basis of the development of NCX 470, the Company estimates it is currently funded into Q3 2025. As of June 30, 2024, Nicox SA had financial debt of €20.5 million, consisting of (i) €19.4 million in the form of a bond financing agreement with Kreos Capital signed in January 2019 and (ii) a €1.1 million credit agreement guaranteed by the French State, and granted in August 2020 in the context of the COVID-19 pandemic.Only the figure related to the cash position and the debt of Nicox SA as of December 31, 2023, is audited; all other figures in this press release are non-audited. About NicoxNicox SA is an international ophthalmology company developing innovative solutions to help maintain vision and improve ocular health. Nicox’s lead program in clinical development is NCX 470 (bimatoprost grenod), a novel nitric oxide-donating bimatoprost eye drop, for lowering intraocular pressure in patients with open-angle glaucoma or ocular hypertension. Nicox also has a preclinical research program on NCX 1728, a nitric oxide-donating phosphodiesterase-5 inhibitor, with Glaukos. Nicox’s first product, VYZULTA® in glaucoma, licensed exclusively worldwide to Bausch + Lomb, is available commercially in the U.S. and over 15 other territories. Nicox generates revenue from ZERVIATE® in allergic conjunctivitis, licensed in multiple geographies, including to Harrow, Inc. in the U.S., and Ocumension Therapeutics in the Chinese and in the majority of Southeast Asian markets. . Nicox, headquartered in Sophia Antipolis, France, is listed on Euronext Growth Paris (Ticker symbol: ALCOX) and is part of the CAC Healthcare index. For more information www.nicox.comAnalyst coverageH.C. Wainwright & Co Yi Chen New York, U.S. The views expressed by analysts in their coverage of Nicox are those of the author and do not reflect the views of Nicox. Additionally, the information contained in their reports may not be correct or current. Nicox disavows any obligation to correct or to update the information contained in analyst reports.Contacts NicoxGavin SpencerChief Executive OfficerT +33 (0)4 97 24 53 00communications@nicox.com DisclaimerThe information contained in this document may be modified without prior notice. This information includes forward-looking statements. Such forward-looking statements are not guarantees of future performance. These statements are based on current expectations or beliefs of the management of Nicox