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Introduction & Market Context
Oncoinvent ASA (ONCIN) presented its first half 2025 results on August 27, highlighting the company’s progress in developing its radiopharmaceutical therapy Radspherin. The Norway-based biotech company is focused on "direct alpha therapy" for cancer treatment, specifically targeting peritoneal metastases across multiple cancer types.
The company’s approach uses alpha-emitting radiotherapy that works through a receptor-independent mechanism, differentiating it from many competitors in the radiopharmaceutical space. Oncoinvent’s stock closed at NOK 1.48 on August 26, up 5.71% ahead of the presentation.
As shown in the following overview of the company’s value proposition:
Quarterly Performance Highlights
Oncoinvent reported significant improvement in its financial performance for H1 2025. Revenue reached NOK 11.7 million, compared to just NOK 0.07 million in the same period last year. This revenue was derived from NOK 2.5 million in services and NOK 9.2 million from laboratory leasing.
The company has implemented stronger financial discipline, reducing operating expenses by 28% to NOK 56.2 million (compared to NOK 78.1 million in H1 2024). This was partly achieved by reducing full-time employees from 51 to 36. Cash position at the end of the period stood at NOK 77.4 million, more than double the NOK 35.8 million reported at the same time last year.
The financial results are summarized in the following slide:
Oncoinvent’s management expects its cash position, combined with proceeds from the planned merger with BerGenBio and associated rights issue, to be sufficient to fund operations beyond the interim read-out of the Phase 2 ovarian cancer trial in late 2026.
Clinical Program Updates
The company reported encouraging data from its clinical programs during the first half of 2025, with notable progress in both colorectal and ovarian cancer trials.
In the Phase 1/2a colorectal cancer trial, topline data showed that only 27.8% (10 of 36) patients experienced peritoneal disease recurrence after treatment with Radspherin, compared to approximately 50% in the standard of care historical control group. This data will be presented at the PSOGI International Congress in October 2025.
The colorectal cancer results are detailed in the following slide:
Similar positive trends were observed in the Phase 1 ovarian cancer trial, where only 10% (1 of 10) patients experienced peritoneal disease recurrence versus approximately 40% in the standard of care historical control. The company emphasized that peritoneal control is key for survival in ovarian cancer, as recurrences are almost exclusively confined to the peritoneum.
The consistency of results across indications is shown here:
For the Phase 2 ovarian cancer trial, Oncoinvent reported that patient recruitment is on track, with 14 out of 96 patients recruited by the end of June. All six participating hospitals are actively recruiting patients at a steady rate of approximately one patient per week since May. The company plans to increase the number of hospitals after summer to accelerate recruitment.
Strategic Initiatives
The most significant corporate development announced was Oncoinvent’s planned merger with BerGenBio. This all-share transaction will result in BerGenBio and Oncoinvent shareholders receiving 25% and 75% ownership respectively in the combined entity, which will be renamed Oncoinvent ASA.
The rationale and details of the merger are presented in the following slide:
The merger is expected to leverage BerGenBio’s listing on the Oslo Stock Exchange and provide additional capital. Following the merger, a rights issue of NOK 175 million will be carried out, with all existing shareholders given equal opportunity to participate. This rights issue is 100% guaranteed.
The merger timeline indicates completion by late September 2025, with the first day of trading for the combined company scheduled for September 29, 2025. The rights issue is expected to be completed by early November.
Technology Platform & Competitive Positioning
Oncoinvent’s core technology, Radspherin, combines alpha-emitting radium-224 with calcium carbonate microparticles. The therapy is administered 1-3 days post-surgery and delivers a high dose of alpha-radiation directly to the peritoneum, with 75% of the radiation dose delivered in the first week.
The mechanism of action is illustrated in the following slide:
The company has positioned itself uniquely within the radiopharmaceutical landscape by focusing on peritoneal metastases, an area with less competition compared to other applications like prostate cancer. Oncoinvent’s approach also benefits from good raw material supply and the suitable half-life of radium-224 (3.6 days).
The competitive landscape is shown in this overview:
A key advantage of Radspherin is its potential for broad clinical application across multiple cancer types that lead to peritoneal metastases, including colorectal, ovarian, gastric, and pancreatic cancers, among others.
Forward-Looking Statements
Oncoinvent outlined several near-term milestones for its clinical programs. For the colorectal cancer program, final 18-month data from 36 patients is expected in H1 2025. The ovarian cancer Phase 1 trial will report final 24-month data in 2H 2025, while the Phase 2 trial is expected to provide interim 9-month data in late 2H 2026.
The company’s manufacturing capabilities include an in-house GMP pilot plant with capacity for approximately 200 doses of Radspherin annually, though outsourcing and scale-up will be required for Phase 3 trials.
With its improved financial position following the merger and rights issue, combined with promising clinical data and a unique position in the radiopharmaceutical market, Oncoinvent appears well-positioned to advance its clinical programs through key milestones over the next 18 months.
Full presentation:
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