S.A. and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Nicox S.A. and its affiliates, directors, officers, employees, advisers or agents, do not undertake, nor do they have any obligation, to provide updates or to revise any forward-looking statements.Risks factors which are likely to have a material effect on Nicox’s business are presented in section 3 of the “Rapport Annuel 2023” which is available on Nicox’s website (www.nicox.com).Finally, this press release may be drafted in the French and English languages. If both versions are interpreted differently, the French language version shall prevail.Nicox S.A.Sundesk Sophia Antipolis, Bâtiment C, Emerald Square, Rue Evariste Galois, 06410 Biot, FranceT +33 (0)4 97 24 53 00 Income Statement (in thousands of euros) June 30, 2024June 30, 2023Sales of services – Various re-invoicing 23Royalties for patent grants 6 0672 721REVENUE 6 0692 724Reversals of depreciation, amortization, provisions and transfers of expenses 4497Other income 10577TOTAL OPERATING INCOME 6 6232 807Other purchases and external charges (6 853)(12 049)Taxes, duties and similar payments (42)(63)Salaries and wages (1 548)(918)Social security expenses (412)(361)Amortization (9)(11)Provisions for liability and charges -(108)Other expenses (1 190)(1 189)Exchange loss on receivables and debts (57)(130)TOTAL OPERATING EXPENSES (10 111)(14 829) OPERATING PROFIT (LOSS) (3 488)(12 022)Other interest and similar income 398550Reversal of provisions, impairment losses and transfer of expenses 1339Foreign exchange gains 23110TOTAL FINANCIAL INCOME 434699Amortization, depreciation and financial provisions (311)(306)Interest and similar expenses (789)(790)Foreign exchange loss -(212)Interests on loan (28)(29)Net expense from sales of investments securities (72)(185)TOTAL FINANCIAL EXPENSES (1 200)(1 522) FINANCIAL PROFIT (LOSS) (766)(823) PRE-TAX LOSS (4 254)(12 845)Exceptional income on management operations 3-Exceptional income from previous financial year -63EXCEPTIONAL INCOME 363 EXCEPTIONAL INCOME (LOSS) (23)63Research tax credit -251NET PROFIT & LOSS (4 277)(12 531) Balance sheet June 30, 2024December 31, 2023(in thousands of euros) ASSETS Intangible fixed assets1824Tangible fixed assets1426Financial fixed assets1 7291 805 FIXED ASSETS1 7611 855 Trade receivables and related accounts3 0223 424Other receivables (1)34 98434 324Cash assets7 65411 259Prepaid expenses1 207886 CURRENT ASSETS46 86749 893 Unrealized foreign exchange losses and valuation differences – Assets713Loan redemption premiums9141 218 TOTAL REGULARISATION ACCOUNTS9211 231 TOTAL ASSETS49 54952 979 LIABILITIES Share Capital63550 170Premiums related to share capital532 068529 478Retained earnings(508 438)(537 354)Net loss for the financial year(4 277)(20 881) Total shareholders' equity19 98821 413 Provisions for liabilities713Provisions for charges256700 Total provisions for liabilities and charges263713 Loans and debts from lending institutions20 53620 895Loans and other financial debts3 1564 258Accounts payable and related accounts1 5802 498Tax and social security debts515648Deferred income1 9951 919 Total current liabilities27 78230 218 Unrealized exchange gains1 516635 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY49 54952 979 1 Net revenue consists of revenue from collaborations less royalty payments Attachment EN_H1&Q32024_PR_FINAL

近期，种种迹象表明，中国创新药市场的确庞大，但要想分得更大的蛋糕，越来越难了。跨国药企“躺赚”时代早已不复，必须重新打起精神，制定出符合中国创新药市场规律的新战略。 撰文| Erin 十一假期结束至今，约一周时间，就有三家跨国药企中国区先后传出裁员消息，一家是关停整条产品线，伴随裁员；另两家则是裁撤成熟产品的人员，将岗位调整到新晋管线之中。 2015年开启药审改革以来，我国药品审评审批政策逐步接轨国际，创新药市场持续扩容，越来越多海外药企将中国市场放入关键位置。然而，机遇与挑战始终并存，集采、国谈政策持续挤压利润；本土创新研发突飞猛进，市场竞争愈发激烈；药价治理的“尺度”也始终如达摩克利斯之剑般，高悬于想要在零售市场寻找新增长曲线的各类药企头上…… 一切迹象都在暗示一个现状：中国创新药市场的确庞大，但要想分得更大的蛋糕，越来越难了。就算是商业化体系成熟的跨国药企，“躺赚”时代早已不复，必须重新打起精神，重新制定出符合中国创新药市场规律的新战略。 谁在撤离？谁在进击？ 围绕产品布局，大抵可以将如今跨国药企中国区所做的“减法”分为两个类型：裁员，关停部门，撤掉业务线；打包出售。另外，为了将资源更好与创新这一大方向匹配，不少跨国药企也开始选择各种方式纵深在中国市场的布局，值得关注的“加法”是：开设新部门；以及同步早期研发。 2023年辉瑞的“裁撤”，是在当时较为紧张的市场情绪中，一件颇具代表性的大事。当年5月，辉瑞才更换新任中国区疫苗事业部总经理，同年11月就裁撤了整个在华疫苗线业务，并将其核心产品13价肺炎疫苗（沛儿13）交给了本土合作伙伴科园信海代理。 上月底，有消息称，强生全球正在关闭其心血管和代谢药物部门，而在去年，强生还关停了其传染病和疫苗部门。强生全球的这次调整，未来将以何种方式传导至其中国市场，备受业界期待。毕竟，在去年西安杨森更名强生创新制药之际，心血管业务还作为与肿瘤、免疫同等重要的未来新药研发方向。但伴随强生全球将“聚焦创新”作为发展关键词，强生中国无论是制药还是医疗科技，都已经发生了多起人事变动。 而对于一些腰部跨国药企来说，比起将单一事业部关停，或裁掉整个业务线，将冗余业务线“打包出售”可能是更具性价比的方式，甚至还有跨国药企借此从中国市场“撤退”。 这件事在今年以来就时有发生，例如优时比中国出售成熟管线，聚焦创新药；协和麒麟中国通过“中间角色”，将股权出售给维健医药；爱尔康以8款产品换了欧康维视股份…… 优时比与协和麒麟中国的调整代表了两个方向：前者为了集中资源，聚焦创新；后者则是伴随协和麒麟在全球的市场重心调整。 具体来看，优时比在中国的成熟业务包括两大领域，分别是神经和过敏领域。此次出售涉及神经系统成熟产品开浦兰、维派特、优普洛及抗过敏产品仙特明、优泽，以及位于珠海的生产基地，将这一系列产品以6.8亿美元（约48.43亿元人民币）价格出售、剥离和许可给亚洲最大的医疗保健专用资产管理集团康桥资本和全球投资机构穆巴达拉投资公司。 可以看到，优时比的成熟产品在如今的中国市场要么已经触发集采，要么已经被众多仿制药企抢占市场。而相对来讲，优时比的创新药产品却正在以迅猛之势进驻中国市场，例如其双靶点 IL-17A/F 抑制剂比奇珠单抗，在今年7月获得国家药监局批准用于强直性脊柱炎，与该产品在美国获批时间仅相差一年；紧接着，在今年8月，优时比的重症肌无力新药C5补体抑制剂泽勒普肽注射液也在国内获批，同样距离FDA批准时间不到一年。 相比之下，面对集采与中国市场激烈的竞争，协和麒麟在全球战略的调整已经将重心放到欧美市场。协和麒麟发布公告称：“考虑到未来增长战略与外部环境的变化，自去年以来，已经在欧洲与已建立的制药业务的合作伙伴建立了合资联盟，这次将在中国和其他亚洲地区许可产品，包括已建立的制药公司，并由合作伙伴开展销售活动。” 此外，去年12月，老牌仿制药企山德士中国被爱施健收购的发生的逻辑也同样如此。 不过，有撤退，也有进击。例如今年以来人事调整频繁的礼来，伴随2023年10月，其重磅阿尔茨海默新药Donanemab在中国的上市申请获受理，以及今年1月，治疗偏头痛的新药Galcanezumab获批上市，神经科学作为礼来在全球的四大板块之一，似乎也将在中国市场迎来突飞猛进的发展。在此契机下，礼来中国在9月正式官宣了神经科学事业部从跨生化事业部中独立。礼来中国未来将在此领域中“大干一场”的决心已然昭示。 希冀在中国市场扬帆起航的绝非礼来一家，BI早在数年前就提出“中国关键（China Key）”战略，决定在中国不分治疗领域进行全球同步早期研究的大型跨国药企，由此诞生的罕见皮肤病创新靶向药佩索利单抗注射液已在中国获批并进入医保目录。第一三共也在今年提出，中国研发团队也已经成为集团全球开发计划的第一梯队，正在逐步加入全球早期临床研究开发。 进退背后 跨国药企们密集调整，动作不同，方向各异，但都在指向同一个原因：更迅速地抓住机遇，更灵活地应对挑战。 机遇人尽皆知，中国医药市场规模已经成为全球第二大医药市场，仅次于美国，并且市场需求还在不断扩大；中国的新药审评审批机制不断向国际接轨；临床亟需的创新药物临床转化落地也在受到全方位支持…… 但同时，挑战更加不容忽视。 首先是来自集采、医保国谈等政策压力。结合目前的消息，第十批国采也将到来，届时一批跨国药企原研药又将面临“审判”。 集采的压力实际早已具像化，前有礼来治疗注意缺陷多动障碍（ADHD）的药物择思达（盐酸托莫西汀胶囊，Strattera）停止在中国供应，后有BI沐舒坦（盐酸氨溴索注射液）停止销售。 同时，胰岛素国采也给了跨国药企一记重创。在2021年首次全国胰岛素集采中，跨国药企赛诺菲、礼来、诺和诺德都积极参与，其中诺和诺德的门冬胰岛素紧贴“降幅不低于40%”的要求中标，打破了其全球价格体系，实现全球最低价。 然而在集采结果执行当年（2022年），诺和诺德中国市场业绩增长就呈现疲软态势，整体收入仅为162.09亿丹麦克朗（约合22.69亿美元），同比增幅仅为1.2%。其中占据绝大部分的胰岛素产品总收入为103.02亿丹麦克朗（约14.42亿美元），较2021年有所下滑，甚至还不如2020年的业绩。赛诺菲和礼来也在2022年相继遭遇下滑，其中礼来的中国市场降幅高达10%。 政策的压力在2024年也进一步升级，随着医保部门的药价治理触手从挂网伸向了零售端，跨国药企药品想要在零售市场实现新的增长路径似乎也在收窄。 一方面，在“四同”药价治理的威力下，包括原研药在内的非中选药品的挂网价格，正在向集采产品趋近；另一方面，各地医保局纷纷通过上线“比价系统”或是鼓励门诊统筹药店药品销售价格不高于挂网价格销售的方式，让药价在全国范围内实现趋同。 而面对成熟产品价格被“钳制”的命运，大型跨国药企已经洞悉：多年以前“躺赚”的模式不复存在，早早将有限资源转舵至聚焦创新药。以优时比为代表的腰部企业，如今也走上了相似的道路。 最后，尤其值得一提的是，来自中国本土创新力量的竞争，如今也已在不同程度上能够与跨国药企一决高下。 例如，肺癌创新治疗药物琥珀酸莫博赛替尼胶囊，作为全球范围EGFR 20号外显子插入突变晚期非小细胞肺癌治疗史上二十年来的重大突破，在2023年获得优先审评审批程序附条件批准上市。然而，莫博赛替尼最终却因确证性研究数据不达标，无奈于同年4月在全球主动退市。 莫博赛替尼的背后，其实也离不开中国本土创新药的竞争压力。据悉，同年8月，中国本土Biotech的同靶点新药舒沃替尼就获得了国家药监局的正式批准。 近期，中国创新药“头对头”临床挑战跨国药企的消息也层出不穷。先是康方PD-1/VEGF双抗新药依沃西成为全球首个且唯一在III期单药“头对头”临床研究中证明疗效显著优于K药的药物；9月，恒瑞也开启了其补体B因子（CFB）抑制剂HRS-5965胶囊“头对头”对比补体抑制剂王牌产品依库珠单抗注射液的III期临床试验。 其实从今年上半年跨国药企中国区业绩情况来看，默沙东夺下第一宝座，半数MNC重回两位数增长，他们近几年的调整效力是显著的。然而，跨国药企所面临的挑战从未消失，甚至更为严峻了，毕竟谁也不知药价治理的风暴还将以何种形式刮向何方，又是否会有一匹又一匹兼具商业化与创新实力的中国本土药企奔赴而来，与他们进行正面博弈。 一审| 黄佳 二审| 李芳晨 三审| 李静芝 精彩推荐 CM10 | 集采 | 国谈 | 医保动态 | 药审 | 人才 | 薪资 | 榜单 | CAR-T | PD-1 | mRNA | 单抗 | 商业化 | 国际化 ｜ 猎药人系列专题 | 出海 启思会 | 声音·责任 | 创百汇 | E药经理人理事会 | 微解药直播 | 大国新药 | 营销硬观点 | 投资人去哪儿 | 分析师看赛道 | 药事每周谈 | 医药界·E药经理人 | 中国医药手册 创新100强榜单 | 恒瑞 | 中国生物制药 | 百济 | 石药 | 信达 | 君实 | 复宏汉霖 ｜翰森 | 康方生物 | 上海医药 | 和黄医药 | 东阳光药 |  荣昌 | 亚盛医药 | 齐鲁制药 | 康宁杰瑞 | 贝达药业 | 微芯生物 | 复星医药 ｜再鼎医药｜亚虹医药 跨国药企50强榜单 | 辉瑞 | 艾伯维 | 诺华 | 强生 | 罗氏 | BMS | 默克 | 赛诺菲 | AZ | GSK | 武田 | 吉利德科学 | 礼来 | 安进 | 诺和诺德 | 拜耳 | 莫德纳 | BI | 晖致 | 再生元